Increased financing key to strengthening indigenous oil companies – Sephia Energies MD

By Sebastine Obasi

Improved access to sustainable financing has been identified as key to accelerate the growth of Nigerian-owned oil and gas companies. Mrs. Sandra Agho, Managing Director/Chief Executive Officer of Sephia Energies stated this at the ongoing 49th Nigeria Annual International Conference and Exhibition (NAICE 2026) of the Society of Petroleum Engineers (SPE) Nigeria Council in Lagos.

Reflecting on the company’s journey since its strategic transition from Noranova Resources to Sepha Energies, she noted that what began as a vision presented at NAICE 2025 has evolved into measurable achievements that have strengthened indigenous capacity and created employment opportunities.

According to her, within the last 12 months, Sepha Energies has successfully executed more than 30 upstream oil and gas projects, with over 10 additional projects currently in its pipeline. The company is presently delivering multiple service lines across four active project locations, while its workforce has doubled from 25 to 50 professionals.

She explained that one of the company’s defining milestones was the award of a 2,000-horsepower, 10,000 PSI land drilling contract, describing it as a turning point that reinforced clients’ confidence in the company’s technical competence and operational capability.

“The opportunity became much more than a contract. It became a vote of confidence in our competence. That confidence opened the doors to financing, strategic partnerships, asset acquisition, employment opportunities and greater capacity to serve the industry,” she said.

Agho explained that the confidence of clients and financial institutions enabled Sepha Energies to invest in strategic drilling assets, including a 2,000-horsepower, 10,000 PSI land rig, a 460-horsepower workover unit, and access to one of the world’s leading 3,000-horsepower, 15,000 PSI swamp drilling rigs, which can be mobilised into Nigeria within three months. She stressed that the company’s achievements demonstrate what is possible when indigenous companies are entrusted with critical industry opportunities.

The Sepha Energies boss, however, identified access to capital as one of the biggest challenges confronting indigenous service providers, stressing that local content ambitions cannot be fully realised without adequate indigenous financing. “We cannot build indigenous capacity without indigenous capital. If local content is to reach its full potential, indigenous service companies must have access to sustainable financing that enables us to invest, innovate and compete globally,” she stated.

She commended the Nigerian Content Development and Monitoring Board (NCDMB) for implementing policies that continue to deepen local content and empower indigenous companies to invest, create jobs and compete globally.

Looking ahead, she reaffirmed Sepha Energies’ commitment to expanding partnerships with global original equipment manufacturers (OEMs), introducing advanced technologies into Nigeria, investing in strategic upstream assets and supporting the country’s energy security objectives.

According to her, Nigeria’s energy future would only be achieved through stronger collaboration among government, financial institutions, indigenous companies, technology providers and investors.

“One year ago, we came to NAICE with a vision. Today, we have returned with results. Tomorrow, we will return to work because Nigeria’s energy future will not be built by one company alone. It will be built through collaboration, sustainable investment and unwavering commitment to excellence,” she added.

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