Nigerian oil and gas magnate Austin Avuru earns $53.74 million from 94-percent surge in Seplat shares

Nigerian oil and gas magnate and Seplat Petroleum Development Company Plc Co-Founder Austin Avuru has gained $53.74 million (N22.10 billion) since the start of the year after a 94-percent surge in the independent oil and gas company’s shares.

As of press time, 10:20 AM (UTC), July 16, Seplat shares were trading at $1.873 (N770.00), up 94 percent from its opening price of $0.978 (N402.30) for the year.

The 94-percent surge can be linked to bullish sentiment spiked by a resurgence in global demand for crude oil and petroleum products. The OPEC+ production cut in 2020 led to a fall in international crude oil and gasoline inventory and a surge in prices since the year began.

Consequently, the International Energy Agency expects global oil demand to increase by 5.4 million barrels per day in 2021 and 3 million barrels per day in 2022, as the oil market scales back to pre-pandemic levels.

As of press time, Brent crude was trading at $73.76 per barrel, or 46-percent higher than its opening price for the year.

Avuru holds a substantial stake of 60,098,823 ordinary shares in Seplat.

The value of his stake has increased by $53.74 million (N22.10 billion) since early 2021. The increase came as investors reprice the company’s shares following a resurgence in global oil demand.

The market value of Avuru’s stake has risen from $58.80 million (N24.18 billion) to $112.55 million (N46.28 billion) between Dec. 31, 2020 and July 16, 2021.