Seplat Energy workers began an indefinite strike on April 4, 2026, due to a breakdown in negotiations over a collective bargaining agreement and staff welfare issues. The strike raised concerns about potential disruptions to oil and gas output in Nigeria, where Seplat Energy plays a significant role.

Only workers under the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) participated in the strike, while other less skilled workers covered by a second union did not join the action. Seplat Energy reported an average production of 131,506 barrels of oil equivalent per day in 2025, accounting for approximately 7%–9% of Nigeria’s total liquid output.

Seplat is targeting production of up to 155,000 barrels of oil equivalent per day in 2026, making the resolution of labor disputes crucial for maintaining output levels. The strike was called off just hours after it began, following Seplat’s acceptance of the collective bargaining agreement terms.

PENGASSAN directed its members to immediately suspend the industrial action after negotiations resumed with the Nigerian National Petroleum Company Limited (NNPC). Festus Osifo, a representative of PENGASSAN, stated, “The strike has been called off,” and emphasized that stakeholders intervened, leading Seplat management to agree to the requested terms.

This strike marks the second instance of industrial action involving PENGASSAN workers in eight months. The previous strike occurred against Dangote refinery, where over 800 workers were dismissed. Seplat’s revenue increased by 150.4% to N4 trillion in 2025, driven by expanded output and its first full year of offshore operations.

As negotiations continue on outstanding items, the situation remains fluid, and further developments are expected. Details remain unconfirmed.

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The recent acquisition of a significant stake in Seplat Energy by Tony Elumelu raises important questions about the future direction of the company and its leadership. Elumelu, a prominent Nigerian entrepreneur and the founder of Heirs Holdings, has been appointed as a non-executive director of Seplat Energy following his company’s acquisition of a 20.07% stake for $496 million.

This acquisition not only marks a pivotal moment for Elumelu but also positions him as the largest stakeholder in Seplat Energy, surpassing institutional investors. The implications of this move are substantial, given that Seplat Energy is a key player in Nigeria’s oil and gas sector, with 2P reserves of 1.043 billion barrels of oil equivalent as of December 2024 and a working interest production of 135,600 barrels of oil equivalent per day.

Elumelu’s influence in Seplat Energy is further underscored by the recent resignation of Olivier Cleret de Langavant from the board, which followed the sale of shares to Heirs Holdings. This change in leadership dynamics could signal a shift in strategy for the company as it navigates the complexities of the energy market.

Heirs Holdings, under Elumelu’s leadership, has been actively investing in various sectors, including energy, financial services, and real estate, aiming to drive economic growth across Africa. The acquisition of a stake in Seplat Energy aligns with Elumelu’s vision of fostering entrepreneurship and creating jobs in the region.

As the largest stakeholder, Elumelu’s decisions will likely have a profound impact on Seplat Energy’s operational strategies and governance. The company’s current production levels and substantial reserves position it well within the industry, but the direction it takes under Elumelu’s influence remains to be seen.

Details remain unconfirmed regarding the specific strategies Elumelu plans to implement at Seplat Energy. However, his track record suggests a focus on sustainable growth and innovation, which could enhance the company’s competitive edge in the market.

In conclusion, Tony Elumelu’s strategic move to acquire a significant stake in Seplat Energy not only elevates his status within the company but also raises questions about the future trajectory of the organization in the evolving energy landscape.

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