Nigeria’s listed energy companies generated about ₦2.57tn in combined revenue in the first half of 2026, but the results showed a sharp difference between oil and gas producers and electricity generators.
While Seplat Energy recorded strong growth in revenue and profits, Geregu Power suffered a major decline. Transcorp Power also recorded lower revenue, although it remained profitable and strengthened some areas of its balance sheet.
Seplat Energy delivered the strongest performance among the three companies. The oil and gas producer reported revenue of $1.82bn, representing a 30 per cent increase from the $1.40bn recorded in the first half of 2025.
Using an exchange rate of ₦1,300 to the dollar, Seplat’s revenue was equivalent to about ₦2.37tn. When combined with Geregu Power’s ₦18.66bn and Transcorp Power’s ₦181.96bn, the three companies generated approximately ₦2.57tn during the six-month period.
Seplat’s improved results were supported by higher oil and gas production and stronger commodity prices. Its average production increased by four per cent to 139,509 barrels of oil equivalent per day. Production in the second quarter alone climbed nine per cent to 149,070 barrels per day.
The stronger performance helped gross profit rise by 68 per cent to $815.9m, while earnings before interest, tax, depreciation and amortisation increased by 28 per cent to $938.6m.
Profit before tax almost doubled to $574.9m, while profit after tax surged by an impressive 498 per cent to $164m from $27.4m a year earlier.
Seplat also focused on reducing its debt during the period. The company repaid $200m from an outstanding $300m advance payment facility, leaving only $100m to be settled.
The company also increased its quarterly dividend to 12 cents per share, reflecting stronger returns for shareholders.
However, the story was very different at Geregu Power. The electricity generator’s first-half revenue plunged almost 79 per cent to ₦18.66bn, compared with ₦87.63bn in 2025.
Its gross profit dropped 81 per cent to ₦6.93bn, while profit after tax fell 88 per cent to ₦2.50bn.
Geregu has also faced pressure from its debt obligations. The company recently settled an overdue ₦6.03bn payment connected to its Series 1 Senior Unsecured Bond after briefly missing a coupon and principal payment.
Transcorp Power also experienced weaker revenue, although its decline was less severe. Revenue fell 11.6 per cent to ₦181.96bn from ₦205.81bn a year earlier.
Despite the fall in revenue, the company recorded ₦69.82bn in gross profit and ₦54.99bn in profit before tax during the first half.
Its total assets also increased, while shareholders’ equity rose 17.2 per cent to ₦214.96bn.
Transcorp Power disclosed that about ₦72.2bn in interest linked to delayed electricity payments for 2025 had been calculated but not recognised in its accounts. The company said it would wait for a firm government commitment before recording the income.
The contrasting results highlight the different conditions facing Nigeria’s energy industry. Oil and gas producers are benefiting from stronger production and commodity prices, while power generators continue to deal with payment delays, operational pressures and challenges within the electricity market.
For investors, the results show that Nigeria’s energy sector is growing in value, but the benefits are not being shared equally across its different segments.
