Home » 5 companies owned by Nigerian energy magnate Austin Avuru

5 companies owned by Nigerian energy magnate Austin Avuru

by Feyisayo Ajayi
Austin Avuru

Austin Avuru, a renowned Nigerian energy magnate, wields significant influence in the nation’s energy sector as the founder and chairman of AA Holdings, his family-owned enterprise. His journey is defined by his profound impact on the oil and gas arena.

With more than four decades of remarkable success in Nigeria’s energy landscape, he stands as a beacon of entrepreneurial excellence. His journey began as a well-site geologist and reservoir engineer at NNPC, and he honed his skills at Allied Energy Resources.

In 2002, driven by a fervent desire for value creation, Avuru assembled a team of industry experts to establish Platform Petroleum Limited, where he took on the role of managing director.

Under Austin’s leadership, Platform joined forces with Shebah Exploration and Production Company in 2009 to birth Seplat Energy Plc, partnering with fellow Nigerian energy tycoon Ambrosie Bryant Orjiako. Subsequently, Seplat acquired a substantial 45-percent interest in three oil blocks from Shell Nigeria, Total, and Agip.

Thanks to his leadership, the company transformed from a modest oil and gas player into a prominent Nigerian energy corporation, proudly listed on both the Nigerian Exchange and the London Exchange, boasting a market capitalization exceeding $1.35 billion.

Billionaires.Africa has cataloged companies owned by and linked to Avuru.

Here are five companies under his direct or indirect ownership.

  1. Seplat Energy

Avuru co-founded Seplat Energy in 2009 alongside his partner Orjiako, shaping it into Nigeria’s foremost indigenous success story in the oil and gas industry.

Under his leadership, Seplat evolved from a 2009 joint venture to a billion-dollar energy group worth over $1.35 billion.

Avuru owns an 8.2-percent stake in the group.

On March 1, 2022, he chose to step down from Seplat’s board to concentrate on his family enterprise, AAH Holdings, a Lagos-based investment firm dedicated to financial growth and philanthropic endeavors.

  1. Platform Petroleum Limited

In 2002, Avuru founded Platform Petroleum Limited. As the driving force behind the company, he led it to become the Operator of the Egbaoma field in OML 38, located in Delta State’s Ndokwa West Local Government Area. This field is among the twenty-four marginal fields allocated to indigenous oil companies during the 2004 Marginal Field bid round. In its role as operator, Platform Petroleum oversees daily operations, fosters growth through production optimization, and sustains the field by exploring, appraising, and developing untapped potential within the Egbaoma Discovery.

  1. AAH Holdings

AAH Holdings, a Lagos-based proprietary investment firm, is Avuru’s brainchild, focused on advancing the financial and philanthropic interests of the Avuru family.

The company invests in ventures that enhance the broader economy and contribute positively to the social development of communities. Its enduring strategic goal is to maintain a diversified portfolio of innovative companies in high-growth sectors, including energy, agriculture, real estate, and equity investing.

The Avuru-led family business holds an 8.2-percent stake in Seplat Energy, collectively valued at more than $100 million.

  1. AA Foundation

Avuru established the AA Foundation to serve as the embodiment of his philanthropic endeavors. This non-profit organization operates with an unwavering commitment to philanthropy in Nigeria, focusing on making a tangible social impact in critical areas such as healthcare, education, and entrepreneurship empowerment.

  1. Austin Avuru’s real estate portfolio

Beyond his substantial contributions to the Nigerian energy industry, Avuru has expanded his financial horizons into the realm of real estate. Through the real estate arm of his holding company, he has curated a portfolio of prestigious properties, including sprawling mansions in Lagos, collectively worth millions of dollars. This diversified real estate portfolio underscores his astute investment acumen and adds another layer to his impressive business profile.

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