Austin Avuru Gains 51.1 Million From Seplat Stake In 2024
- Seplats stock surged 146.75 in 2024, boosting Austin Avurus stake by 51.07 million despite currency headwinds.
- Avurus holdings climbed to 176.64 million, solidifying his position among Nigerias wealthiest energy investors.
- Seplats 800 million ExxonMobil acquisition strengthens its role in Nigerias 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 stakeequivalent to 47.93 million shareshas solidified Avuru's position as one of Nigerias leading investors in the oil and gas sector.
This comes despite Nigerias economic hurdles, including a 42 percent devaluation of the naira following the countrys exchange rate liberalization. While currency fluctuations somewhat reduced his gains, Avurus holdings remained robust throughout the year.
With a stronger naira in a more stable economic climate, Avurus portfolio could have grown by an additional 184.28 million, underscoring the companys substantial growth prospects.
Austin Avurus stake rises by 51 millionFounded in 2009, Seplat Energy has grown into Nigerias largest publicly listed energy company, driving key projects in oil and gas exploration and production.