In an update published by ThisDay, global rating agency S&P has upgraded the long-term issuer credit rating of Seplat Energy Plc to ‘B+’ from ‘B’. This upward review follows a broader sovereign upgrade on Nigeria, shifting the country’s macroeconomic rating from ‘B-‘ to ‘B’ due to strengthening foreign exchange reserves and progressive economic reforms. The financial agency revised its country risk assessment on Nigeria to high risk from very high risk, reflecting an improved operating environment for primary corporate entities.
The firm’s corporate performance is projected to benefit strongly from the elevated oil pricing baseline, with Brent crude averaging projected targets. Financial analysts noted that Seplat’s strategic position in the domestic oil and gas sector gives it considerable headroom to improve credit metrics and expand asset generation over the 2026–2027 fiscal frame. The stable outlook reflects the enterprise’s robust standalone financial footprint combined with positive sovereign fiscal stabilization.
Validation: Covering the corporate upgrade, Vanguard reported that “Seplat’s financial upgrade reflects growing confidence in Nigeria’s structural adjustments.” The Nation also affirmed the development, noting that “investor sentiments are rebounding strongly as global agencies re-rate major Nigerian energy assets.”
Echotitbits take: Seplat’s upgrade directly demonstrates how sovereign economic performance dictates corporate access to international capital. This rating lift will likely trigger a ripple effect, reducing borrowing costs for other high-performing Nigerian firms looking to expand.
Source: SP Global – https://www.spglobal.com/ratings/en/regulatory/article/-/view/type/HTML/id/3567500, May 23, 2026
Photo credit: Business Day
