Nigerian energy magnate Austin Avuru gains $39.1 million from Seplat stake
Austin Avuru, a renowned Nigerian energy magnate, has experienced a significant surge in his fortunes, witnessing a notable increase in the market value of his stake in Nigeria’s largest listed energy group — Seplat Energy.
The market value of Avuru’s stake in Seplat Energy has increased by N30.85 billion ($39.12 million) in the past 95 days — this is attributed to renewed buying interests among investors, leading to the recent surge in the shares of the Lagos-based energy conglomerate.
Seplat Energy, renowned for its strategic operations in Nigeria’s Niger Delta region, owes its foundation to Nigerian energy moguls Ambrosie Bryant Orjiako and Avuru, who established the company in 2009. The company’s growth trajectory has positioned it as the largest listed energy group on the Nigerian Exchange.
Since Aug. 30, the share price of Seplat Energy has increased by 38.2 percent from N1,670.8 ($2.12) to N2,310.1 ($2.93) at the time of drafting this report — thus pushing its market capitalization above $1.7 billion and ranking it as the sixth most valuable company on the Nigerian Exchange.
As one of the founders and former directors of the Lagos-based energy conglomerate, Avuru owns a significant 8.2-percent stake in Seplat Energy, translating to 48,252,454 ordinary shares in the group — this cements his position as one of Nigeria’s wealthiest individuals.
As a result of the recent surge, the market value of Avuru’s stake in Seplat Energy has increased by N30.85 billion ($39.12 million) over the past 95 days, rising from N80.62 billion ($102.24 million) on Aug. 30 to N111.47 billion ($141.36 million) as of Dec. 3.
This $39-million surge has not only propelled the market value of his stake in the leading energy group above the $140-million mark but also reaffirmed his position as one of the richest investors on the Nigerian Exchange.