Oil
Austin avuru's Seplat energy stake reaches 586 million dollars
Augustine Avuru's shareholding in Seplat Energy has expanded significantly following a major surge in the company's equity value on the Nigerian Exchange.
Key points
- Austin Avuru holds an 8.34 percent stake in Seplat Energy through Professional Support Ltd.
- The valuation of his shareholding reached ₦800.31 billion, equivalent to $586.3 million.
- Seplat's market valuation grew following recent asset acquisitions and robust financial results.
Augustine Avuru, co-founder of Seplat Energy Plc, has seen the valuation of his equity reach ₦800.31 billion, equivalent to $586.3 million, according to Billionaires.Africa. The increase follows a 175 percent appreciation in the oil and gas producer's share price on the Nigerian Exchange.
Avuru maintains 50,019,178 shares through Professional Support Ltd, a firm he wholly controls. This volume represents 8.34 percent of the company's total issued capital of 599.9 million shares. Billionaires.Africa reported that the equities have experienced a substantial upward trajectory since the beginning of the year, adding hundreds of billions of naira to the founding executive's portfolio. Avuru also holds interests in Platform Petroleum Ltd, which maintains a separate block of company shares.
Seplat's market performance has been underpinned by significant operational expansion. The company integrated shallow-water offshore assets acquired from ExxonMobil, a transaction that substantially increased its daily production capacity. Recent financial statements published by the firm indicate rising pre-tax profits and strong revenue growth, supported by both oil output and the commencement of operations at the ANOH gas plant.
Other prominent stakeholders hold substantial positions in the energy producer. Heirs Energies Ltd, controlled by Tony Elumelu, holds a major stake following previous share acquisitions, while Petrolin Group, founded by Samuel Dossou-Aworet, remains the second-largest shareholder with a 13.5 percent holding.
Why it matters
The substantial appreciation of domestic shareholdings on the Nigerian Exchange highlights the evolving financial architecture of Nigeria's upstream petroleum sector. For energy investors and regulators, the robust valuation of indigenous operators like Seplat demonstrates the commercial viability of acquiring major onshore and shallow-water assets from international oil companies.
Assessed against the prevailing exchange rate of ₦1,350.42 per US dollar, these asset valuations underscore the deep capital mobilization occurring within the Nigerian market. This trend reflects the ongoing transition toward local ownership and operational control, a policy objective that Avuru helped shape as the former chairman of the technical committee for Nigeria's local content legislation. For policymakers, the strong performance of domestic energy firms signals success in retaining industry value locally, though it also places heightened expectations on corporate governance and regulatory oversight as these companies scale their operations.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Crude benchmarks move budgets, currencies and inflation in producer and importer countries alike. For economies such as Nigeria, where fuels dominate exports, production and refining decisions move the whole economy.
9.5% of world merchandise exports were fuels in 2025Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
