Austin Avuru: The Silent Billionaire Making It Big

Austin Avuru, often dubbed the silent billionaire, has experienced a dramatic increase in his wealth and influence over the past decade. The value of his stake in Seplat Energy, a company he co-founded and led until 2020, has surged from approximately N290.56 billion to N800.31 billion, a 175 percent rise that has lifted his stake to 8.34 percent of the firm. This monumental gain translates to over N509 billion and is represented by 50,019,178 shares.

Avuru's rise to prominence began with his academic and professional achievements. He graduated from the University of Nigeria, Nsukka, in 1980 and devoted 12 years to the Nigerian National Petroleum Corporation (NNPC). His dedication was recognized when he received the GMD Merit Prize in 1983, the highest honor for a trainee at the time. Afterward, Avuru spent a decade at Allied Energy Resources and then Platform Petroleum. In 2009, he co-founded Seplat by merging Platform Petroleum with Shebah, an oil executive firm.

In May 2010, Avuru became the chief executive of Seplat. Under his leadership, the company's oil production skyrocketed from around 14,000 to 18,000 barrels per day, ultimately reaching between 70,000 and 80,000 barrels daily. This substantial output growth positioned Seplat as a dominant player in Nigeria's oil industry.

In 2014, Seplat made history by becoming the first Nigerian company to list its shares simultaneously on the Nigerian Exchange and the London Stock Exchange. This achievement marked a significant milestone for Nigerian businesses. Avuru's influence extended beyond Seplat as he contributed to shaping Nigeria's oil and gas sector.

In 2010, he chaired the technical subcommittee that drafted the 2010 Nigerian Oil and Gas Industry Content Development Act, a vital local-content law. That same year, Seplat acquired an 45 percent stake in three oil blocks from major international oil companies like Shell, Total, and Eni.

Avuru's commitment to the industry and his strategic decisions have made him a respected figure both in Nigeria and internationally. In April 2025, President Bola Tinubu appointed him to the NNPC Limited board, a position he has held for 45 years after joining the NNPC in 1980.