Seplat Energy Plc ($SEPL)

Good morning, distinguished ladies and gentlemen. I welcome all of you to the 13th Annual General Meeting of Seplat Energy Plc. Based on the information provided by the registrars and confirmed by the Company Secretary, there is a quorum for this Annual General Meeting. I hereby declare the meeting open. Before we commence the business for today, can we have the national anthem, please? [Presentation]

May I kindly call on Pastor Alex to lead us in the opening prayer.

To our lord, [indiscernible], For Nigeria. We thank you for the life of our Chairman. The board ,the staff and the shareholders of a great company, Seplat Energy Plc .What I will stand before you again today to look at the present position the scorecard of our company, Oh Lord, we pray that you take control in the name of Jesus, and I pray Oh Lord, that will give us revelation that will enhance the growth of our company in the name of Jesus and let the network be friendly so that we have a smooth [indiscernible], we'll come back to [indiscernible]. Amen.

Thank you very much. Distinguished shareholders, this meeting is being held virtually in accordance with the business facilitation, miscellaneous Provisions Act that was passed into law on the 8th of February 2023. The link for this meeting was published in the notice of this meeting and is 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 very timely manner. Distinguished shareholders, I will now proceed to introduce members of the Board of Seplat Energy Plc present here with us and also by virtual participation. I will start with Mr. Roger Brown, the Chief Executive Officer. Thank you; Mr. Samson Ezugworie, Chief Operating Officer, thank you; Mrs. Eleanor Adaralegbe, Chief Financial Officer, thank you; Mrs. [indiscernible], who is a Senior Independent on Executive Director; then Mr. Ernest Ebi, Non-Executive Director; Mr. [indiscernible], Non-Executive Director; Mr. Tony Elumelu, Non-Executive Director; Madam Natalie Dalla-Palm Non-Executive Director; Dr. Emma FitzGerald, Independent Non-Executive Director; Ms. Koosum Kalyan, Independent Non-Executive Director; Mr. Christopher J.N. Okeke, Independent Non-Executive Director; Mr. Larry Ettah, Independent Non-Executive Director; and myself, Udoma Udo Udoma, Independent Non-Executive Director and your Chairman. Also with me is the company's Secretary and Director Legal, Mrs. Edith Onwuchekwa. We also have representatives from the following regulators and professional bodies with us online. You have Ms. Brenda Duke from the Nigerian Exchange Limited, Mr. Graham [indiscernible] from Disclose and Exchange Commission, Mr. [indiscernible] from the Corporate Affairs Commission, and who is actually the register General of the Corporate Affairs Commission, you're most welcome. We also have Ms. [indiscernible] from PwC, our external auditors, our Nigerian registrars, [indiscernible] registers Limited and our U.K. registrars Computershare Investor Services -- Plc. In our midst, we have the shareholder members of Statutory Audit Committee for the year 2025 as follows: Mr. Abayomi Adeyemi, who is a shareholder representative and the Statutory Audit Committee Chairman. Ms. [indiscernible], shareholder representative Mr. [indiscernible], also a shareholder representative while the Board representatives are Mrs. Basharat [indiscernible], Senior Independent Non-Executive Director; and Mr. Kazim [indiscernible], Non-Executive Director. 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, indicated by kicking on the raise hand icon. When called upon to speak, kindly state your first name, your surname and keep your comments and questions brief, 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 are contained in the annual report which is available on the company's website. Please note that there will be an opportunity to second each resolution put to the meeting. I will now call on the company Secretary to read the notice of the meeting. Over to you.

Thank you, sir. Dear ladies and gentlemen, the notice of this meeting is on Page 315 of the 2025 annual reports and is accompanied by the list of unclaimed dividend. The notice was published in the following 2 national dailies. The business, the newspaper data, 21st April 2026 and the nation newspaper dated to the 2nd April 2026 in accordance with Section 246 of [indiscernible] 2020. I will now read the notice. . Notice is hereby given that it's an Annual General Meeting of Seplat Energy PLC, the company, will be held virtually on Wednesday, 20 May 2026, a at 11 a.m. to transact the following business: Ordinary business, one, to receive the audited financial statements of the company for the year ended 31st December 2025, together with the reports of the directors, auditors and the Statutory Audit Committee there on. Two, to declare a final dividend recommended by the Board of Directors of the company in respect of the financial year ended 31st December 2025. 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; a, to approve the appointment of the following directors: one, Mr. Larry Ettah as an independent Nonexecutive Director of the company; and two, Mr. Tony Elumelu as a non-Executive Director of the company; b, to reelect the following directors who are eligible for retirement, by rotation, one, Mr. Udoma Udo Udoma, Independent Non-Executive Director to Mr. Christopher J.N. Okeke, Independent 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 an import feet to transact the following special business, which will be proposed and passed as an ordinary resolution. Eight, approve the remuneration section of the Directors Remuneration Report set out in the annual report and accounts for the year ended 31st December 2025, including the forward-looking remuneration policy. But the board be and is by 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 31 December 2025 will be melted to the shareholders and will be available on the company's website. www.seplatenergy.com. Printed fashions can also be obtained by contracting Datamax registrars in Nigeria at [indiscernible] Express way by [indiscernible], telephone (231)712-0012 or Computershare in the United Kingdom on telephone, 443-707-036-101 by order of the Board, Mrs. Edith Onwuchekwa Secretary dated February 25, 2026.

Thank you. Mrs. Onwuchekwa for reading the notice of the meeting in line with Section 248 of CAMA 2020. And following the demand for all, the resolutions for this meeting will be taken by all. Except the resolution for the election of members of the Statutory Audit Committee, which will 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 already been collated by the registrars, indicating that some shareholders have already voted on the resolution. Distinguish shareholders, it is now time to read the Chairman's statement. My statement is on Pages 12 and 13 of the 2025 annual report, copies of which have been circulated to everyone. With your kind permission, I hereby consider the Chairman's statement as read. However, permit me to make a few introductory remarks about our plans for the future. These are all contained in the annual report, which you all have with the theme delivering at scale. Distinguish shareholders, in the annual report view on the transformation we have achieved since we acquired Mobile producing Nigeria unlimited, and its offshore assets leads in 2024. We also laid out a 5-year road map that clearly outlines our ambitions or the enlarged business. We have described this enlarged business as delivering at scale. The reason we still describe it is because of the targets that we have set for ourselves. Key among our targets and aims are to invest to USD 3 billion over the next 5 years developing our assets. This investment aims to increase group working interest production to 200,000 barrels of oil equivalent per day, and to generate a significant uplift in after-tax cash flow from operations to between USD 5 million to USD 6 billion, and to return, and this is important to all shareholders, to return over the next 5 years, at least USD 1 billion in dividends to shareholders. These targets distinguish shareholders represent, on average, a tripling of what we delivered between 2020 and 2024. And this reflects the scale of the growth and the value creation we aim to deliver. Distinguish shareholders, these are very exciting times to be a shareholder of Seplat Energy Plc. Because as you can see from our current performance, we are well on target to achieve these ambitious goals. So distinguish shareholders, at this AGM, the message of the Board to all shareholders is as follows: our vision for growth is set; our resources are secured, and we are fully focused on execution. We are, therefore, very well set to transform our great potential into strong and sustainable success that propels us to our destiny as an African energy champion. And this is our ambition. Let me thank all of you all our shareholders for your continuing support as we continue on our transformational journey. Distinguish shareholders. After these brief introductory remarks, let us now proceed with the agenda items for the. So ladies and gentlemen, we will now proceed to the first item on the agenda, which is to receive the company's 2025 annual reports and accounts, directors' report, the auditor's report for the year ended 31st December 2025 on the Statutory Audit Committee Report. The company's 2025 annual reports and accounts including the directors' report have been circulated to all of you ahead of this meeting. I hereby lay before this meeting, the 2025 annual report and accounts for the year ended 31 December 2025, together with the report of the directors, the auditors and the statutory audits commentary report. This is it. Being cognizant of time constraints, distinguish shareholders, and with your permission, may I consider the 2025 annual report and accounts including the directors' report as duly read. Will a shareholder kindly receive and adopt the reading of the report on behalf of the meeting.

I will do, Mr. Chairman, the name is Prince Ridwan Hamza. I do this with a lot of excitement and enthusiasm. Thank you, sir. [indiscernible] welcome to [indiscernible].

Thank you very much. And that was Mr. Rowan Hamza. Thank you very much. In line with Section 382 of CAMA 2020, I will now call on the representative of PwC to present the report for the year ended 31st December 2025.

Good morning, Mr. Chairman. Good morning, shareholders. PwC issued 2 audit reports in the 2025 annual reports on Pages 160 to 167. These are the audited reports on the consolidated and separate financial statements and the report on the internal control of our financial reporting. I start on existing protocols, and I ask your permission to summarize these reports. In our opinion, the consolidated and separate 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 31st December 2025. And the consolidated and separate financial performance and the consolidation of separate cash flows for the year then ended in accordance with International Financial Reporting Standards, as issued by the International Accounting Standard Board and the requirements of the company's and [indiscernible] Matters Act and the Financial Reporting Council of Nigeria in at 2022. Report on other legal and regulatory requirements. The company's and highlight Matters Act requires that in carrying out our audit, we consider and report to you on the following matters we confirm that, number one, we have obtained all the information and explanations, which is the best of our knowledge and belief where necessary for the purpose of the audit. Number two, the company has kept proper books of account as far as appear to my examination of those books, and returns adequate for our audit have been received from locations not be state by us. And number three, the company's statements of financial position and segments of comprehensive income in agreement with the books of accounts and returns. In accordance with the requirements of Financial Reporting Council, we performed a limited assurance engagement and reported a mine base assessment of Seplat Energy Plc's internal control financial reporting as of December 2025. The [indiscernible] perform was done in accordance with FRC guidance on Assurance and [indiscernible] report on internal control financial reporting issued by the IFRS of Nigeria, and we have issued an unqualified opinion in our report detailed 26 February 2026. These reports were signed by me, [indiscernible] before, PwC. Thank you, Mr. Chairman.

Thank you, Mrs. [indiscernible]. Before I entertain questions, I would like to also call on the Chairman of Statutory Audit Committee to present their report to shareholders. Thank you.

Thank you very much, Chairman. Good morning, fellow shareholders. It is my pleasure to present the report of the statutory audit committee of our company, of this AGM. The report is on Page 155 of the integrated Annual reports and accounts. And I read, to the members of Seplat Energy Plc, in accordance with the provisions of Section 404 sub Section 7 of the company's and highlight matters CAMA 2020. We, the members of the Statutory Audit Committee of Seplat Energy plc, hereby report on the financial statements of the group for the year ended 31st December 2025 as follows: one, that scope and plan of the audit for the year ended 31st December 2025, where adequate. Two, 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 is taking appropriate steps to address the issues raised by the auditors. Four, we are of the opinion that the accounting and the reporting policies of the company high in accordance with legal requirements and ethical practices. The external auditors confirmed having received full cooperation from the company's management in the course of the statutory audits and that the scope of their work was not restricted in any way. Signed on behalf of the committee by myself, Abayomi Adeyemi, dated 26th February 2026. Thank you all for listening.

Thank you very much, Mr. Adeyemi for presenting the reports of Statutory Audit Committee. Distinguished shareholders, we received several questions from shareholders ahead of this meeting. And we have provided responses to those in advance. And let me appreciate your engagement and your continuing engagement. At this stage, I shall also be pleased to answer any live question that you may have on the reports and financial statements of the company. If you wish to ask a question, please indicate by raising your hand, electronics, and I will invite you to speak. When called to speak, kindly state your name clearly and endeavor to be brief. I would also request that you avoid repeating question or comments that have already been addressed. Any questions?

I see Doctor [indiscernible].

Mr. Chairman, Directors of Seplat Energy, regulators and shareholders. Mr. Chairman, this is of celebration for shareholders because the company has done very well. Our dividend has increased. You have kept your promises, and we are happy with the performance, Mr. Chairman. Mr. Chairman, for the first time in the history of the Nigerian Stock Exchange, Seplat shares have crossed 10,000 -- this is unprecedented, Mr. Chairman. This is a record that has been said by our company, and it is as a result of the performance and the good leadership have given the company. We are very happy, Mr. Chairman. Also that we have seen our profitability has increased both quarterly and we do in the full year audited accounts of 2025. Mr. Chairman, I also want to comment the Board for bringing Mr. Tony Elumelu on this Board as we believe he is going to add a lot of volume, Mr. Chairman to this board. Mr. Elumelu, Mr. Chairman, as commend the federal public of Nigeria, a distinguished philanthropist and is an investor that operates the bank will be open in most African countries. Mr. Chairman, he has achieved 10 of the African transformation agenda, and it's a household name in the areas of energy, power, banking, technology, insurance, health sector, real estate and hospitality. If you go to trustcorp in Abuja, you will see that this is one of the best hotels we have in West Africa. Mr. Chairman, we are happy that he is now on this Board. And with what he has done the UBA Group, we believe he's coming will add a lot of value to our operations. Mr. Chairman as there are many other shareholders who would like to speak. I will end up by, again, commending the company secretary who has been in touch with shareholders. We get information from the company, and we are happy with the performance, Mr. Chairman. And we believe the price of share will go up. I have only 1 question, Mr. Chairman. I would like you to tell us how the Iran U.S. war has impacted on our operations. Thank you, Mr. Chairman.

The words of encouragement and commendation. And I will answer, I've noted your question. And when I take the other questions, I will answer your question. Other questions.

Good morning, Mr. Chair Chairman, Board of Directors, regulatory authority joined online, distinguished shareholders, good morning. My name is Mrs. [indiscernible]. Mr. Chairman, I would like to start my comments by commending the entire Board, management and staff of Seplat Energy for delivery of robust financial performance in 2005. Our revenue grew significantly by over 50% to GBP 4.1 trillion while profit for the year increased by 16.22% to GBPBRL 241.6 billion from what it was in 2024 of GBP 27.8 billion in the previous year. And the CAMA dividend of USD 0.08 total..25 for the whole year. Thank you very much for that wonderful returns to shareholders. This performance is highly commendable, particularly considering the operational and macroeconomic challenge challenges within the oil and gas sector. I have only 1 question, Mr. Chairman. But before I do that, I want to welcome our Tony Elumelu into our Board I believe it's a group when it comes to give returns to shareholders, so we appreciate the Board for having him, and I believe it's going to add a lot of value to Seplat Energy. Mr. Tony Elumelu, welcome. thank you. Having said that, Mr. Chairman, I have only 1 question like I said, some that before the annual report. I want to ask that that what is the eternal time line for the Seplat integrated plans plus LPG model, which is expected to further diversify our revenue streams and reduce emissions. Once again, thank you very much for the opportunity given to me.

Thank you very much. I've noted your question you said, I think, is on page 34. Thank you very much. Eric, I can see your hand up. Please proceed to ask your question. Okay, maybe he's not there. I can see on other hand, by [indiscernible] there? Okay, there being -- I can't see any other hand. Is Oludewa there? I can see Okay. Go ahead.

I associate myself [indiscernible] or because of for on the company. I want to also commend the company for the new work that you have done, especially [indiscernible] clearing. I note that that is now [indiscernible]. That clearly is now you think of the past. So commending our company for doing that. I also noted that the topic of added something to our bottom line in terms of the penalty we used to pay, that has become income for us. And of course, we are now selling some of the gas. That's an additional income. So I congratulate also for that. But an issue that is a worry to me is that if you open Page 5 of the report, on Page 5 of our report, it talks about the gas infrastructure, our infrastructure relating to GAP and its sale that it's 88% operated. And the non-operated is only 12%. And -- does that mean that we need to be looking for more gas reserves. And with that in mind, when I look at the key audit matters on Page 163, it's informed us there that management is likely [indiscernible] expects to evaluate its estimate of crude and natural gas reserves. That immediately made me to feel that management is reporting to us now. What money is actually reporting to us is the opinion of third-party experts which may not always turn out to be the same or the true considering the fact that we brought mobile and mobile has been producing from some of these [indiscernible] had some of these reserves. Do we have any assurance as to what we actually have as reserved. I think my question is how reliable are these reports and how can we -- what do we have any [indiscernible] factor, what we do to improve our reserves in oil and gas? Thank you.

I think I can't see any other -- I can't see another question. So let me take the responses to the questions that were asked. First of all, let me thank all the shareholders who spoke. I appreciate the -- we appreciate the commendation and it encourages us as a board to work even harder as the Board as well as management. With respect to the issue of the Iran, the impact of the prices in Iran, war in Iran. Of course, the immediate impact is that oil prices have gone up and which is of a benefit to your company. So that's the immediate impact. But the -- our planning is fairly -- it's quite robust. Even if the price isn't sustained at this high price, it comes down. We're still in a good state. But I'll ask the Managing Director to throw a little bit more light on that and as well as to speak about our reserves and the Seplat, the question about Seplat. Over to you, Roger.

Thank you. Thank you very much for the question. So in terms of the Iran situation, of course, our thoughts go out to anyone who is affected by this. We are seeing higher oil prices today, where we run all our budgeting on much, much lower oil prices. And in fact, we're budgeting around $65 to $70 oil. We're seeing a much higher price today and not obviously benefits the company. in terms of the world, disruption like this is not good long term. So we hope that things get resolved there, but we will likely see higher oil prices for quite some time, whilst the situation gets resolved. And Seplat will certainly benefit from that. We will redeploy that additional cash flow into our operations probably reducing some leverage. And obviously, we will always look to return higher shareholder -- dividends to shareholders. So we watch the situation very carefully. Our business hasn't really fundamentally changed as itself. I think Nigeria is in a great position personally because what it's shown is Nigeria can be a deliver of reliable hydrocarbons to the world going forward. The question specifically around Sapele gas plant, and I think it refers to the fact of the LPG. We're delighted to say that we have now resolved all the issues at Seplat gas plant. It's operational, and we have delivered our first LPG cargoes, and that's very material and important for Nigeria is that we can deploy LPG into the local market, either from [indiscernible] plant. From the [indiscernible] plant, and obviously, we have been delivering LPG through butane into the local market. And that's what we want to do going forward. I think that address the 2 questions. Sorry, apologies. So in terms of reserves, what we have is 1 billion barrels of reserves, 2P reserves today, that's published. Roughly half of that is oil and roughly half of it is gas. In terms of our resources, our resources are -- our 2C resources around 1.5 billion barrels and a lot of that resource is in the gas business. And so if you combine that together of 2P plus 2C, it is 2.5 billion barrels. So we have a lot of resource in to produce well into the future in terms of our 2P reserves. In oil, we have approaching 20 years of production. Life in the current levels. And in gas, it's higher than that. And so we'll see both onshore gas, which I think specific question was related to, very healthy. We've got lots of reserves. We'd like more, of course, in the onshore. The offshore is really where we'll see massive growth. We have a lot of gas development to do a lot of projects, which is really going to bring value to the company into the future.

Thank you very much. I think maybe just to add to that on the issue of reserves is that we do our own assessment as well in terms of our reserves, but we always get it -- we also get a third-party very well known with reputation. And they -- we get them to confirm, and it is that that we actually publish. So it's a third-party -- reputable third party. Thank you. So in the absence of any other question or comment, I would like to thank all of you distinguished shareholders for your questions and continued interest in your company's operations and growth. Please be assured that we do listen to you, and we truly appreciate your feedback. I hereby propose that the 2025 annual report and accounts, the directors' report, the auditor's report for the year ended 31st December 2025, and the Audit Committee report be adopted as presented. Will a shareholder please second the motion? [indiscernible], your hand is up. Can you please second the motion. Okay. If he can't -- let me look for any other hand. What about Eric? Okay, Eric [indiscernible], please. Eric, I think you have to unmute. Okay. Eric, maybe he's having a problem with his equipment. What about Dr. Omar Faruk.

Mr. Chairman, I second the motion.

Thank you very much. I will now invite the registrar to explain the voting process. Over to your registrar?

Thank you, Mr. Chairman. shareholders, -- please note that we have captured value voting details for a total of 303 shareholders by way of proxy, totaling 497,403,698 unit of shares, representing a total of 82.91% of the company's total issued shares. As you vote on the resolutions that will be announced by the Chairman, kindly note that the voting results will be inclusive of these precaptured votes. We have put together a short video that will serve as a guide on how to use the online bolt-in application. Please watch. [Presentation]

Welcome. This video provides a step-by-step guide on how to use the online voting application. Once commences the specific resolution under consideration would appear on your screen along with the voting options for, against and abstain. Kindly select your preferred option and click the submit button to cast your vote. Please note that voting will be opened for minute only. You may change your selection at any time within this period before the time expires. During the statutory audit committee election, the full list of nominees would be displayed on your screen. You are required to select any 3 candidates by clicking the box next to their names. After making your selections, click the submit button to confirm and save your vote. Always remember to click the submit button to ensure your vote is successfully recorded.

Before the voting commences, please ensure that your browsers have been refreshed. Thank you, Mr. Chairman.

Thank you, registrar. Shareholders, please cast your votes.

Voting has now started, shareholders kindly cast your vote in line with your voting decision. [Voting]

-- at the end of this voting period, we have 409,470,625 shares, representing 100% of the total votes cast in favor of the resolution. Thank you, Mr. Chairman.

Thank you very much, registrars. I hereby declare the motion carried unanimously. 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 2025. At the Board meeting held on 25th February 2026, the Board of Directors recommended a final dividend of USD 0.05 per share, which is equivalent to [indiscernible] at the exchange rate as at 14 May 2026. In addition to the final dividend that was stated, the Board also declared a special dividend of USD 0.033 per share, which is equivalent to NGN 45.24 at the exchange rate as at 14th May 2026. The special dividend shall be paid separately with the final dividend to all shareholders on or around the 29th of May 2026. This will amount to a total of NGN 113.78 per share for each shareholder. In the absence of any questions, I hereby propose that the final dividend of USD 0.05 per share, which is equivalent to NGN 68.54 per share. as recommended by the Board of Directors, be approved by the shareholders as a final dividend for the year ended 31st December 2025, together with a special dividend of USD 0.033 per share, also equivalent to NGN 45.24 at the exchange rate as at 14 May 2026. Will a shareholder, please second this motion. [indiscernible] there?

I second the motion.

Thank you very much. So shareholders, please cast your votes.

Voting has started. Cast your votes in line with the voting decision. [Voting]

We have 40 seconds to be end of voting. We have 10 seconds to the end of voting. voting is now over. At the end of voting period, we have a total of 404,229,157 units of shares, representing 100% of the total cast in favor the resolution. Thank you, Mr. Chairman.

Thank you, registers. In my experience, as Chairman of different companies, we never had a dissenting when it comes to dividends. So thank you very much for the results. I hereby declare the motion unanimously carried. The third item on the agenda is the reappointment of PriceWaterhouseCoopers as the auditors of the company in accordance with Section 401 of CAMA. This provision 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 of this meeting. They have, however, indicated their willingness to continue as the auditors of the company and are therefore hereby reappointed on to the conclusion of the next Annual General Meeting. As you know, Voting is not required for this resolution. The fourth item on the agenda is to authorize the Board of Directors to determine the remuneration of the auditors in accordance with Section 008, 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 31 December 2026. Will a shareholder, please second the motion? [indiscernible] there, I can see your hand. Mustafa Junaid, are you there? [indiscernible]

I second the motion.

Thank you very much for that. Shareholders cast your votes.

Voting has started. Shareholders kindly cast your votes in line with our decision. [Voting]

Voting process is now over. At the end of this voting period, we have 410,140,634 unit of shares, representing 99.99% of the total votes cast in favor of resolution, while we have 8 shareholders voting against the resolution. Thank you, Mr. Chairman.

Thank you, registrars. I hereby -- with that result, I hereby declare the motion as carried. Distinguished shareholders. The next item on the agenda is the consideration of resolutions to elect and reelect the following directors. Director standing for election are Mr. Larry Ettah and Mr. Tony Elumelu while the directors standing for reelection are myself, and Mr. Christopher J.N. Okeke. Each resolution will be taken separately. . The first item in this category is a resolution to approve the appointment of Mr. Larry Ettah as an Independent Non-Executive Director of the company in line with Section 277, subsections 1 and 2 of CAMA. Mr. Ettah was appointed to the Board effective first January 2026. -- its profile is on Page 62 of the annual report and is also accessible on the company's website. I hereby propose that the appointment of Mr. Larry Ettah as an independent on Executive Director of the company be approved by the shareholders. Will a shareholder, please, second the motion? Is Mrs. [indiscernible]

I hereby second teh motion.

Thank you very much. Shareholders, please cast your votes.

Voting has started. Shareholders kindly cast your votes in line with your voting decision. [Voting]

At the end of this voting period, we have 409,988,054 units of shares, representing 99.97% of the total votes cost in favor of resolution, while 13 shareholders voted against the resolution. Thank you, Mr. Chairman.

With that result, I hereby declare the motion as caried. The next item in this category is a resolution to approve the appointment of Mr. Tony Elumelu as a Non-Executive Director of the company in line with Sections 274, subsection 1 and 2 of CAMA. Mr. Elumelu was appointed to the Board effective January 2026. His profile is on Page 60 of the annual report, is also accessible on the company's website. I hereby propose the appointment of Mr. Tony Elumelu as a Non-Executive Director of the company be approved by the shareholder. Will a shareholder, please, second the motion. [indiscernible]

I hereby second the motion of appointing Mr. Tony Elumelu, the giant of Africa as a non-Executive Director of the company.

Thank you very much. So we now move to the voting. Shareholders, please cast your votes. Over to you register.

Voting has started. Shareholders cast your votes in line with your voting decision. [Voting]

At the end of this voting period, we have 409,843,811 units of shares, representing 99.96% of the total votes cast in favor of the resolution, while 11 shareholders voted against the resolution. Thank you, Mr. Chairman.

I hereby declare the motion as carried. The next item on the agenda is the reelection of directors retiring by rotation. As this item includes my own reelection, I will now hand over to the Senior Independent Nonexecutive Director. Mrs. [indiscernible] conduct the proceedings. Over to you.

Thank you very much, Mr. Chairman. Good morning, everyone. distinguished shareholders. The next resolution is to -- is the reelection of Mr. Udoma Udo Udoma who is scheduled to retire by rotation at this meeting in line with Sections 273 and 285 of CAMA 2020. His profile is on Page 38 of the annual report and is also available on the company's website. I hereby propose that Mr. Udoma Udo Udoma, who is retiring by Rotation, be reelected as an independent nonexecutive Director on the Board of the company. Will a shareholder, please second the motion. Mr. Eric [indiscernible], I see your hand, please second.

It's my pleasure to support the re-election of Udoma Udo Udoma as independent and Executive Director of our company. Thank you.

Shareholders, please cast your votes.

Voting has started shareholders in case votes in line with the voting decision. [Voting]

Voting process is now over. At the end of this voting period, we have 410,128,990 units of shares representing 99.99% of the total wood cost in favor of the resolution, while 1 shareholder voted against. Thank you.

Thank you very much for the results. I hereby declare the motion, let me round it up unanimously carried. I will now hand back to Mr. Udoma, our Chairman, to continue with the proceedings. Thank you.

Thank you very much. Thank you, Mr. [indiscernible] and thank you, distinguished shareholders, for your continued confidence and trust in me is much appreciated. We will now proceed to the next item on the agenda. Distinguish shareholders, the next resolution on the agenda is to reelect Mr. Christopher J.N. Okeke, who is scheduled to retire at this meeting in line with sections 273 and 285 of CAMA 2020. His profile is on Page 61 of the annual report, is also available on the company's website. I hereby propose are Mr. Christopher J.N. Okeke, who is retiring by rotation, be reelected as an independent Nonexecutive Director of the Board. Will a shareholder, please second the motion. Mrs. [indiscernible], would you like to second the motion?

Yes. I second the motion.

Thank you very much. Shareholders, please cast your votes.

Voting has started. Shareholders kindly cast your votes in line with the voting decision. [Voting]

We have 409,981,008 unit of shares, representing 99.99% of the total wood cost in favor of the resolution, while 16 shareholders voted against. Thank you, Mr. Chairman.

Thank you very much, registrars. With that results, I hereby declare the motion as carried. The sixth 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 the company shall be disclosed to the members at the Annual General Meeting. Please refer to Page 95 of the annual report for the full details and disclosure on the remuneration of managers of the company. Voting is not required for this resolution. The seventh item on the agenda is the election of members of Statutory Audit Committee. -- in accordance with sections of subsection 3 to 6 of CAMA, a total of 19 valid nominations were received from shareholders. 16 nominees subsequently withdrew the nomination, leaving 3 remaining nomination. I will now invite the company secretary to read out the names of the nominees and the nominator. Company Secretary?

Mr. Chairman. The shareholder nominations for membership on the Statutory Audit Committee, I hereby presented as follows: Nominee one, Abayomi Adeyemi, nominated by [indiscernible], Nominee 2, [indiscernible] nominated by [indiscernible], Nominee 3, [indiscernible] nominated by Dr. Farouk Omar. Thank you, sir.

Thank you very much by presenting the list of the nominees. These 3 of them and 3 are required. They've been returned on approve. So we already have 3 value nominations. So accordingly, it is my honor, my pleasure to present the above named nominees as the shareholder representatives of the Audit Committee, namely Abayomi Adeyemi, [indiscernible]. They shall be joined by the following Board representative namely Mrs. Basharat, and Mr. Kazim Raimi. And the 5 of them shall be members of Statutory Audit Committee from this Annual General Meeting to the next Annual General Meeting in 2027. The next item on the agenda is the resolution to approve the remuneration section of the directors' remuneration report, including the forward-looking remuneration policy, set out on Pages 81 to 1 or 2 of the company's 2025 annual reported accounts for the year ended 31 December 2025. I hereby propose that the remuneration section of the director's remuneration report are set out in the company's 2025 annual reports and accounts for the year ended 31st December 2025, including the forward-looking remuneration policy be approved. Will a shareholder, please second the motion. I can see [indiscernible], please can you proceed to second the motion?

It is my pleasure to second the remuneration for the directors, including the [indiscernible] policy.

Shareholders, please cast your votes. Registers, kindly proceed with the voting process.

Shareholders, kindly cast your votes in line with voting decision. [Voting]

We have 411,431,771 units of shares, representing 99.99% of the total [indiscernible] in favorable resolution 2 shareholders voted against the resolution. Thank you, Mr. Chairman.

Thank you very much, registrars. With that result, I hereby declare the motion as carried. Distinguished shareholders, 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 this resolution. Ladies and gentlemen, this concludes the formal business of this meeting, and I hereby declare the 13th Annual General Meeting of your company, Seplat Energy PLC close. May I now call on , I think Mrs. [indiscernible] to say the closing prayer.

[indiscernible]

Thank you very much, and thank you all for attending this meeting. May God bless you all. Shall we now take the national anthem.