₦airaland Forum

In addition,

https://nairametrics.com/2026/09/17/aradel-seplat-oando-build-n2-86-trillion-cash-war-chest-for-post-acquisition-growth/

essentialone1:
*H1 2026 production tie:*

- *Aradel:* 139,500 boepd average
- *Seplat:* 139,509 boepd average.

Difference: 9 boepd. Essentially dead heat.

*The jump:*

Aradel H1 2025 was 22,400 boepd, so H1 2026 is +523%. That is a 6.2x.

Driver: Consolidation of ND Western Limited and Renaissance Africa Energy into Aradel's books, plus gas going from 41.2 mmscf/d to 503.2 mmscf/d on better pipeline availability.

Crude alone: 15.5 kbopd → 55.6 kbopd (+258%).

*Capex:*

Aradel spent $217m in H1 2026 on its expanded portfolio vs a much smaller base last year, while Oando spent N81.4bn (up from N48.3bn) on its own NAOC acquisition. Seplat guided $360 to 440m full year capex, only $109.8m spent in H1, so heavy H2 coming.

Result: Aradel revenue 577% to N2.49trn, EBITDA 688% to N1.39trn, but PAT only +30% to N191bn because tax jumped to N561.7bn.

Seplat in same window did N2.5trn revenue and declared a special dividend — total 68.3c per share expected for 2026.

Indigenous players just lapped the IOCs in one year.

Aradel, Seplat and Oando now hold a combined *N2.86 trillion in cash* as of H1 2026 to fund growth after their major acquisitions.

Breakdown from their H1 2026 accounts:
- *Aradel Holdings: N1.72tn*
- *Seplat Energy: N598.35bn*
- *Oando: N544.92bn*

Their combined cash increased by about *N456.34bn* in just the first 6 months of 2026.

*Why they are this cash-rich:*
The 3 companies generated *N7.05tn in revenue in H1 2026* (Seplat N2.5tn, Aradel N2.49tn, Oando N2.06tn) when Brent briefly hit ∼$118 after the US-Israel-Iran conflict.

*What they plan to do with it:*
Both Seplat and Oando say capex will jump in H2 2026 — "biased to 2H 2026" for drilling, well interventions and other short-cycle production growth. This follows their big asset grabs from IOCs divesting — Seplat's ExxonMobil JV, Oando's Eni/NAOC acquisition, Aradel's ND Western / Renaissance JV stake.

In Q1 2026, Aradel + Seplat alone held 97% of all cash in listed Nigerian oil companies — so the sector is now a two-horse liquidity race, with Oando re-joining the table after its acquisition.

FirstHoldco Bank Plc getting set to declare 2026 Interim Dividend of not less than N3.50?

We watch and wait...

KarlTom:
In addition,

https://nairametrics.com/2026/09/17/aradel-seplat-oando-build-n2-86-trillion-cash-war-chest-for-post-acquisition-growth/

I know say na Oando sponsor this thing

Has anyone observed that some criminally minded stock brokers are now opening underground accounts for clients without clients' knowledge Some colleagues have complained

For my newbies, In the stock market anything is possible, while fantasizing about the possible gain also be prepared to survive your loses. Nothing is certain, we are all trying to predict the future, if you predict correctly you win otherwise you lose.

Surviving your loses will keep you in the gain long enough to win.

Permanent loss of capital is gain over

How can you win in a game without understanding the rules? Invest in your stock market education to increase your odds of winning.

thebargainhunte:
Some countries don't allow a foreigner to do B2C kind of business. This is to protect the interest of the citizens, but here, we are clapping for Chinese because it affected one particular section of the country. Don't be surprised in the future, that it will affect most of our listed companies. Chinese has cheaper loan than us, and if they deploy it to any business, even Dangote won't survive it.

A typical dudu person is very short sighted and that is why we lag behind in everything

What you said is valid, but I think the bigger picture is, that Nigerians want to just buy things for cheap without thinking of how it will affect his future in this country.
The same mentality that made us squander our oil windfall

The igbo businessmen can always pivot, they will be fine, I ain't worried bout us; what i an worried about is the ramifications of the chinese folks controlling the entire supply chain of goods Nigerians are alresdy hooked on, and the level of selling out the govt has done that emboldened them to get into pur retail space in the first place.

These are bigger questions

emmanuelewumi:
I think we should also blame Nigerians who want quality products at a cheaper price

you of all people should understand the ramifications of a chinese incursion into our retail space. You really think the Chinese give foreigners that kind of access to their markets? Ask the Americans what they are facing there....

Again, you of all people should know better

megawealth01:
I love them Chinese because they have got to SURVIVE joor

Read about their history and you'd understand WHY...

survive at your expense

Just as the Europeans did before them


Maybe its true

The African man's position in life is that of subservience

emmanuelewumi:
What stops the citizens who have been importing for the past 40 years to think in that direction?


Instead of protecting against the Chinese for coming into the retail sector, they should stop importation from China. That is the logical way to deal with the Chinese

So you stop importing from china, but the chinese will keep bringing their products from china to sell in your retail space, in collusion with a sold out govt?

Who do us this thing

RodgersAkpafu:
you of all people should understand the ramifications of a chinese incursion into our retail space. You really think the Chinese give foreigners that kind of access to their markets? Ask the Americans what they are facing there....

Again, you of all people should know better

At least make inflation come down small in areas where we're not producing

Agbalowomeri:
At least make inflation come down small in areas where we're not producing

even you too? hei God

Though another approach could be for the Nigerian trader to close his margins, while the Nigerian govt regulate the Chinese to make the playing field more favourable to the Nigerian

Something has to be done
And giving chinese retailers free rein in our retail space is not the way to go

RodgersAkpafu:
So you stop importing from china, but the chinese will keep bringing their products from china to sell in your retail space, in collusion with a sold out govt?

Who do us this thing

Chinese should get out of the retail market, if they refuse the traders should stop importing from China

https://www.youtube.com/live/Xuj9Qa9QzKM?si=NULRLM40jHacfIub

A few stocks on my radar in today's trading session

RodgersAkpafu:
you of all people should understand the ramifications of a chinese incursion into our retail space. You really think the Chinese give foreigners that kind of access to their markets? Ask the Americans what they are facing there....

Again, you of all people should know better

I learnt Nigerians are also doing retail trading in China na

emmanuelewumi:
Chinese should get out of the retail market, if they refuse the traders should stop importing from China

..... and the customs officers should tariff them heavily after we stop importing from there

This thing is actually a serious problem

But We are taking it lightly

emmanuelewumi:
I learnt Nigerians are also doing retail trading in China na

but Chinese don't import from Nigeria nah

Princkez:
but Chinese don't import from Nigeria nah

But we are preventing their citizens from getting jobs na.

essentialone1:
FirstHoldco Bank Plc getting set to declare 2026 Interim Dividend of not less than N3.50?

We watch and wait...

Qualification dates?

RodgersAkpafu:
..... and the customs officers should tariff them heavily after we stop importing from there

This thing is actually a serious problem

But We are taking it lightly

We should stop complaining and find a solution.


The Chinese are forward thinking. I can count more than 30 Chinese manufacturing companies in my village in Ogun State. This guys started importing from China to Nigeria less than 10 years ago, yet we have Nigerians who have been in the same importation business for more than 30 years yet they have no long term plan to move on to the next level whereby they can add value and create wealth for Nigerians


We should be talking of about 500 Chinese owned manufacturing companies between Sagamu local government and Obafemi Owode local governments in Ogun State

RodgersAkpafu:
survive at your expense

Just as the Europeans did before them


Maybe its true

The African man's position in life is that of subservience

Stop coming here to justify your evils in the name of trading. You people ruined ladipo, ruined trade fair, caused us pains in south Africa, you rarely build, you rarely develop, you mostly scavenge... Never about giving back....most of you who made it in Lagos go back to your villages to build factories.... Chinese coming is not ideal but that's what you get when you spend years scavenging...

emmanuelewumi:
We should stop complaining and find a solution.


The Chinese are forward thinking. I can count more 30 Chinese manufacturing companies in my village in Ogun State. This guys started importing from China to Nigeria less than 10 years ago, yet we have Nigerians who have been in the same importation business for more than 30 years yet they have no long term plan to move on to the next level whereby they can add value and create wealth for Nigerians


We should be talking of about 500 Chinese owned manufacturing companies between Sagamu local government and Obafemi Owode local governments in Ogun State

This is the scavenger model run by the Nigerian traders ... You also need to know what Igbo traders do to people of other ethnic groups to force them out of the market.... If he persists I will open up some....

RodgersAkpafu:
A typical dudu person is very short sighted and that is why we lag behind in everything

What you said is valid, but I think the bigger picture is, that Nigerians want to just buy things for cheap without thinking of how it will affect his future in this country.
The same mentality that made us squander our oil windfall

The igbo businessmen can always pivot, they will be fine, I ain't worried bout us; what i an worried about is the ramifications of the chinese folks controlling the entire supply chain of goods Nigerians are alresdy hooked on, and the level of selling out the govt has done that emboldened them to get into pur retail space in the first place.

These are bigger questions

The average African is very ignorant of how the world works from a commerce , economics and developmental point of view , they think free market economy that everyone mouths , has no restrictions , when the inventors and propagators are themselves introducing restrictions in there own backyards , , what are the Asians , Arabs even South Americans doing to catch up with the west? , generally we don’t know what time it is , we have been left behind , reason we are are the bottom of the food chain

RodgersAkpafu:
..... and the customs officers should tariff them heavily after we stop importing from there

This thing is actually a serious problem

But We are taking it lightly

The funny thing is China has encouraged our export with 0% tarriff on our products since May 2026
even if we, Nigeria still tariff imports from China. They seem not to have issues with it.



Yet, you propose our customs should tariff them heavily the more?

Scenario looks awkward and already an extremely unfair trade treatment to the Chinese.

Na serious case beyond the protests.

chimex38:
The funny thing is China has encouraged our export with 0% tarriff on our products since May 2026
even if we, Nigeria still tariff imports from China. They seem not to have issues with it.



Yet, you propose our customs should tariff them heavily the more?

Scenario looks awkward and already an extremely unfair trade treatment to the Chinese.

Na serious case beyond the protests.

There are tariff and non tariff restrictions to trade

Even the Americans and Japanese are complaining about China's unsavoury tactics.

We are a small fry in comparison to them

When you bring your product at "0% tariff" but from behind, the chinese have already subsidised your local competitor, you think you are gonna compete on level ground against such tactics?

Again, I really pity Africa's future

Here I was being critical of our ancestors for their shortsighted ways, not knowing that its default behaviour lol

rmx:
The average African is very ignorant of how the world works from a commerce , economics and developmental point of view , they think free market economy that everyone mouths , have no restrictions , when the inventors and propagators are themselves introducing restrictions in there own backyards , , what are the Asians , Arabs even South Americans doing to catch up with the west? , generally we don’t know what time it is , we have been left behind , reason we are are the bottom of the food chain

Well, thank God I voted with my feet
Our case back home is irredeemable. Some even turned this into a "yes-deal-with-"ibo"-people" thing instead of pausing for one min to consider how this will affect his progeny long term

African man lol

Princkez:
but Chinese don't import from Nigeria nah

They have encouraged us to export by granting Nigeria alongside other African countries 0% tariff on exports.
What stops us from manufacturing and exporting processed and finished goods that will make them increase their import from Nigeria?.
We only export raw commodity goods to them.

Unfortunately, They've done their part for us. The problem lies with us.

londonerr:
Stop coming here to justify your evils in the name of trading. You people ruined ladipo, ruined trade fair, caused us pains in south Africa, you rarely build, you rarely develop, you mostly scavenge... Never about giving back....most of you who made it in Lagos go back to your villages to build factories.... Chinese coming is not ideal but that's what you get when you spend years scavenging...

All you have just said here is bigotry laden horse crap.
Your bigotry is not even making you think logically.

Who told you igbos didn't own industries across the country ? It is the harsh business operating environment that made pivoting to importation the path

I dont know how old you are, but you should be old to remember that we used to operate textile Mills across the country till Nigeria signed wrong deals and the Chinese undercut us afterwards

But dont worry. keep thinking it will affect igbos 🤡 🤡

chimex38:
They have encouraged us to export by granting Nigeria alongside other African countries 0% tariff on exports.
What stops us from manufacturing and exporting processed and finished goods that will make them increase their import from Nigeria?.
We only export raw commodity goods to them.

Unfortunately, They've done their part for us. The problem lies with us.

you want to compete with the chinese when it comes to manufacturing.

Even the westerners cant and these are the leaders in that space

Do you even know how non tariff trade barriers work?

Do you know how weaponised subsidies put foreign competitors at a huge disadvantage?

Smh for us oo

RodgersAkpafu:
All you have just said here is bigotry laden horse crap.
Your bigotry is not even making you think logically.

Who told you igbos didn't own industries across the country ? It is the harsh business operating environment that made pivoting to importation the path

I dont know how old you are, but you should be old to remember that we used to operate textile Mills across the country till Nigeria signed wrong deals and the Chinese undercut us afterwards

But dont worry. keep thinking it will affect igbos 🤡 🤡

Improve your ways, make the market healthy, stop hiding drug lords as traders, stop piracy....then we can talk

NREIT has not paid sir. They said they would pay on September 8th but nothing was sent.
I sent them email last week and they were like payment date will be announced soon. Payment date they already annouced
Abi na another NREIT you dey?

LBIC did not give the bonus. I dont know why.

megawealth01:
Interim/Special Dividend & Bonus Monitor 2026 and Others 🖥👁‍🗨
(Tracking & Compilation Monitor)

Updated: Sept 7 (2pm)

📍 (A). Interim Dividend (ID)

• NIDF ✔️ (Paid)
FD/ID 4...N4.68 (FYE 2025)
PD....Feb 5
QD.....Jan 28
Paymaster; Coronation

• Newrest ✔️ (Paid)
ID...N10.82
PD....Mar 6
QD.....N/A
Paymaster; Meristem

• Food Concepts ✔️ (Paid)
ID...10k
PD....Mar 31
QD.....Mar 24
Paymaster; Meristem

• CBP ✔️ (Paid)
ID...10k
PD....Apr 7
QD.....Mar 27
Paymaster; Light House

• Guinness Nig ✔️ (Paid)
ID 1...N2.00
PD....Apr 24
QD.....Apr 20
Paymaster; Veritas

• NIDF ✔️ (Paid)
ID 1...N4.53 (Q1 2026)
PD....May 6
QD.....Apr 28
Paymaster; Coronation

• Ikeja Hotel ✔️ (Paid)
ID 1....3k
PD....June 5
QD.....May 8
Paymaster; Greenwich

• Seplat ✔️ (Paid)
ID 1....5 cents
PD....June 19
QD.....June 5
Paymaster; Datamax

• Transcorp Power ✔️ (Paid)
ID....N1.50
PD....July 23
QD.....July 20
Paymaster; Africa Prudential

• Africa Prudential ✔️ (Paid)
ID.....10k
PD....July 23
QD.....July 20
Paymaster; Africa Prudential

• CSCS ✔️ (Paid)
ID..N1.00
PD....July 23
QD.....July 17
Paymaster; Africa Prudential

• Transcorp Hotels ✔️ (Paid)
ID....10k
PD....July 27
QD.....July 22
Paymaster; Africa Prudential

• NIDF ✔️ (Paid)
ID 2...N4.40 (Q2 2026)
PD....July 27
QD.....July 17
Paymaster; Coronation

• Transcorp Group ✔️ (Paid)
ID....40k
PD....July 28
QD.....July 23
Paymaster; Africa Prudential

• NGX Group ✔️ (Paid)
ID ....N1.30
PD....Aug 5
QD.....July 29
Paymaster; Datamax

• UCAP ✔️ (Paid)
ID......30k
PD....July 30
QD.....July 27
Paymaster; Africa Prudential

• Guinness Nig ✔️ (Paid)
ID 2....N7.00
PD....Aug 10
QD.....July 29
Paymaster; Veritas

• VFD ✔️ (Paid)
ID....24k
PD....Aug 10
QD.....Aug 3
Paymaster; Africa Prudential

• Unilever ✔️ (Paid)
ID..N2.00
PD....Aug 14
QD.....July 31
Paymaster; Greenwich

• HBM (Fmrly Lafarge Africa) ✔️ (Paid)
ID......N16
PD....Aug 17
QD.....Aug 12
Paymaster; Cardinalstone

• Presco ✔️ (Paid)
ID...N10
PD....Aug 27
QD...Aug 14
Paymaster; First

• Seplat ✔️ (Paid)
ID 2...5 cents
PD....Aug 28
QD......Aug 13
Paymaster; Datamax

• TIP ✔️ (Paid)
ID....20k
PD....Aug 31
QD.....Aug 10
Paymaster; Apel

• Ikeja Hotel ✔️ (Paid)
ID 2....3k
PD....Sept 4
QD.....Aug 7
Paymaster; Greenwich

• UPDC REIT ✔️ (Paid)
ID.....40k
PD....Sept 4
QD.....Aug 28
Paymaster; First

• MTN ✔️ (Paid)
ID...N26
PD....Sept 7
QD...Aug 29
Paymaster; Coronation

• Custodian ✔️ (Paid)
ID...25k
PD....Sept 8
QD....Aug 17
Paymaster; Meristem

📍 (B). Special Dividend (SD)

• Seplat ✔️ (Paid)
SD 1....3.3 cents
PD....May 29
QD.....May 15
Paymaster; Datamax

• Seplat ✔️ (Paid)
SD 2...4 Cents
PD....June 19
QD...June 5
Paymaster; Datamax

• Seplat ✔️ (Paid)
SD 3...7 Cents
PD....Aug 28
QD....Aug 13
Paymaster; Datamax

📍 (C). Bonus (B)

• NGX ✔️ (Credited)
Bon....1 for 3
QD...Apr 10
Registrars; Datamax

• NAHCO ✔️ (Credited)
Bon....1 for 7
QD...May 1
Registrars; CardinalStone

• Vitafoam
Bon....1 for 5
QD...Feb 6
Registrars; Meristem

• ITMB
Bon....1 for 1
QD...N/A
Registrars; Africa Prudential

• UBN Property
Bon....3 for 40
QD...Mar 6
Registrars; Cardinalstone

• Zichis
Bon....1 for 1
QD...Mar 16
Registrars; Datamax

• LBIC
Bon....2 for 15
QD.....Apr 21
Registrars; Africa Prudential

📍 (D). Others

• MREIF ✔️ (Paid)
Div....N3.7468 (For Series 1 Investors)
Div....N9.7192 (For Series 2 Investors)
PD....Feb 27
QD.....Feb 20
Paymaster; Africa Prudential

Note: MREIF means Ministry of Finance Incorporated (MoFI) Real Estate Investment Fund under the care of ARM Investment Managers Ltd.

• The Frontier Fund ✔️ (Paid)
Distr....N18.00
PD....Mar 6
QD.....Feb 27
Paymaster; Pace

Note: The Frontier Fund is being managed under SCM Capital Asset Management Ltd. The distribution is for H2 2025 (Half Year 2025).

• CIF ✔️ (Paid)
Distr....N9.11
PD....Feb 3
QD.....Jan 29
Paymaster; Coronation

Note: CIF means Coronation Infrastructure Fund. CIF is being managed under Coronation Asset Management Ltd. The distribution is for H2 2025 (Half Year 2025).

• SFS REIT ✔️ (Paid)
Distr....N28.30
PD....May 18
QD.....Apr 17
Paymaster; Pace

Note: SFS REIT is being managed under SFS Capital Nigeria Ltd. The distribution is for 2025 FYE (Financial Year End of Year 2025).

• Vetiva Banking ETF ✔️ (Paid)
Distr....21k
PD....May 28
QD.....May 15
Paymaster; First

• MREIF ✔️ (Paid)
Div....N2.8022 (For Series 1 Investors)
Div....N8.6136 (For Series 2 Investors)
PD....July 15
QD.....July 10
Paymaster; Africa Prudential

Note: The payments are for the Half Year Ended June 30, 2026.

• Newrest Nigeria ✔️ (Paid)
Fin Div....N11.83
PD....Aug 11
QD.....N/A
Paymaster; Meristem

• Nigeria Real Estate Investment Fund (NREIT) by Chapel Hill Denham ✔️ (Paid)
Distr....N1.72
PD....Sept 8
QD.....July 29
Paymaster; Coronation

Note: The payment is for the Half Year Ended June 30, 2026.

Note

ID....Interim Dividend/Distribution
Div....Dividend
Distr....Distribution
Bon....Bonus
QD.....Qualification Date
PD.....Payment Date
Paymaster....Registrars in charge of the payment

RodgersAkpafu:
There are tariff and non tariff restrictions to trade

Even the Americans and Japanese are complaining about China's unsavoury tactics.

We are a small fry in comparison to them

When you bring your product at "0% tariff" but from behind, the chinese have already subsidised your local competitor, you think you are gonna compete on level ground against such tactics?

Again, I really pity Africa's future

Here I was being critical of our ancestors for their shortsighted ways, not knowing that its default behaviour lol

Our exports increased by 80% since the tariff drop.
I think our exported goods competed enough.
The problem is we export mostly raw materials rather than variety of processed finished goods manufactured here.


you propose we tax and tariff them heavily, which is good and fine, but no clear solution to how you will navigate their own hammer if they reciprocate same? and the effect to heavily based Nigerian traders and their families both in Nigeria and China.

Not forgetting they are already our industrial backbone from Rail, to roads, to bridges,etc..

Do you obviously think we can survive the tariff war?

Your solution is "The
I businessmen can always pivot, they will be fine, I ain't worried bout us;"..
Is this not shortsightedness without future direction;
Mr. longsighted with customized setting?

We have to find a solution to ourselves first before taking them on. Otherwise we no go win.