Home » Nigerian energy tycoon Austin Avuru to focus on family business following exit from Seplat

Nigerian energy tycoon Austin Avuru to focus on family business following exit from Seplat

by Omokolade Ajayi

After leaving Seplat Energy, Nigerian businessman and energy mogul Austin Avuru aims to focus on expanding his family business, AAH Holdings.

Avuru, the founder of AAH Holdings, a Lagos-based proprietary investment business dedicated to promoting the Avuru family’s financial and charitable interests, is credited with converting Seplat Energy into one of Nigeria’s most successful indigenous oil and gas enterprises.

With an 8.2-percent ownership in the business, Avuru was instrumental in building Seplat from a joint venture established in 2009 by Shebah Petroleum Development Company and Platform Petroleum Joint Ventures to its present N608.45-billion ($1.46 billion) valuation on the local exchange.

His resignation from the board of the energy group, as confirmed by a press release on the Nigerian Exchange, will give Avuru more time to focus on driving the growth of his family business.

AAH Holdings is committed to creating wealth through a diverse portfolio of creative firms in high-growth industries that benefit society. It is now evaluating the purchasing of high-quality assets, as well as the building of middle-income and luxury residential dwellings leisure and shopping centers.

The Avuru-led family business maintains a direct stake in the integrated oil and gas production, processing and marketing company, Platform Petroleum, and an 8.2-percent stake in Seplat Energy worth N49.9 billion ($120 million).

Aside from investments in the oil and gas industry targeted to meet Africa’s clean-energy needs, the family firm is motivated by a desire to contribute to food self-sufficiency in Nigeria and Africa through the purchase of high-quality agricultural enterprises.

It also has a strategic equity portfolio that invests in firms that are competently and effectively managed and can provide long-term value and consistent income.

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