Strides Energy and Maritime Limited (SEML), an indigenous provider of offshore and marine services to Nigeria’s oil and gas industry, has launched an issuance of up to ₦10 billion in Series 1 and Series 2 Commercial Papers under its ₦50 billion Commercial Paper Programme.
The offer, arranged by AIICO Capital Limited, is designed to provide working capital for the mobilisation of marine assets and equipment, strengthen operational capacity across offshore and swamp construction projects, and support rising demand for services from Nigeria’s upstream oil and gas sector.
The fundraising comes at a time when indigenous energy companies are assuming a larger role in Nigeria’s petroleum industry following the divestment of several onshore and shallow-water assets by international oil companies. As these operators expand production and development activities, demand for marine logistics, offshore construction, engineering and maintenance services has increased.
Revenue Exceeds ₦61 Billion as Profitability Improves
According to the company’s audited results for the year ended December 31, 2025, revenue rose to ₦61.83 billion from ₦51.39 billion in 2024, representing growth of 20.3%.
The increase was driven by activity across the company’s service portfolio, which includes offshore facilities construction, pipeline and flowline installation, vessel operations, subsea services and marine logistics.
Pre-tax profit grew even faster than revenue, rising by 27.8% to ₦6.76 billion from ₦5.29 billion in the previous year.
The stronger profit growth suggests improving operational efficiency and execution across the company’s project portfolio. Pre-tax profit margin increased to approximately 10.9% in 2025 from 10.3% in 2024.
Strong Balance Sheet Supports Expansion
Shareholders’ equity increased to ₦70.68 billion from ₦65.14 billion, reflecting an 8.5% increase driven largely by retained earnings.
Meanwhile, total assets remained broadly stable at ₦120.90 billion compared with ₦121.53 billion in 2024, indicating a period of balance-sheet consolidation following significant investments in fleet and operational capacity in earlier years.
The company’s sizeable equity base and asset position provide support for continued participation in large-scale offshore and marine projects within Nigeria’s energy industry.
Positioned for Nigeria’s Indigenous Energy Growth Story
Strides Energy operates across multiple segments of the offshore energy value chain, providing engineering, procurement, construction, installation, maintenance and marine support services for oil and gas operators.
The company’s capital raise reflects growing activity across Nigeria’s energy sector as indigenous producers increase investment in production, field development and infrastructure projects.
While much investor attention has focused on the acquisition of upstream assets by companies such as Aradel, Seplat, Renaissance and Oando, the expansion of supporting service providers is an equally important part of the industry’s transformation.
Marine logistics companies, offshore contractors, fabrication firms and engineering specialists are increasingly required to support production growth, facility upgrades, pipeline development and offshore maintenance programmes.
Commercial Paper Market Continues to Attract Energy Firms
The issuance also highlights the increasing role of Nigeria’s domestic debt capital market as a source of funding for energy companies.
Commercial papers have become an attractive financing tool for companies seeking short-term capital to fund project mobilisation, inventory requirements and contract execution without diluting ownership.
For Strides Energy, the proceeds are expected to strengthen its ability to execute a growing pipeline of contracts while positioning the company to benefit from rising investment across Nigeria’s oil and gas sector.
The offer provides investors with exposure to a fast-growing segment of the energy industry that sits behind the country’s production ambitions but remains critical to the development, operation and maintenance of offshore infrastructure.
Key Financial Highlights (FY 2025 Audited)
| Metric | FY 2025 | FY 2024 | Change |
| Revenue | ₦61.83bn | ₦51.39bn | +20.3% |
| Pre-Tax Profit | ₦6.76bn | ₦5.29bn | +27.8% |
| Pre-Tax Margin | 10.9% | 10.3% | Improved |
| Total Equity | ₦70.68bn | ₦65.14bn | +8.5% |
| Total Assets | ₦120.90bn | ₦121.53bn | -0.5% |
