Seplat, co-founded by Austin Avuru, nears completion of $1.3-billion ExxonMobil deal
The $1.3-billion transaction initiated in 2022 had faced delays due to Nigeria’s stringent legal landscape and approval bottlenecks.
The $1.3-billion transaction initiated in 2022 had faced delays due to Nigeria’s stringent legal landscape and approval bottlenecks.
Investor confidence remains shaky due to ongoing legal and regulatory issues.
The announcement coincides with Seplat celebrating its rise from a vision shared by co-founders Ambrosie Bryant Chukwueloka Orjiako and Avuru to a prominent African energy player.
Since its IPO on the Nigerian Exchange and London Stock Exchange in 2014, Seplat Energy has generated $1.7 billion in cash flow.
As one of the founders and former directors of the Lagos-based energy conglomerate, Avuru owns a significant 8.2-percent stake in Seplat Energy.
Billionaires.Africa has cataloged companies owned by and linked to Avuru. Here are five companies under his direct or indirect ownership.
Orjiako and Avuru are the founders of Seplat Energy.
Orjiako and Avuru own a 6.43-percent and 8.2-percent stake in Seplat Energy, respectively.
The payments were made to 18 firms linked to Orjiako and Avuru.
Seplat Energy is an independent oil and gas company.
Orjiako and Avuru own a significant 6.43-percent and 8.2-percent stake in the leading energy firm, respectively.
The government cited overriding national interests as one reason for rejecting the $1.58-billion deal.
Avuru owns an 8.2-percent stake in Seplat Energy through his family business, AAH Holdings.
Avuru is the founder of AAH Holdings, a Lagos-based proprietary investment business.
Seplat Energy is an independent oil and gas group with active operations and oil assets in Nigeria’s Niger Delta area.