Seplat Energy Plc (SEPL) Earnings Call Transcript & Summary

Good morning, distinguished ladies and gentlemen. I welcome all of you to the 12th Annual General Meeting of Seplat Energy plc. Based on the information provided by the registrars and confirmed by the company's secretary, there is a quorum for this annual general meeting. So it is my pleasure to hereby declare the meeting open. Before we commence the business for today, can we have the National Anthem. Before we commence the business for today, may I kindly call on a shareholder to lead us in opening prayer. Can we have Pastor Alex Adieu, are you there. Thank you, Pastor Adieu. Distinguish shareholders, this meeting is being held virtually in compliance with the Business Facilitation, Miscellaneous Provisions Act that was passed into law on the 8th of February 2023. This act is aimed at promoting the ease of doing business, enhancing productivity and ensuring transparency in Nigeria. Section 11 of the Business Facilitation Act amended Section 240 subsection 2 of the Companies and Allied Matters Act 2020, thereby empowering public companies to hold their annual general meetings electronically. The link for this meeting was published in the notice of this meeting. It's also available on the company's website. Kindly note that this AGM is being streamed live and can be viewed by all in real time. We would like to assure all our distinguished shareholders that the proceedings for this meeting will be conducted in a timely manner. Dear shareholders, as you may have become aware from media sources, on Wednesday, the April 2, there was a press release from the state house to the effect that President Tinubu had approved the reconstitution of the Board of the Nigerian National Petroleum Company Limited, NNPC. Of particular significance to us in Seplat was that 2 of our former -- of our then independent directors, Dr. Bello Rabiu, our immediate past Senior Independent Nonexecutive Director, and Mr. Bobs Omotawa, were appointed by President Tinubu to the Board of NNPC. This development is a clear recognition of the high regard the industry and the Nigerian government have for members of our Board. We congratulate Mr. Rabiu and Mr. Omatawa owe on the appointment. We thank both of them for their immense and invaluable contribution to the Board of Seplat Energy. Both Mr. Rabiu and Mr. Omotawa devoted a good deal of their time, their knowledge and their wealth of experience to the growth and progress of our great company for which we are very grateful. We wish both of them a successful tenure on the Board of NNPC. Further to the exit of Mr. Rabiu from the Board, the Board has now designated Mrs. Bashirat Odunewu to succeed Mr. Rabiu as a senior independent Nonexecutive Director. And this was by way of explanation for why we do not have either Mr. Rabiu or Mr. Omotawa with us. Consequently, on the appointment to the NNPC, they resigned from the Board of Seplat. I will now proceed to introduce members of the Board of Seplat Energy as follows: Firstly, Mr. Roger Brown, Chief Executive Officer; Mr. Samson Ezugworie, Chief Operating Officer; Mrs. Eleanor Adaralegbe, Chief Financial Officer; Mrs. Bashirat Odunewu Senior Independent Nonexecutive Director; Mr. Olivier de Langavant, Non-Executive Director; Mr. Ernest Ebi, Non-Executive Director; Mr. Kazeem Raimi, Non-Executive Director; Madam Nathalie Delapalme, Non-Executive Director; Dr. Emma FitzGerald, Independent Non-Executive Director; Ms. Koosum Kalyan, Independent Non-Executive Director; Mr. Christopher Okeke, Independent Non-Executive Director; and there is myself, Udoma Udo Udoma, your Chairman. Also in the meeting is the Company Secretary and Director Legal, Mrs. Edith Onwuchekwa. We also have representatives from our regulators and professional bodies as follows. From the Nigerian Exchange Limited, we have Ms. Brenda Duke. Then we have Mr. Graham Omenka from the Securities and Exchange Commission. And from the Corporate Affairs Commission, we have Mr. Justin Nidia. We also have Mr. Pedro Omontuemhen, who is a representative from our external auditors, PwC. We have our Nigerian registrars, DataMax Registrars Limited. We also have our U.K. registrars, Computershare Investor Services PLC. In our midst, we have the shareholder members of statutory audit committee for the year 2024 as follows: Mr. Abayomi Adeyami, who is a shareholder representative and the Committee Chairman. Mrs. Hauwa Umar, shareholder representative and Mr. Nornah Awoh, also a shareholder representative. Dear shareholders to facilitate the smooth and effective conduct of this meeting, we appeal to everyone to kindly observe the following rules of engagement. If you wish to speak, indicate by clicking on the raised-hand icon. When called upon to speak, kindly state your name, your surname and keep your comments and questions brief so as to ensure that other people are given a fair opportunity to also participate. If you encounter any issues during this meeting, simply click on the chat box, and our representatives will be on hand to assist you. For ease of reference, the register of directors shareholding and record of attendance as well as the annual reports are available on the company's website. Please note that there will be an opportunity to second each resolution that I put to the meeting. I will now call on the Company Secretary to read the notice of the meeting.

Thank you, Mr. Chairman. Yes, ladies and gentlemen, the notice of this meeting is on Page 297 of the 2024 annual report and is accompanied by the list of unclaimed dividend. The notice was published in the following 2 national dailies. The business then used per dated at April 14, 2025 and the leadership newspaper dated at April 15, 2025. and in accordance with Section 246 of Cama 2020, I will now read the notice. Notice is hereby given that the 12th Annual General Meeting of Seplat Energy Plc, the company will be held virtually on Wednesday, May 14, 2025 at 11 a.m. to transact the following business. Ordinary business 1, to receive the audited financial statements of the company for the year ended December 31, 2024, together with the reports of the directors, auditors and the Statutory Audit Committee thereon. Two, to declare our dividend recommended by the Board of Directors of the company in respect of the financial year ended 31 December 2024. Three, to reappoint PricewaterhouseCoopers, PwC, as auditors of the company from the conclusion of this meeting until the conclusion of the next general meeting of the company, at which the company's annual accounts are laid. Four, to authorize the Board of Directors of the company to determine the auditor's remuneration. Five, to reelect the following directors who are eligible for retirement by rotation. One, Ms. Koosum Kalyan, Independent Non-Executive Director. Two, Madam Nathalie Delapalme, non-Executive Director. Six, to disclose the remuneration of managers of the company. Seven, to elect the shareholder representatives of the Statutory Audit Committee special business to consider and if thought fit to transact the following special business, which will be proposed and passed as an ordinary resolution. Eighth, the remuneration section of the directors' remuneration report set out in the annual report and accounts for the year ended 31 December 2024 be and is hereby approved. Nine, that the issued share capital of the company be and is hereby increased from 294,222,280.50 divided into 588,544,561 million ordinary shares of kobo 50 each, up to kobo 299,972,280.50 only divided into 599,944,561 ordinary shares of kobo 50 each by the creation of up to 11,500,000 additional ordinary shares of kobo 50 each, ranking parry pursue with the existing ordinary shares of the company and that the Board be and is hereby authorized to issue and allot the shares to Stanbic IBTC Trustees Limited, the trustees for the shares under the company's long-term incentive plan, LTIP. And to procure the listing and admission to trading of the issued shares on the official list of the Nigerian Exchange Limited and the London Stock Exchange. Ten, that the company's Memorandum Manati as of Association be and are hereby amended to reflect the new share capital of kobo 299,972,280.50 only, divided into 599,944,561 ordinary shares of kobo 50 by the creation and addition of 11,500,000 ordinary shares of kobo 50 ranking in pari-passu with the existing ordinary shares of the company and that any amendments required to be made to the memorandum and articles of association of the company as a result of the forgoing resolution be approved. The both be and is hereby authorized to take all necessary steps to give effect to the above resolutions. Copies of the annual report and accounts for Seplat Energy Plc for the financial year ended December 31, 2024 have been mailed to the shareholders and is available on the company's website, www.seplatenergy.com. Printed versions can also be obtained by contacting DataMax Registrars in Nigeria at 2C, Gbagada Expressway, by Beko Ransome-Kuti Park Gbagada Lagos. Telephone +234 171 20012, or Computershare registrars in the U.K. on telephone +44 (370) 703-6101 by other of the Board. Thank you, Mr. Chairman.

Thank you, Mrs. Onwuchekwa for reading the notice of meeting. In line with Section 248 of Cama, and following the demand for poll, the resolutions for this meeting will be taken by poll, except for the resolution for the election of members of the Statutory Audit Committee, which shall be conducted electronically, reflecting show of hands and the resolution for the reappointment of auditors, which does not require voting. Proxy forms duly submitted to the registrars, prior to this meeting have been collated by the registrars, indicating that some shareholders have already voted on the resolution. Distinguished shareholders. It is now time to read the Chairman's statement. Now my statement is on Pages 2 to 3 of the 2024 annual report, copies of which have been circulated to everyone. With your kind permission and in accordance with our usual practice, I drive your permission to consider my full statement as read.

I take us straight Mr. Chairman, Eric is the name.

Thank you very much. Thank you. Thank you very much. You all have my statement and is taken as read. However, permit me to highlight a few aspects of that statement. The first has to do with the completion of the acquisition of Mobil Producing Nigeria Unlimited. It will be recalled that our last AGM, there were very many questions asked about the acquisition. And in response to the questions, we had indicated that we were working very hard and we're optimistic that we would be able to complete the transaction soon. As you all now know, this was finally concluded on the 12th of December 2024. On that date, we completed our acquisition of the entire share capital of Mobil Producing Nigeria Unlimited. This acquisition had a closing cash consideration of USD 800 million at completion, and was funded entirely from cash and from new and available debt facilities with no dilution of your shareholdings. Merging the business which we now call Seplat Energy Producing Nigeria Unlimited with Seplat Energy has created a Nigerian energy powerhouse. With a pro forma production of 118,000 barrels of oil equivalent per day in 2024 and a pro forma combined reserves of 886 million barrels of oil equivalent, this is an increase of 85% on the reserves that were reported at the beginning of the year. And distinguished shareholders, as you can see from our annual report, 2024 was a good year for your company. We delivered a year of strong production with revenues again over $1 billion at USD 1.116 billion. Operating cash flows of USD 383 million, and adjusted EBITDA of USD 539 million. And shareholders, these improved operations were delivered with a very good safety record. As our report indicates, we achieved over 11 million man-hours without any lost time injury. And as shareholders, you'd also be happy to hear, we are proposing a final dividend of USD 0.036 per share as well as a special dividend of $0.033 per share, bringing our total dividend for the year to $0.165 per share. We are very optimistic about our future. The newly enlarged Seplat Energy is a larger, a stronger and more diverse group. And we are committed to continue to invest to further increase the value of our assets for the benefit of our stakeholders. Thank you very much. Ladies and gentlemen, we will now proceed to the first item on the agenda, which is to receive the company's 2024 annual reports and accounts. The directors' report, the auditor's report for the year ended 31st December 2024 and the Audit Committee report. The company's 2024 annual report and accounts, including the directors' reports have been circulated to all of you ahead of this meeting. I hereby lay before this meeting. This is it. I lay before this meeting the 2024 annual report and accounts. together with the reports of the directors, the auditors and the statutory audit committee. Being cognizant of time constraints, and with your permission, may I consider the 2024 annual report and accounts, including the directors' report as duly read. Will a shareholder kindly receive and adopt the reading of the reports on behalf of the meeting. I'd like to call on Faruk Umar.

Mr. Chairman, I hereby the declare the motion as -- post of the Directors, Auditors and Statutory Audit Committee...

Thank you, Alhaji Farukuma for receiving and adopting the reading of the annual report. In line with Section 388 subsection 2 of Cama. I will now call on Mr. Pedro Omontuemhen from PwC to present our report for the year ended 31st December 2024.

Thank you, Mr. Chairman. If I -- thank you for our reports and we have 2 reports on Pages 159 to Pages 165. The report on both -- and several adjustments and the report on the internal controls. If you will allow me, Mr. Chairman, following existing protocol, I just read a summary of this report, sir. On Page 159. In our opinion, the consolidated financial statements and Seplat financial statements give a true and fair view of the consolidated and separate financial position of Seplat Energy Plc, the company and its subsidiaries together, the group as at December 31, 2024 and of the consolidated and separate financial performance under consolidated and separate cash flows for the year then ended in accordance with international financial reporting standards as issued by International Accounting Standards Board, IFRS accounting standards and the requirements of the company's Amended Martas Act and the Financial Reported Council of Nigeria Amended Act 2023. What have we audited. Seplat Energy consolidated financial statements and Seplat financial statements comprise the consolidated statement of profit or loss and other compressive income for the year ended December 31, 2024, the consolidated statement of financial position as at December 31, 2024, the considered statement of changes in equity for the year that ended. The consolidated statement of cash flows for the year then ended, the notes to the consolidated financial statements, which include a summary of material accounting policies. The separate statement of profit or loss and other competitive income for the year ended December 31, 2024. This separate statement of financial position as at December 31, 2024. The separate statement of changes in equity for the year that ended. A separate statement of cash flows for the year that ended. The notes of separate financial statement which includes a summary of material accounting policies. On the Page 163 is where I will summarize the statutory report on other leg and regulatory requirements. The Companies and Allied Matters Act requires that in carrying out our audit, we'll consider a report to you on the following matters. We confirm that, number one, we have obtained all the information and installations with the investor knowledge and believe we are necessary for the proposing of our audit. Number two, the company has kept proper books of accounts too far as appears from our examination of those books. Our returns adequate for our audit have been received from locations not determined by us. Number three, the company's statement of financial position and profit or loss or another competitive incomes are in agreement with the books of accounts and returns. In accordance, the requirement of financial report came through, we performed a limited assurance engagement and report on management's assessment of Seplat Plc's internal control financial reporting as of 2024. The work performed was done in accordance with the financial report to guidance on assurance engagement reports on internal controls of our financial reporting issued by the financial reporting as of Nigeria, we have issued an unqualified opinion in our report detailed March 4, '25. This opinion has been signed by me, Pedro Omontuemhen, on behalf of PricewaterhourseCoopers. Thank you, Mr. Chairman.

Thank you, Mr. Omontuemhen. I would now like to call on the Chairman of Statutory Audit Committee, Mr. Abayomi Adeyemi to present the report of the committee to the shareholders. Thank you.

Thank you very much, Chairman. Good morning, fellow shareholders. The statutory audit committee report for the year ended December 31, 2024 is on Page 154 of the integrated annual report on accounts. And I read. To the members of Seplat Energy Plc. In accordance with the provisions of Section 404 subsection 7 of the Companies and Allied Matters Act Cama 2020. We are the members of the Audit Committee of Seplat Energy plc hereby reports on the financial statements of the group for the year ended December 31, 2024 as follows. One, that the scope and plan of the audit for the year ended December 2024 were adequate. Two, that we have reviewed the financial statements and are satisfied with the explanations and comments obtained. Three, we have reviewed the external auditors management letter for the year and are satisfied with the management's responses and that management has taken appropriate steps to address the issues raised by the auditors. Four, that we are of the opinion that accounting and reporting policies of the company are in accordance with legal requirements and ethical practices. The external auditors confirmed having received full cooperation from the company's management in the cost of the statutory audit and that the scope of their work was not restricted anyway. Signed on behalf of the committee by myself, Abayomi Adeyemi on the March 4, 2025. The other members of the committee, Mrs. Hauwa Umar and Mr. Nornah Awoh, who were also shareholder members. And Mrs. Bashirat Odunewu, an independent non-Executive Director; as well as Mr. Kazeem Raimi, a Non-Executive Director. Thank you very much.

Thank you, Mr. Adeyemi for presenting the report of the statutory audit committee. At this point, I shall be pleased to answer any questions that you may have on the reports and the financial statements of the company before we proceed any further. You may indicate your interest in asking questions by raising your hand electronically, and I will call upon you. When called upon, please state your name clearly, and please endeavor to be brief. I humbly urge you not to repeat what any other person has said or asked. So now it's time for questions. Well, I can see Faruk Umar. Please proceed with your question.

Mr. Chairman, Directors of Seplat Energy management and staff. Mr. Chairman, my name is Faruk Umar, phD. I'm a Director with the Nigerian Exchange Limited, and also a Director of one of the banks, Greenwich Merchant Bank. Mr. Chairman, let me begin by commending the company for the performance for the year ended 2024, where our production has increased. And our dividend of $0.165 is commendable. Mr. Chairman, we have seen that our total revenue has gone up by 5%, over $1.116 billion. Our earnings before interest, tax and depreciation and amortization of $539 million, Mr. Chairman, is also commendable. But more importantly, Mr. Chairman, will commend the Board by completing the acquisition of Mobil Producing Nigeria Unlimited, which, as we said in our statement, it's going to increase production and is going to give us a good return as shareholders. Also, Mr. Chairman, you have released your first culture, which shareholders are happy with seen that our revenue has jumped by 97.6% to NGN 199.9 billion, and the profit after tax has gone up by over 55%. And Mr. Chairman, this is also appreciated by shareholders as we believe we'll see an increase in the dividend the company is paying to -- given to shareholders. Mr. Chairman, I also want to commend you on the quality of the annual report. I mean, I think anybody who has gone through it will see that there is a lot of disclosure, transparency and Mr. Chairman, I have not seen a detailed accounts regarding corporate governance, risk management, strategy. We'll commend you, Mr. Chairman, for this. The CEO also has answered questions on acquisition of Mobil Producing Nigeria Unlimited, the challenges faced in 2024 and the company's objectives for 2025 as well as the outlook for Seplat Energy in 2025. Mr. Chairman, I would like the CEO to expansiate on the last 2 for shareholders to have a better grasp of how our objectives are going to look for 2025. And the outlook for our company, given the fact that the price of oil has gone down, and we would like the CEO to give us some assurance on the future performance in the remaining 3 quarters. Mr. Chairman, I will also see the diversity in the board composition. This is excellent, Mr. Chairman. We commend the board for having 6 independent directors, which is only achieved by [ Asment ]. We think this is very commendable. The more independent directors we have, the better for corporate governance for the company. And Mr. Chairman, I think we should commend you for that. Also in the diversity aspect, we have seen that we have 4 females on the board. And again, Chairman, we have complied by adding more than 30% of the Board regarding the gender diversity. And I pray and hope that we will have more females on the board as time goes. We also would like to thank the federal government for bringing, like you said, 2 of our former directors on the board of NNPC. Mr. Chairman, this is commendable. It showed that the kind of caliber we have of our director on the board is first class. It's appreciated by even the federal government. No energy company has gotten directors from their board to be on the NNPC. And perhaps this is why Mr. Chairman, we are first in the energy sector and the quality of our Board is excellent. Mr. Chairman, having you as a former Chairman of Securities and Exchange Commission on our board is commendable. Mr. Chairman, I have looked at the profile of our directors, and we are happy with every director you have brought. Not only that, we should commend you also for encouraging the staff. Now our CFO, Mrs. Eleanor is now on the board. This means that you are giving confidence to our existing executive management for them to know that they have the opportunity to be on our Board. Mr. Chairman, as there are other people to speak, I'll commend you on the CSR, we have done very well, and you contribute a lot to the corporate social responsibility by all the donations and the things we have been doing. Mr. Chairman, I also want to commend this. This annual accounts, we have to commend the company secretary for producing an excellent annual accounts, which everybody will appreciate. Mr. Chairman, on a final note, I will say that we appreciate the quarterly dividend the company is always given to shareholders. This ensures that every quarter, we expect something to come. And I pray and hope that the dividend we are going to get this year will surpass substantially the one you have paid last year. Thank you, Mr. Chairman, for giving me this opportunity.

Thank you, Faruk Umar. Thank you for the commendation. And we will -- you also raise 1 or 2 questions. we will answer all the questions together. So maybe I should take any other questions from any shareholders. I think I can see, is Patrick Ajudua, please go ahead with your question.

Good morning, Mr. Chairman. Thank you for your service that you have been offering to this great company. We thank you because you are an embodiment of humility, philanthropist and an accomplished professional and entrepreneur. We also thanked the GCO, Mr. [indiscernible] , who have weathered the storm and have continued to champion the better interest of the company. We thank the company's Secretary, Mrs Song Chokua and all our Secretary of staff, who have done very well in organizing one of the best and highly professional AGM in the history of the capital market. I want to commend the exceptional performance of our financial reports, which shows increase in our revenue from NGN 696 billion to NGN 1.16 trillion made possible by the contribution on see, while the profit after tax also improved from NGN 81.3 billion to NGN 214 billion. On Page 13, I want to commend the commissioning of Seplat integrated gas plants, which achieved its first commercial gas in February 2025. On Page 45, my question is on carbon emission intensity. What is the level of our carbon...

Okay. We will maybe move to somebody else and then come back to -- yes, please continue.

My last question is, what effort has been made to end the routine gas planning, which has made it possible for us to harness the economic potential for the gas sector. That is my last question sir, and I want to wish you the Board, management of Seplat a great day and a great year ahead. Thank you.

Thank you very much, Patrick. And thank you for your good wishes where we are. We really appreciate them. Maybe Mr. Eric Akinduro, I can see your hand. Eric, are you there? Mr. Akinduro. Please ask your question.

Good morning, Mr. Chairman. Good morning. Good morning, all shareholders present here virtually and everyone. Firstly, I start on the existing protocol. And I want to express the feelings of shareholders to you, Mr. Chairman, and the Board of Seplat, that shareholders of Seplat, we are very happy with this company because when you have your investment and is creating value to you, and that's the essence of our investments. So we are very happy with you. Looking at our results this year, it has proved to us that we have maintained very strong cash flow this year. And this cannot be possible without a focused, dedicated, disciplined and committed Board members, management and the entire first half. So we are very happy with you Mr. Chairman. And also year 2024 was a year that was full of transformative process, a market full of acquisition of Mobil Producing Company. The decision to acquire Mobil Producing producing Company in the entire capital market history was the best decision so far for shareholders and we have started seeing the results of this particular acquisition. And we believe, are more stickier. I don't want to bother us much on the finances because Faruk has really deliberated on that. But quickly, Mr. Chairman, I just have a few questions. Number one, that vandalization of pipeline and oil tank in Nigeria. This is a great concern to us as investors and is a very significant aspect of our business, particularly in [indiscernible] area. What are we doing to navigate to secure our pipeline and our business. So we need to know more about that. And also, Mr. Chairman, the volatility of oil prices all over the world, the unpredictable and volatility of oil prices make it difficult to make strong long-term business decisions. And this volatility can negatively impact the profit of energy companies like us. What measures we put in place, Mr. Chairman to mitigate this high risk. And also, Mr. Chairman, coming to bonus. When you go down the historical background of bonus declaration in Seplat, we can see that the last time we gave bonus was 2013, that was 1 -- 2 for 1 or 1 for 2 was 2013. And since we have listed on NGS in 2014, we are not giving any bonus, which shareholders have not enjoy any bonus. So Mr. Chairman, I want you to look at this as a policy to give us bonus as shareholders. And finally, Mr. Chairman, I need to commend you, commend everyone for this good result, particularly the company secretarial. I need to commend the company's secretarial for this wonderful performance and outcome of this meeting. So I pray that next year which I've been meeting again, our dividend policy would have gone from cents to at least $1. And I pray it's going to be our achievement, Mr. Chairman. We can do it because Seplat has the capacity. Thank you, and God bless you, Mr. Chairman.

Thank you very much. Do we have any other. I think I can see, is it Ms. Thorpe. Mrs. Thorpe, are you there?

Yes, I am. Thank you, Mr. Chairman. I join my voice -- sorry, all protocols to be observed. I joined my voice with all the norms that have been pulled out on our company by the previous speakers, my fellow distinguished shareholders. Company, the acquisition of Mobil is indeed I would say the best thing that are happening in the capital markets of recent time. And for us, it's something that is very gladdening to our hearts. But considering where we are coming from, our size, the acquisition is like, to me, is like small goods swallowing a big cow. That in itself will put some digestive challenges to the goods. And I see that -- I hope our company is ready to surmount those challenges that would come -- that has come -- that would come, with the completion of the acquisition. Approximately 70% of our production is now offshore with again, about 1,000 staff came on board. Definitely, there will be HR issues indeed that come with these acquisition. How are we planning to deal with that. And then, of course, number 2 is that the company that we have acquired has been operational for a long time. And they have been in the same fields that they have sold to us that we have acquired, the same fields they've been working on all these years. Obviously, some things must have -- some of the wells must be empty. If not an empty, it must be near empty. So what percentage of the fields still have oil or gas so that we know that we did not throw good money after a bad one. Then of course, I commend our company for the CSR it has impacted upon, particularly the Pearls Quiz competition that gives scholarships to -- sorry, that they will organize this competition amongst students. And then, of course, the scholarships scheme. That scheme reminded me of what Mobil and Shell used to do in the days gone by, when the scholarship of -- Shell scholarship and Mobil went to the very brilliant students. However, I did not notice that we are particular about STEM education. And I think that we should do that, particularly in relation to girls and females. Actually, that brought me to a question of the annual report where the employees we have segmented, although I read somewhere about the low percentage of females, but I -- it was not clear among the segmented employees on Page 449 -- sorry, 249 there should have been -- we should have been told how many are males and how many are females. And I know we have done well with the females on the board, but we need to encourage female, more females, and encourage and employ more females in our company. I know also that our company is mainly involved in what I would call science. And it is -- sometimes for that ladies, not learning ladies or not really females go for science and science subjects. That is why the STEM education that I mentioned just now is important that our company should look into and focus on with regard to this scholarship. And then also try and improve the number of females that coming to our company as employees. I commend the company for the 10 year listing on NGX and London Stock Exchange. I hope that something will be done to bring it to the attention of we minority shareholders so that we can study brief with you. Thank you very much.

Thank you very much. I think, maybe we should answer these questions. Are there any others? Okay, let's answer this question. First of all, let me thank all the shareholders who spoke. You all commended, and we appreciate the commendation, it will encourage us to work even harder. A number of the questions raised are operational and technical questions. So I will ask the Managing Director, CEO, to go through the questions and where he considers appropriate, he could bring in the Finance Director or the COO as appropriate. But I would like to say looking at the overall -- some of the questions that are an overview, one of which is the integration. At the time, we're working on acquiring Exxon Mobil. We realize and we appreciate it that we would need to work very, very hard to integrate the 2 cultures to get the best from both cultures. We're working very hard at that. We have a plan to bring the company to bring all the employees so that within a few years, you will not really know where employees came from. We've taken on board some very good employees from Mobil to join our employees who are also very, very good. So we have a lot of talent there. And because we are growing, we'll probably require everybody. So we are working on that. So having said that, I also want to make some comment on the vandalization of pipelines, the work with our communities. We believe in our communities, we reach out to them, we try and get their support and understanding. And I think that has resulted in improvement in terms of the downtime. So we'll work on that. We are continuously receptive, we are proactive in working with our communities because we're a Nigerian company. We are close to the people, some of us are even from those states as well and those communities. So we work closely with them to reduce the tension the tension between the oil companies and the communities. Having said that, I'll now ask Roger Brown to answer some of the technical questions. Thank you.

Good morning. Let me just stay with Dr. Faruk Umar's question around the performance of the company this year, particularly with a focus on oil price. And we've seen, obviously, oil prices decrease. Although today, the current Brent price is $66.50 so they've come up a bit in the last week. But as a business, we focus heavily on our commodity prices. And last year, we predicted a softening of the oil price this year. So we did simulations. We look at a number of ways to protect your company against the oil prices softening. We've got cost control. We look at flexible budgeting and CapEx programs. And very importantly, we hedge the oil price, and we have hedged through these quarters that around 5 million barrels a quarter at a $55 oil price. So that protects the downside. But let me just say one thing is that your company is in an excellent shape. We're stronger, we're bigger. We have 11 blocks today, 8 of which we operate. And if you see some of the sort of the Q1 results, I think that was picked up on. And you can see there that our revenues for the full year last year were $1.1 billion. And for the Q1, our revenues were $809 million. So really in Q2, we will exceed the revenues for the entire year last year. And you can see that on the EBITDA numbers, at $539 million last year for the full year and for 1 quarter, it's $401 million. So the company is strong, but we look at how we risk manage and we protect your company in the downside. If I get to the second person asking the question, Patrick Adujuwa, it was around gas flaring and what we're doing around that in terms of that target. So we announced some years ago that we were going to end routine flaring in 2025 this year. And for our onshore business, we're on track to end routine flaring this year. And that's 5 years in advance of the government's target of 2030. Of course, we then have just bought Mobil Producing and there is flaring in the offshore business. And we're in the process now of looking at how we come up with flaring programs in the offshore business. And we are confident that we will lay that out later this year, and we will set targets on that. So we're committed to ending routine flaring across all of our business where we can. And the next question, I think, was asked by Eric Akindoru, was talking around vandalism and on the pipelines, et cetera. And we've seen this over the years as a company. It's something that we're focused on. We've had a policy where we can do, we have more than one export route, which handles the vandalization. A lot of this is on pipelines that we don't control. So in our areas of operation, we've been very successful in working with communities to actually have very good uptime on those pipelines. More recently with the government and the pipeline owners, there's been a much more focus on our third-party pipelines. And I'm delighted to say that our downtime and our losses have reduced dramatically on that, but we still focus on it. And in our offshore business, we control something like 1,500 kilometers of pipelines. We're an operator. And we've seen through the years, the uptime in these pipelines has been much better on the performance. So I think as a business across the curve in our portfolio, we're actually seeing a better performance around that. In terms of your question on bonus declaration of bonus shares, you refer back to 2013 on the 2 for 1. Again, we will look into this. and we will think that through this year. Thank you for that question. And then the final was from Mr. Thorpe, which the Chairman has answered a lot of those points and the questions around the Exxon. What I would say is that with Exxon itself, there is a lot more life here, much more life. So we have something like 600-plus wells, 200 which are producing today, and we're in the process of opening up some 400 wells, which have been shut in for capacity constraints or for other reasons. So this program this year is to start to open up those wells. That only speaks for a part of it. The rest of it is that there's a lot of potential in new drilling in what we call infill drilling. And again, we're working our way through that process and the subsurface to get ready to drill those wells. And then the last leg to this is exploration. So there's no doubt in our mind from what we can see is there is enormous upside potential on exploration. And again, we will have teams working on this at the minute looking at where we're going to see new frontiers in this acreage. And the final point to make is, obviously, on the gas side of things. There is a lot of gas processing, some 1,600 million scuffs or 1.6 Bcf of processing offshore. And again, we're looking at monetizing that gas, both from both domestic gas projects to export projects. So there's big potential there. In terms of CSI projects, and you talked about those in terms of our various programs. The Pearls Quiz has been very successful. It's very competitive. And again, we were going to expand that. The scholarships, we have given out scholarships, which is a nationwide program in itself. And then on the STEM side of the business -- of education, it's something that we have, STEM programs for teachers to increase -- sorry, as accessing the -- females in the business, we are really working hard on that. We have a work which we're working hard to expand, and we're looking to get more and more females into our business right from the educational side of things right into working for us. So thank you very much. I think we've answered all the questions.

Thank you very much. I think all the questions that I had have been answered. But let me also say that the comments and the suggestions that were made in the course of asking those questions. I have noted them, we have noted them and as many of them as possible, will be looked into and taken on board. Thank you. Now thank you, distinguished shareholders for your questions and continued interest in your company's operation and growth. As I have indicated already, be rest assured that we listen to you. We really listen to you, and we truly appreciate your feedback. Before we proceed to the resolutions, I will now invite the registrar to explain the voting process. Over to you, registrar.

Thank you, Mr. Chairman. Esteemed shareholders, please note that we have captured value voting details for a total of 234 shareholders by way of proxy, totaling 384,733,162 units of shares representing 65% of the company's issued share capital. As you vote on the resolutions, which will be announced by the Chairman, please be informed that the voting results will be inclusive of the precaptured votes. We have put together a shared video that would guide you on how to vote during this resolutions using the Virtual AGM application. Can you please watch. [Presentation]

Shareholders, may now return to your browser, kindly refresh the page, we consider resolutions that are been displayed to enable your votes now. Thank you, Mr. Chairman.

Thank you, registrars for explaining the voting process. Dear shareholders, I hereby propose that the 2024 annual report and accounts, the directors' report, the auditor's report for the year ended December 31, 2024 and the Audit Committee report be adopted as presented. Will a shareholder, please, second the motion. Okay. I think I can see Mr. Ridwan Hamza. Are you there?

I said I think you already did that with Dr. Faruk at the beginning of the meeting. but if it is not the same, I so do. Thank you. Hamza Ridwan is the name.

Thank you, Mr. Hamza. Shareholders, please cast your votes while the registrar conducts the voting process.

Thank you, Mr. Chairman. Shareholders, please go to your application and refresh your browser page as you commence voting. Please vote on the resolution. Please ensure you're seeing the resolution being displayed on your application. Your Zoom meeting would be minimized on the screen for which your voting. We have 25 seconds to the end of the voting process. Please vote. We have 10 seconds to the end of the voting process. Please cast your votes. [Voting]

The voting process has now ended. At the end of the session, we have 284 shareholders with 385,044,869 unit of shares, representing 100% of the total votes cast in favor of the resolution. Thank you, Mr. Chairman.

Thank you very much for the result, registrars. With that result, I hereby declare the motion unanimously carried. The second item on the agenda is to declare a final dividend recommended by the Board of Directors of the company in respect of the financial year ended 31st December 2024. During the Board meeting held on the 3rd of March 2025, the Board of Directors recommended a final dividend of USD 0.036 which is the equivalent of NGN 57.95 at the exchange rate as of 8th May 2025. In addition to the final dividend that was stated, the Board also declared a special dividend in the amount of USD 0.033, which is the equivalent of NGN 53.12 at the exchange rate as of 8th May 2025. The special dividend shall be paid separately with the final dividend to all shareholders on or around the 23rd May 2025. This will amount to a total of NGN 111.7 per share for each shareholder. In the absence of any questions, I hereby propose that the final dividend of USD 0.036, which is the equivalent of NGN 57.95 per share, recommended by the Board of Directors be accepted by the shareholders as the final dividend for the year ended 31st December 2024. And an additional special dividend of USD 0.033, which is the equivalent of NGN 53.12 at the exchange rate as of 8th May 2025. Will a shareholder, please second the motion. Okay. I'm told that Adebayo Adeleke's hand is up. Adebayo Adeleke, is your hand up.

Yes, chairman.

Please proceed to second the motion. Thank you.

My name is Adebayo Adeleke. I hereby second the motion. Thank you.

Thank you very much, Mr. Adeleke. So shareholders, please cast your votes while the registrar conducts the voting process. Over to you, registrars.

Thank you, Mr. Chairman. Shareholders, you may now cast your vote. Please return to voting application to cast your vote. Ensure that you see the resolution displayed on your application. If you cannot see, kindly refresh your browser. [Voting]

Please cast your vote. We have 30 seconds to the end of the voting process. We have 20 seconds to the end of this process. Ensure you submit your votes to make sure that your votes are captured. The voting process has now ended. At the end of this voting session, we have 291 shareholders with 385,118,376 units of shares voting for the resolution and 1 shareholder with 1 unit of share voting against the resolution. Thank you, Mr. Chairman.

Thank you very much, registrars, for the result. I hereby declare the motion as being carried. The third item on the agenda is the reappointment of PricewaterhouseCoopers as the auditors of the company. Section 401 of CAMA states that the retiring auditor shall be reappointed without passing a resolution. If such auditor is not disqualified under Section 401 subsection 2 of CAMA. In the present case, PwC is the auditor of the company and is scheduled for retirement at this meeting. They have, however, indicated their willingness to continue as the auditors of the company, and I hereby reappointed on to the conclusion of the next Annual General Meeting. Distinguished shareholders, the fourth item on the agenda is to authorize the Board of Directors to determine the remuneration of the auditors in accordance with Section 408 subsection 1B of CAMA. I hereby propose that the Board of Directors be authorized to determine the remuneration of the auditors for the year ending 31st December 2025. Will a shareholder please second the motion. Okay. I understand that Mr. Mustafa [ Junedu ], are you there?

Thank you, Mr. Chairman. Mustafa Junedu is my name. I hereby second the motion, sir.

Thank you, Mr. Junedu. Shareholders, please cast your votes while the registrar conducts the voting process.

Thank you, Mr. Chairman. Shareholders, please vote on this resolution. Return to your application and cast your vote. Remember to click on the submit button as soon as you pick an option of your choice. [Voting]

We have about 30 seconds to the end of the voting process, please vote. Submit your votes as soon as you choose your option. We have 20 seconds to the end of the voting process. Please let's cast our votes. We have 10 seconds left. The voting process has now ended. At the end of this session, we have shareholders with 381,819,028 units of shares. Representing 99.14% of the total votes cast in favor of the resolution. And we have 1 shareholder with 3,296,142 units of shares representing 0.86% of the total votes cast against the resolution. Thank you, Mr. Chairman.

Thank you, registrars, for the results. I hereby declare the motion as carried. The next item on the agenda is the resolution to reelect the following 2 directors who are scheduled for retirement at this meeting in line with sections 273 and 285 of CAMA. The directors are Ms. Koosum Kalyan, and two, Madam Nathalie Delapalme. These directors are eligible for reelection and shall be presented individually. Their profiles are on pages 104 and 106 of the annual report and also accessible on the company's website. To begin, I hereby present Ms. Koosum Kalyan who is eligible for reelection as an Independent Non-executive Director of the company. I hereby propose that Ms. Koosum Kalyan, who is retiring by rotation, be reelected as an Independent Non-executive Director on the Board of the company. Will a shareholder, please, second the motion? I understand Ismail Adamu is...

Mr. Chairman, are you there? Can you hear me?

Yes, I can hear you. Please proceed.

My name is Kabiru Abdullahi Tambarin. I hereby second the reelection of Ms. Koosum Kalyan. Name again, Kabiru Abdullahi Tambarin.

Okay. So it's actually Mr. Tambarin. Thank you, Mr. Tambarin. Okay. Shareholders, please cast your votes while the registrar conducts the voting process.

Thank you, Mr. Chairman. Shareholders, please cast your votes. Remember to return to your application to cast your vote. Click on the submit button as soon as you vote. [Voting]

We have 30 seconds to the end of the voting process. Please vote now. We have 20 seconds left. You can still cast your vote within the time frame. We have about 5 seconds to go now. Voting process has now ended. At the end of this session, we have 291 shareholders with 385,107,548 units of shares voting for the resolution, and we have 2 shareholders with 4 units of shares voting against the resolution. Thank you, Mr. Chairman.

Thank you very much, registrars, for the results. I hereby declare the motion as carried. Also eligible for reelection is Madam Nathalie Delapalme who is a Non-Executive Director of the company. I hereby propose that Madam Nathalie Delapalme, who is retiring by rotation, be reappointed as a Non-executive Director on the Board of the company. Will a shareholder, please second the motion? I think I can pass to Alex Adieu. Are you there? Is there somebody else? Okay. I can't -- even though his hand is up, but he doesn't seem to be hearing me, Alex Adieu. What about Patrick Ajudua?

Well, Mr. Chairman, I second the motion. My name is Patrick Ajudua. Thank you, sir.

Thank you very much. Shareholders, please cast your votes while the registrar conducts the voting process.

Thank you, Mr. Chairman. Shareholders, you can now pass your vote on this resolution. [Voting]

Please vote. We have 30 seconds -- about 30 seconds to the end of the voting process. Please cast your votes. We have 20 seconds to the end of the voting process. Please vote. Please remember to click on the submit button as soon as you pick the option of your choice. We have 5 seconds to the end of the voting process. The voting process has now ended. At the end of the session, we have 289 shareholders with 385,078,304 unit of shares voting in favor of the resolution, while 2 shareholders with 13,078 unit of shares voting against the resolution. Thank you, Mr. Chairman.

Thank you very much, registrars, for the results. I hereby declare the motion as carried. The 6th item on the agenda is the disclosure of the remuneration of managers of the company. In accordance with Section 257 of CAMA, the compensation of managers of a company shall be disclosed to the members of the Annual General Meeting. Please refer to Page 139 of the annual report for the full details and disclosure on the remuneration of the remuneration of managers of the company. Voting is not required for this resolution. The 7th item on the agenda is the election of members of the Statutory Audit Committee. In accordance with Section 404 subsection 3 to 6 of CAMA, we received 9 nominations from the shareholders. I will now invite the company's secretary to read out the names of the nominees.

Thank you, Mr. Chairman. As at the time of this meeting, the registrars received letters of withdrawal from 4 nominees. I will now call out the remaining nominees who are hereby presented for election as shareholder representatives on the Statutory Audit Committee. Nominee 1, Abayomi Adeyemi, nominated by Odesanya Olatunji. Nominee 2, Adesina Olalekan Oladepo, nominated by Adesina Oluwadare Babatunde. Nominee 3, Ajani Musa Adekola nominated by Salaudeen Wasiu Adewale. Nominee 4, Hauwa Sule Umar, nominated by Faruk Umar. Nominee 5, Nornah Awoh, nomination by Capital Bancorp plc. That will be all, Mr. Chairman.

Thank you, Ms. Onwuchekwa for presenting the list of the nominees. We shall now proceed with the election of the shareholders' representatives on the Statutory Audit Committee. In compliance with Section 249 subsection 3 of CAMA, which states that there shall be no right to demand a poll on the election of members of Statutory Audit Committee voting on this resolution shall be by shareholders or their proxies present online and entitled to vote electronically. I will now call on the registrar to conduct the electronic voting for this process.

Thank you, Mr. Chairman. Dear shareholders, before the statutory committee election commences, please return to your application and refresh your browser. The list of names of the nominees would be displayed on your screen, and you can select any 3 nominees of your choice. Click on the submit button as soon as you click your options, you can click a button just beside the names to indicate the people you are voting for. This voting would be open for 2 minutes only, and that is to enable you refresh your browser and get to vote on this resolution. Before the voting period elapses, remember to click on the submit button as soon as you choose your option to save your vote. [Voting]

You can now proceed to vote on this election. Voting has commenced, please vote. Kindly refresh browser and ensure that you are seeing the names as displayed on your Zoom screen on your application. We have 1 minute 30 seconds to the end of the voting process. If you are yet to see the names as displayed, please refresh your browser to see pop up on your screen. We have 1 minute, 14 seconds to the end of this voting process. Please cast your votes. We have 1 minute to the end of the voting process. You are still allowed to vote within the time frame of the resolution. If you are yet to cast your vote, your still able to vote. Kindly refresh your browser if you are still yet to name pop up. We have 30 seconds to the end of the voting process, please vote. We have 20 seconds left now, you can still vote. Please cast your vote. We have 5 seconds, 3 seconds. The voting process is now over. At the end of this voting session, Abayomi Adeyemi has 52 votes, Nornah Awoh has 52 votes, Hauwa Umar has 49 votes, Adesina Olalekan Oladepo has 10 votes, Ajani Musa Adekola has 5 votes -- 9 votes. Thank you, Mr. Chairman.

Sorry, can you still leave the results on. Yes, thank you. Based on the results, conducted by the registrars, I hereby propose the 3 that are top in that list, namely Abayomi Adeyemi, Nornah Awoh and Hauwa Umar. I propose those 3 are duly elected. They will be joined by the following Board representatives. Mr. Bashirat Odunewu, and Mr. Kazeem Raimi. And they will all 5 serve as members of the Statutory Audit Committee from this Annual General Meeting to the next Annual General Meeting. Will a shareholder, please second the motion.

Hello, Mr. Chairman?

Yes, who is that?

My name is Mrs. Adebisi Bakare.

Adebisi, please.

I have been raising my hand. You didn't...

Sorry, Adebisi, I didn't -- so this is Ms. Bakare, sorry. My apology.

Okay. I second the motion.

The next item on the agenda is the resolution to approve the remuneration section of the Directors' Remuneration Report. I hereby propose that the remuneration section of the Directors Remuneration Report as set out on Pages 132 to 135 of the company's 2024 annual report and accounts for the year ended 31st December 2024, including the forward-looking remuneration policy be approved. I'm trying to see the names that are there. Okay. Is Ismail Adamu there? Ismail, can you hear me. I can see your hand up. I can also assume Mr. Hamza, your hand is up.

Thank you very much, I so do, Mr. Chairman. Hamza Rizwan is the name.

Thank you. So that was Hamza that seconded. Thank you, Mr. Hamza. Shareholders, please cast your votes while the registrar conducts the voting process. Thank you.

Thank you, Mr. Chairman. Shareholders, you may now cast your votes. Voting has commenced, please vote. [Voting]

Mr. Chairman, there has been a network glitch. We will continue the voting process in a minute. Shareholders, please hold on. We would continue the voting process in a minute. [Technical difficulty] We are back now. Kindly return to your application and refresh your browser for us to take the elections on the Resolution 8. You can now proceed to vote. Please cast your vote on the voting application. We have 60 seconds to the end of the voting process. Please cast your vote in line with your voting decision. Kindly return to your application for you to cast your votes. We have 30 seconds to the end of the voting process. You can still cast your vote within the time frame. We have 20 seconds to the end of the voting process. We have 10 seconds to vote, please cast your vote. The voting process has now ended. At the end of this session, we have 289 shareholders with 385,116,671 units of shares, representing 99.99% of the total votes cost in favor of the resolution. And 1 shareholder with 25,563 units of shares, representing 0.01% of the total votes cast against the resolution. Thank you, Mr. Chairman.

Thank you, registrars. I hereby declare that the motion has been carried. And I'd like to apologize to all shareholders for the slight glitch. We will move on to the next item. The next item on the agenda is the resolution for the increase in the company's share capital on the procurement of the listing and admission of the increased shares on the official list of the Nigerian Exchange Limited as well as the London Stock Exchange. In line with the shareholders approved remuneration policy, Seplat operates a long-term incentive plan, the LTIP, which scheme was approved by our esteemed shareholders. The scheme is a performance incentive for the employees to ensure the company's targets are met and that shareholders are adequately rewarded for their investments. However, from 2025, the company will be in a deficit of shares in the LTIP trust. Hence, the need to meet the shortfall through the creation of additional shares. The additional shares, once approved by you, will be allotted to Stanbic IBTC Trustees Limited, who are the trustees of the LTIP for the purposes of the LTIP. I, therefore, hereby propose that the company's share capital of NGN 294,222,280.50 divided into 588,444,561 ordinary shares of NGN 0.50 each be increase to NGN 299,972,280.50 only divided into 599,944,561 ordinary shares of NGN 0.50 each by the creation of up to 11,500,000 additional ordinary shares of NGN 0.50 each ranking pari-passu with the existing ordinary shares of the company. The Board be authorized to issue and allot the shares to Stanbic IBTC Trustees Limited, the Trustees for the shares under the company's LTIP, and see the listing and admission to trading of the issued shares on the official list of the Nigerian Exchange Limited and the London Stock Exchange be procured. Will a shareholder please second the motion. I can see Mustafa Junedu.

Yes, sir.

Okay. Please, Mustafa.

Thank you, Mr. Chairman. My name is Mustafa Junedu, I hereby second the motion.

Thank you very much. Thank you, Mr. Junedu. Shareholders, please cast your votes while the registrar conducts the voting process.

Thank you, Mr. Chairman. Shareholders, you may cast your votes. [Voting]

We have 50 seconds. Please cast your vote from the application. We have 50 seconds. Please vote. remember to click on submit button as soon as you pick the option of your choice. We have 30 seconds to the end of the voting process. Please vote. We have 20 seconds to the end of the voting process. Please cast your vote. 10 seconds to go, you can still submit your vote within the time frame. The voting process has now ended. At the end of this process, we have 286 shareholders with 385,098,560 unit of shares, representing 99.98% of the total votes cost in favor of the resolution. And 3 shareholders with 63,502 units of shares, representing 0.02% of the total votes cast against the resolution. Thank you, Mr. Chairman.

Thank you, register. Thank you very much for the results. I hereby declare the motion carried. Now the next resolution is really linked to the earlier one is basically to amend the articles to reflect the wishes of the shareholders, which has just been approved. So I will set it out. The next item on the agenda is the resolution to approve the amendment of the memorandum and Articles of Association to reflect the new share capital and any amendments required following our approval to increase the issued share capital. I hereby propose the company's memorandum and Articles of Association be and I hereby amended to reflect the new share capital of NGN 299,972,280.50 only divided into 599,944,561 ordinary shares or NGN 0.50 each. And that any amendments required on the memorandum and Articles of Association as a result of the foregoing resolutions be approved. Will our shareholder please second the motion? Okay. I think I can see Patrick Ajudua. I think your hand is there. Would you like to second the motion?

Mr. Chairman, I have been raising my hand.

Sorry, who is it?

Patrick Ajudua. I second the motion.

Thank you very much. And who was it that I missed? What is your name again? The gentleman who just complained, I'm so sorry, what is -- oh I missed out. Okay. So my apologies, it's not always easy to see the screen. So thank you, Mr. Ajudua. Shareholders, please cast your votes while the registrar conduct the voting process.

Thank you, Mr. Chairman.

Hello, Mr. Chairman. I have been raising my hand for sometime.

I'm so sorry, who is speaking.

It's [indiscernible] speaking. I have been raising my hand for some time.

I am really, really sorry. Do you mind saying the closing players? Sorry. When the time comes, do you mind, so that's -- because I'm really, really sorry. Okay. So I will be calling on you to say the closing press at the end. And my apologies, it's not easy to see the screen. Thank you very much. [Voting]

Thank you, Mr. Chairman. The voting had commenced. We have about 2 minutes to the end of the voting process. Shareholders please cast your vote within the remaining time frame. We have about 15 seconds left. Please cast your votes. We have about 7 seconds now. You can still cast your votes. The voting process is now over. And at the end of this voting process, we have 278 shareholders with 384,909,873 units of shares voting for the resolution and 1 shareholder with 1 unit of share voting against the resolution. Thank you, Mr. Chairman.

Thank you very much for the results. I hereby declare the motion as carried. It's not unanimous because we had 1 person with 1 share who voted against. So -- but that is democracy at work. Now that all the resolutions put to the meeting, have been carried by the shareholders, your Board is hereby authorized to take all necessary steps to implement these resolutions. Distinguished ladies and gentlemen, this concludes the formal business of this meeting. And I hereby declare the 12 Annual General Meeting of Seplat Energy Plc close. And may I call on Ismail Adamu to say the closing players. Ismail, over to you.

Okay, Mr. Chairman. [Foreign Language] Oh, Allah, we thank you for this great performance of our company. We thank you for the successful Annual General Meeting. We pray that you continue to propel this company to the greatest height. In the name of Almighty Allah, I will pray. Thank you so much, Mr. Chairman.

Thank you very much, it's Ismail. Really appreciate it, and thank you for accepting my apology. So this brings us...

Thank you, Mr. Chairman.

Thank you. And I wish you a good day. Thank you all for attending this meeting, distinguished shareholders. May God bless you all. We shall now take the national anthem. Thank you very much.