Samuel Dossou-Aworet, a Beninese billionaire and founder of Petrolin Group, saw the value of his investments in Seplat Energy and Aradel Holdings increase by $430 million in the third quarter of 2026.
The combined value of his stakes in the two Nigerian oil and gas companies rose from $1.16 billion on July 1 to $1.59 billion by the end of September, according to data from Billionaires Africa.
Seplat drives most of the increase
Seplat Energy accounted for most of the billionaire’s gains during the quarter.
Dossou-Aworet owns 81,015,319 Seplat shares, representing about 13.5 percent of the company, through Petrolin Group.
Seplat’s share price climbed 40.8 percent during the three-month period, moving from N11,363.90 on July 1 to a record N16,000.10 on September 30.
The stock recorded several sharp gains during the quarter, including increases of 10 percent on September 3, another 10 percent on September 10 and 7.3 percent on September 24.
As a result, the value of Dossou-Aworet’s Seplat holding increased from $667.1 million to $976.1 million, representing a $309 million gain.
The rise in Seplat’s share price was supported by higher crude oil prices and strong financial results. Oil prices moved above $100 per barrel in September following disruptions to shipping through the Strait of Hormuz.
Seplat also reported a 74.1 percent increase in first-half profit before tax to N790.4 billion.
By the end of September, Seplat had a market capitalisation of about N9.6 trillion, making it the sixth-largest company on the Nigerian Exchange.
Aradel adds another $121.3 million
Aradel Holdings also contributed significantly to the increase in Dossou-Aworet’s wealth.
He owns 532,693,719 shares in Aradel, representing a 12.3 percent stake in the company.
Aradel’s share price rose 19.9 percent during the quarter, increasing from N1,275.80 on July 1 to N1,530 on September 30.
The rise lifted the value of Dossou-Aworet’s stake from $492.4 million to $613.7 million, adding $121.3 million to his holdings.
Aradel ended the quarter with a market capitalisation of approximately N6.65 trillion.
Stronger naira also boosts dollar value
The appreciation of the naira during the quarter also contributed to the increase in the dollar value of Dossou-Aworet’s investments.
The exchange rate moved from N1,380.17 per dollar on July 1 to N1,328.02 per dollar on September 30.
The movement added roughly 4 percent to the dollar value of his combined holdings.
Overall, the strong performance of Seplat and Aradel shares, alongside the naira’s movement against the dollar, pushed the value of Dossou-Aworet’s stakes in the two companies to $1.59 billion by the end of September.
