Table of Contents
Key Points
- Seplat’s stock surged 146.75% in 2024, boosting Austin Avuru’s stake by $51.07 million despite currency headwinds.
- Avuru’s holdings climbed to $176.64 million, solidifying his position among Nigeria’s wealthiest energy investors.
- Seplat’s $800 million ExxonMobil acquisition strengthens its role in Nigeria’s energy landscape, driving long-term growth.
Nigerian energy magnate Austin Avuru, co-founder of Seplat Energy, saw a $51.07 million increase in his wealth in 2024, thanks to the strong performance of his shares in Seplat on the Nigerian Exchange (NGX).
His 8.2 percent stake—equivalent to 47.93 million shares—has solidified Avuru's position as one of Nigeria’s leading investors in the oil and gas sector.
This comes despite Nigeria’s economic hurdles, including a 42 percent devaluation of the naira following the country’s exchange rate liberalization. While currency fluctuations somewhat reduced his gains, Avuru’s holdings remained robust throughout the year.
With a stronger naira in a more stable economic climate, Avuru’s portfolio could have grown by an additional $184.28 million, underscoring the company’s substantial growth prospects.
Austin Avuru’s stake rises by $51 million
Founded in 2009, Seplat Energy has grown into Nigeria’s largest publicly listed energy company, driving key projects in oil and gas exploration and production.
Seplat’s stock surged 146.75 percent in 2024, climbing from N2,310 to N5,700 on the NGX, while its dollar value rose by 40.67 percent, from $2.62 to $3.69 despite naira’s depreciation. This pushed its market capitalization above $2 billion, capturing investor attention.
As a result, Austin Avuru’s stake in Seplat surged from N110.72 billion to N273.2 billion in 2024, marking a gain of N162.48 billion.
In dollar terms, his holdings grew from $125.57 million to $176.64 million, adding $51.07 million to his net worth.
Seplat expands with ExxonMobil assets
Avuru’s rise within the Nigerian energy industry is anchored by Seplat Energy, the company he co-founded in 2009.
Over the years, Seplat has expanded to become Nigeria’s largest publicly listed energy conglomerate.
The company’s $800 million acquisition of ExxonMobil’s Nigerian assets underscores Avuru’s long-term vision.
This move is set to enhance Seplat’s production capacity, solidifying its position in Nigeria’s energy market and further bolstering Avuru’s standing among Africa’s wealthiest energy leaders.
