Austin Avuru, the CEO of Seplat Petroleum Development Company Plc, has increased his equity interest in Platform Petroleum Limited from 23% to 37.11%, reinforcing his influence in Nigeria’s oil and gas sector.
Platform Petroleum, an indigenous oil and gas company, specializes in exploration and production and is currently the operator of the Egbaoma field joint venture with Newcross Petroleum Limited.
Avuru’s Transition and Legacy at Seplat
Avuru, a pioneer Managing Director and later CEO of Seplat, will retire in July 2020 after 10 years at the helm. Under his leadership, Seplat grew from a gross production of 22,700 barrels of oil equivalent per day (boepd) in 2010 to 111,368 boepd by 2018, thanks to major drilling campaigns and oil & gas infrastructure development.
Seplat’s announcement to the Nigerian Stock Exchange (NSE) on February 21, 2020, revealed the transfer of 7,831,534 ordinary shares held by Platform Petroleum Limited (an entity in which Avuru has equity) to Professional Support Limited, a company wholly controlled by Avuru.
Additionally, 12,828,161 shares previously held by Platform Petroleum were transferred to certain shareholders, effectively removing them as connected persons. Furthermore, 95,933 LTIP (Long-Term Incentive Plan) awards for Avuru were released to Professional Support Limited on January 24, 2020.
Avuru’s Shareholding in Seplat
Following these transactions, Platform Petroleum now holds 20,000,000 shares (3.40%), while Professional Support Limited owns 38,970,463 shares (6.62%). Avuru himself no longer holds a direct stake in Seplat but retains an indirect interest of 58,970,463 shares (10.02%), solidifying his role as a major player in Nigeria’s oil and gas landscape.
Looking Ahead
As Avuru prepares to step down from Seplat, his strategic acquisitions and investments indicate a continued focus on expanding his footprint in Nigeria’s energy sector. With his increased stake in Platform Petroleum, he remains one of the most influential figures in the industry, ensuring his legacy extends well beyond his tenure at Seplat.
