Seplat stock boom pushes co-founder Austin Avuru’s stake past $400 million

Nigerian energy tycoon, and co-founder of Sepalt Energy Plc., Austin Avuru has seen the value of his holding in the oil producer rise sharply this year, as a sustained rally in the company’s share price on the Nigerian Exchange (NGX) pushed his stake beyond $400 million.

The increase reflects a broader re-rating of Seplat Energy, Nigeria’s largest listed oil and gas company, following stronger earnings, strategic acquisitions, and renewed investor interest in the sector.

Avuru’s Seplat stake value rises

Market data tracked by Shore.Africa shows Avuru holds an 8.34% indirect stake in Seplat Energy, equivalent to 50,019,178 shares, held through Professional Support Limited, a subsidiary of AA Holdings.

The value of that holding has climbed significantly since the start of the year. It rose from N290.56 billion ($213.69 million) on Jan. 1 to N574.53 billion ($422.53 million) at the time of reporting, an increase of N283.97 billion ($208.84 million).

The gains place Avuru among Nigeria’s most prominent individual investors in the listed energy sector, with his fortune closely tied to the performance of Seplat’s stock.

Share price rally driven by earnings and deals 

Seplat Energy’s share price has gained about 97.73% year-to-date, moving from N5,809 ($4.27) to N11,486.20 ($8.45). During the period, the company briefly crossed the N10,000 level, a milestone on the Nigerian Exchange.

The rally has been supported by a mix of factors, including improved financial performance, investor appetite following corporate restructuring, and a major acquisition involving Mobil Producing Nigeria Unlimited. Market activity has also been influenced by a 20.07% strategic investment linked to Heirs Energies, chaired by Tony Elumelu.

Sentiment around Nigerian oil equities has also strengthened following the FTSE Russell reclassification of Nigeria from unclassified status to Frontier Market status in its April review.

Earnings, dividend growth support sentiment 

Founded in 2009, Seplat Energy has grown into Nigeria’s leading listed independent oil and gas producer, with operations spanning exploration and production assets across key onshore basins.

In its Q1 2026 interim results, the company reported profit after tax of N52.5 billion ($37.9 million), compared with N35.4 billion ($23.3 million) in the same period a year earlier. Revenue came in at N1.16 trillion ($840.7 million), compared with N1.23 trillion ($809.3 million) previously, according to company filings.

Seplat also increased its quarterly dividend by 96% to 9 cents per share, a move that reinforced investor interest in the stock amid volatile energy markets.

Avuru’s role in Seplat’s formation and growth 

Avuru began his career in the Nigerian oil and gas industry in 1980 and later founded Platform Petroleum in 2002, where he served as managing director. The company would go on to play a central role in the formation of Seplat in 2009, alongside Shebah Petroleum and Maurel & Prom.

His initial interest in Seplat was structured through Platform Petroleum and later consolidated under AA Holdings, which he established in 2020 after stepping back from executive duties.

He served as co-founder and chief executive of Seplat Petroleum Development Company from 2010 until his retirement in July 2020. During his tenure, the company expanded significantly and achieved dual listing on the Nigerian and London stock exchanges.

Beyond Seplat, Avuru has remained active in Nigeria’s energy governance space. In April 2025, he was appointed a non-executive director of the Nigerian National Petroleum Company (NNPC) by President Bola Tinubu.

Over more than four decades in the sector, Avuru has moved between corporate leadership, policy advisory roles, and investment management, maintaining a steady presence in Nigeria’s oil and gas industry as both a founder and long-term shareholder. (Shore Africa)