Wednesday, July 28, 2021

    Seplat reports $564.165m payment to Nigeria’s govt agencies in 2020

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    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    Seplat Petroleum Development Company Plc, Nigeria’s leading indigenous energy company has reported the payment of $564,165,102 to some Nigeria’s government agencies from its operations in 2020 in compliance with comply with the Disclosure and Transparency Rules of the Financial Conduct Authority in the United Kingdom and it is prepared in accordance with Directive 2013/34/EU (the EU Accounting Directive (2013).

    The disclosure published at the Nigerian Stock Exchange on Monday confirmed that the Nigerian National Petroleum Corporation (NNPC) was paid $389,575,992 as its production entitlement; the Department of Petroleum Resources (DPR) got $111,632,919 as royalties and $18,376,189 in fees; Nigeria Export Supervision Scheme got $579,361 as fees; Niger Delta Development Commission got $17,934,968 as fees; Nigerian Content Development and Monitoring Board got $4,826,290 fees; and Federal Inland Revenue Service got $21,239,383 as taxes

    Seplat listed on the Nigerian Stock Exchange and the Main Market of the London Stock Exchange is pursuing a Nigeria-focused growth strategy and is well positioned to participate in future asset divestments by international oil companies, farm-in opportunities, and future licensing rounds.

    According to the Companythe payments made to governments arising from activities involving the exploration, prospection, discovery, development and extraction of minerals, gas processing, oil and natural gas deposits or other materials (extractive activities) are disclosed in this Report.

    It excludes payments related to refining, natural gas liquefaction or gas-toliquids activities.

    When payments cover both extractive and processing activities and cannot be split, the payments have been disclosed in full.

    “Payments are reported at project level except for payments that are not attributable to a specific project, these are reported at entity level.

    A project is defined as operational activities which are governed by a single contract, license, lease, concession or similar legal agreement, and form the basis for payment to government,” the company said.

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