By Adeoye Inioluwa

Conoil Plc recorded a strong improvement in profitability in the first quarter of 2026, posting a profit of N3.89 billion ($2.9 million), up from N292.05 million ($0.3 million) in the corresponding period of 2025.

The significant increase in earnings was largely attributed to lower sales costs, according to the company’s latest financial statements released under the leadership of Chief Executive Officer Ike Oraekwuotu.

Lower Costs Boost Profitability

Despite the stronger earnings performance, Conoil reported a decline in revenue during the quarter. Turnover fell to N71.45 billion ($52.6 million) from N79.25 billion ($58.3 million) recorded in the same period last year.

However, the reduction in direct sales costs helped cushion the impact of the revenue decline. Cost of sales dropped to N60.84 billion ($44.8 million), compared to N73.93 billion ($54.4 million) a year earlier.
As a result, gross profit increased significantly to N10.61 billion ($7.81 million), almost doubling the N5.31 billion ($3.91 million) posted in the first quarter of 2025.

Nationwide Operations Support Performance

Conoil remains a major player in Nigeria’s downstream petroleum industry, supplying both retail and industrial customers through its nationwide network of service stations.
The company also operates across several segments of the energy market, including lubricants, aviation fuel, and liquefied petroleum gas. Its extensive presence across these areas has enabled it to maintain activity in different parts of the sector despite challenging operating conditions.

Improved Inventory Management Strengthens Efficiency

The company’s first-quarter performance also reflected tighter management of working capital.

Inventory levels were reduced to N12.99 billion ($9.6 million), a move that helped free up cash and reduce the costs associated with holding excess stock.

The improvement comes at a time when many businesses in Nigeria continue to navigate inflationary pressures, exchange-rate volatility, and rising operating expenses.

Stronger Earnings Lift Shareholders’ Funds
Conoil’s improved profitability was also reflected in its balance sheet.

Shareholders’ equity increased to N43.13 billion ($32 million), up from N39.23 billion ($29 million) at the end of 2025. Retained earnings rose to N38.96 billion ($28.7 million) from N35.06 billion ($25.8 million), supported by the company’s first-quarter profit.

At the same time, total liabilities declined to N94.77 billion ($70 million) from N100.12 billion ($73.7 million).

Better Financial Position for the Year Ahead
The company ended the quarter with total assets of N137.91 billion ($101.5 million), backed by cash and bank balances of N12.29 billion ($9.04 million).

Conoil’s performance reflects disciplined cost management in a challenging operating environment. Despite softer revenue, the company strengthened its profitability, improved its balance sheet, and reduced liabilities.

With stronger earnings and higher shareholders’ funds, Conoil is better positioned heading into the rest of 2026, with increased capacity to respond to shifting dynamics and opportunities in Nigeria’s increasingly competitive energy sector.

By Shakirat Akintola

Seplat Energy Plc, one of Africa’s leading independent energy companies, has announced a sweeping overhaul of its top leadership. Billionaire investor Tony O. Elumelu, CFR, was named the company’s next Chairman while veteran energy executive, Engr. Effiong Okon will take over as Chief Executive Officer.

The dual-listed company (NGX: SEPLAT, LSE: SEPL) filed the notice on Tuesday, mapping out a comprehensive corporate succession plan designed to shepherd the energy giant into its next phase of growth under its ambitious “Roadmap 2030” strategy.

The New Guard: Back-to-Back Transitions

The changes will unfold in two distinct phases over the coming months to ensure strict governance continuity:

August 1, 2026: Engr. Effiong Okon will assume office as CEO and Executive Director, following the retirement of long-serving CEO Roger Brown on July 31, 2026.

<span;><span;>*   January 1, 2027: Mr. Tony O. Elumelu will formally take over as Chairman of the Board, following the retirement of current Independent Chairman, Senator Udoma Udo Udoma, CON, on December 31, 2026.

End of a Transformational Era for Brown and Udoma

The outgoing leadership leaves behind a massively expanded corporate footprint. Outgoing CEO Roger Brown caps off a 13-year legacy with the firm, having served initially as CFO during Seplat’s landmark dual listing in Lagos and London in 2014, and subsequently as CEO for six years.

Under Brown’s stewardship, Seplat executed game-changing consolidations—most notably the 2019 acquisition of Eland Oil and Gas, and the 2024 blockbusting acquisition of Mobil Producing Nigeria Unlimited (MPNU).

Similarly, outgoing Chairman Senator Udoma Udo Udoma, who took the helm in April 2024, is credited with successfully stabilizing the board, steering the complex integration of the MPNU assets, and codifying the company’s 2030 corporate blueprint.

“Roger has been ever-present in Seplat Energy’s journey… he leaves us well-placed to continue to deliver for all our stakeholders,” Senator Udoma stated in the release.

Inside the Profiles of the Incoming Leaders

The incoming leadership pairs deep, hands-on operational grit with unparalleled pan-African macroeconomic influence.

Engr. Effiong Okon brings over 35 years of global energy experience to the CEO role. A former Shell heavyweight who managed major deepwater and shallow-water offshore assets, Okon is intimately familiar with Seplat, having previously served as its Operations Director and New Energy Director. Most recently, as Managing Director of the ANOH Gas Processing Company, he successfully steered the critical infrastructure project to its historic “first gas” milestone in January 2026.

Mr. Tony Elumelu, the Chairman-elect, stepped onto Seplat’s board in January 2026 after his investment firm, Heirs Energies, executed a landmark $500 million transaction to acquire a 20.07% stake in the company—cementing Heirs as Seplat’s single largest shareholder. As the Chairman of United Bank for Africa (UBA) and Transcorp Group, Elumelu brings a legendary track record of institutional building and value creation to the table.

Looking Toward 2030

The restructuring signals Seplat’s aggressive pivot toward domestic gas infrastructure development and carbon reduction. Incoming CEO Effiong Okon emphasized that his immediate priority would be “ensuring the Company executes the 2030 Roadmap” to unlock the raw value of its recently expanded portfolio.

For Elumelu, the appointment aligns with his core economic philosophy of Africapitalism—the belief that the private sector must lead the continent’s development through long-term investments.

“I firmly believe in the critical role indigenous resources play in the economic transformation of Nigeria and Africa,” Elumelu noted, signaling that under his chairmanship, Seplat will likely push harder to dominate the regional energy transition landscape.

The markets will be watching closely as the transition begins on August 1st.

In commemoration of World Environment Day 2026, the UBA Foundation, the Corporate Social Responsibility arm of United Bank for Africa (UBA) Group, has reinforced its commitment to environmental sustainability through a tree-planting exercise at two of Lagos’ most historic educational institutions – King’s College, Lagos, and CMS Grammar School, Bariga.

The exercise marks the commencement of the Foundation’s 2026 Tree Planting for Sustainability Initiative, which is being implemented across selected schools in Nigeria to promote environmental consciousness among young people and encourage climate-positive action.
Observed annually on June 5 and coordinated by the United Nations, World Environment Day is the world’s leading platform for environmental awareness and advocacy. The 2026 theme, “Inspired by Nature. For Climate. For Our Future,” underscores the urgent need for collective action to address climate change and environmental degradation.

Speaking during the exercise at CMS Grammar School, Managing Director/CEO, UBA Foundation, Bola Atta, described the initiative as a strategic investment in the future.

“We want young people to understand that the environment needs our collective support and protection. Through initiatives like this, we are encouraging the next generation to embrace sustainable practices that will help create healthier communities and a better future for all,” she said.

Now in its fourth year, the Tree Planting for Sustainability Initiative is designed to instill environmental responsibility in students by integrating sustainability practices into school communities and empowering young people to become environmental ambassadors.

Atta explained that the choice of King’s College and CMS Grammar School was deliberate, reflecting both institutions’ rich heritage and their capacity to sustain the initiative over time.

“These are iconic institutions with deep historical significance. CMS Grammar School is Nigeria’s oldest secondary school, while King’s College has been shaping leaders for more than a century. We wanted schools where these trees will be nurtured and allowed to flourish for generations to come,” she noted.

The initiative comes at a time when rapid urbanisation has continued to reduce green spaces across many Nigerian cities, highlighting the need for sustained environmental restoration efforts.

“Over the years, development has often taken precedence over environmental preservation, leading to the loss of many trees and green areas. However, there is no better time than now to begin restoring our environment and making a lasting impact,” Atta added.

The exercise forms part of UBA Group’s broader commitment to Environmental, Social and Governance (ESG) principles.
Speaking at the event, UBA’s Group Chief Risk Officer, Awele Ajibola, emphasized the importance of proactive environmental stewardship in addressing climate-related risks.

“At UBA, initiatives like this demonstrate our commitment to the environment and the communities we serve. Climate change presents real and growing risks, and as a responsible financial institution, we recognise our role in driving positive environmental action and sustainable development,” Ajibola stated.

The tree-planting exercise is one of several activities being implemented by the Group to commemorate #WED2026. Other activities include UBA’s inauguration as a member of the Finance Taskforce for Plastic Action in Nigeria, Green Talk sessions with customers across branches, the launch of Sustainability Clubs in participating schools, environmental awareness campaigns across the Bank’s communication platforms, and a month-long Green Challenge designed to encourage environmentally responsible behaviour.

Commending the initiative, Principal of CMS Grammar School, Revd. Jacob Ayokunle Ogunyinka, described the exercise as a practical extension of environmental education.

“Our students learn about the importance of trees and environmental conservation in the classroom. Seeing these principles demonstrated in practice deepens their understanding and inspires greater responsibility towards protecting the environment,” he said.

Similarly, Principal of King’s College, Magaji Zachariah, expressed appreciation to UBA Foundation for selecting the institution as one of the beneficiaries of the programme and for investing in environmental education.

Beyond planting trees, the Foundation engaged students in discussions on environmental stewardship, encouraging responsible practices such as proper waste disposal, water conservation, recycling, and energy efficiency.

Referencing the famous words of Nobel Laureate and environmentalist Wangari Maathai, Atta reminded participants of the importance of immediate action: “The best time to plant a tree was twenty years ago. The second-best time is now.”

UBA Foundation is the Corporate Social Responsibility arm of United Bank for Africa (UBA) Group. The Foundation is committed to the socio-economic development of communities across Africa through strategic interventions focused on education, environmental sustainability, economic empowerment, and special projects.