Bryant Orjiako, a prominent Nigerian energy tycoon, has seen a substantial upswing in his fortunes, with a significant surge in the market value of his stake in Nigeria’s largest listed energy conglomerate, Seplat Energy.
According to data tracked by Billionaires.Africa, Orjiako’s stake in Seplat Energy has increased by N24.19 billion ($30.18 million) over the past 97 days. The recent surge in the market value of his stake mirrors the recent surge in the company’s shares on the Nigerian Exchange (NGX).
Seplat’s 38.26-percent share-price rally hits milestone: market cap soars above $1.7 billion
Seplat Energy, an independent oil and gas company with a focus on the Niger Delta region, was established in 2009 by Nigerian energy magnates Orjiako and Austin Avuru. Their leadership has propelled the company to its current status as the largest listed energy group on the NGX.
Since Aug. 30, Seplat shares have increased by 38.26 percent, from N1,670.8 ($2.085) to N2,310.1 ($2.88) at the time of drafting this report. This has propelled its market cap above the $1.7-billion mark, cementing its position as the sixth most valuable company on the NGX.
Bryant Orjiakor’s Seplat stake breaches $100-million mark as shares surge
Orjiako, a former director of the Lagos-based energy conglomerate, holds a 6.43-percent stake in Seplat Energy, which translates to a total of 37,837,142 ordinary shares in the group. This stake solidifies his position as one of Nigeria’s wealthiest individuals.
The recent surge in Seplat’s shares on the NGX has amplified the market value of Orjiako’s stake in Seplat Energy, increasing from N63.22 billion ($78.88 million) on Aug. 30 to N87.41 billion ($109.06 million)-at the time of drafting this report.
This $30-million surge has pushed the market value of his stake above the $100 million mark and solidified his position as one of the richest investors on the NGX.