Nigeria Oil And Gas Billionaires Make Over N15bn in Two Weeks as Oil Nears $140, Highest Since 2008

Nigeria Oil And Gas Billionaires Make Over N15bn in Two Weeks as Oil Nears $140, Highest Since 2008

  • Nigerian millionaires who own oil and gas firms have had a lot to celebrate in recent days
  • Oil prices are at their highest in 13 years, providing prospects for local upstream players to make more money
  • Seplat Petroleum Development Company (SEPLAT) is one of more than 19 firms active in oil production in the nation

The price of oil is at an all-time high, and certain individuals in the oil and gas industries are smiling all the way to the bank.

On Monday, 7 March 2021, Brent crude, the benchmark for Nigeria's oil, traded at $139.13 as it continued to trade above $100 since the start of the Russia-Ukraine war.

The rise in oil prices is reflected in the price movement of the shares of oil and gas companies trading on the Nigerian Exchange.

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Nigeria Oil and Gas Billionaires makes N45bn in one week as Oil price nears $140, Highest Since 2008
Seplat oil price movement. Credit: Nigerian Exchange
Source: Facebook

Seplat Petroleum Development Company (SEPLAT) is one of the corporations profiting from the rise in global oil prices as its top three shareholders made over N15 billion in two weeks.

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More money for Nigerian oil billionaires

Ojunekwu Augustine Avuru (also called Austin Avuru) is one of the names making huge returns as oil prices continue to surge.

Austin is the Founder and Executive Chairman of AA Holdings and holds 48,248,176 (48.2 million) Seplat shares as of December 31, 2021.

Between February 11 and Friday, March 4, the share price of Seplat increased from N850 to N1,034.

The increase in Seplat shares means the value of his investment grew from N41.01 billion to N49.1 billion.

This means that in less than a month, he made over N8.87 billion.

Dr. Ambrosie Bryant Chukwueloka Orjiako

ABC Orjiako, as he is commonly known, is the co-founder and pioneer Chairman of Seplat, a role he stepped down from in November 2021.

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As of December 31, 2021, he holds 37,818,522 (37.8 million) Seplat shares.

The worth of his shares as of February 11, 2022, the worth of his shares was worth N30.4 billion, increasing to N39.1 billion on March 4, 2022. Giving him a whopping N6.95 billion.

Roger Brown

He is the third-largest shareholder in Seplat and has 3,224,702 (3.2 million) shares.

The Worth of his shares as of Monday 7 March 2021 is at N3.3 billion from N2.74 it stood some weeks ago. Indicating a N593.3 increase in his wealth

Nigerian government to pocket over N8bn daily had earlier reported that the ongoing war between Russia and its neighbouring country Ukraine continues to affect oil prices

The report showed that crude oil is nearing $120 per barrel, an all-time high in the last 10 years.

OPEC has agreed to allow member countries to produce more, which could mean more money for the Nigerian government.


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