A rise in the share prices of Seplat Energy Plc and Aradel Holdings Plc boosted the portfolio of Samuel Dossou-Aworet, a billionaire from the Republic of Benin, by $430 million in the third quarter, bringing the total value of his combined holdings in both companies to $1.59 billion.
According to data by Billionaires Africa, the total market value of Dossou-Aworet’s shares in both companies rose from $1.16 billion on July 1 to $1.59 billion by the end of September.
Seplat drives most of the gain
Most of the growth came from Seplat Energy Plc, where Dossou-Aworet holds 81,015,319 shares (about 13.5 percent) through his company, Petrolin Group. Seplat’s stock price increased by 40.8 percent during the quarter, rising from N11,363.90 on July 1 to a record N16,000.10 on September 30.
The stock experienced sharp single-day increases during the period, rising 10 percent on September 3, 10 percent on September 10, and 7.3 percent on September 24. These gains raised the value of his Seplat stake from $667.1 million to $976.1 million, an increase of $309 million.
Higher crude oil prices and strong financial results supported the stock’s performance. Crude prices crossed $100 per barrel in September following shipping disruptions in the Strait of Hormuz. In addition, Seplat reported a 74.1 percent increase in its first-half pre-tax profit, which reached N790.4 billion.
Seplat ended the quarter with a market value of about N9.6 trillion, making it the sixth most valuable company on the Nigerian Exchange.
Aradel provides steady growth
Aradel Holdings Plc also contributed to the overall gain. Dossou-Aworet owns 532,693,719 shares in the company, representing a 12.3 percent stake.
Aradel’s stock price rose by 19.9 percent over the quarter, moving from N1,275.80 to N1,530.00. This increase added $121.3 million to his holdings, raising the total value of his Aradel shares from $492.4 million to $613.7 million. Aradel ended the quarter with a total market capitalisation of approximately N6.65 trillion.
Currency movement supports value
A slight strengthening of the Naira also helped increase the dollar value of both investments. The exchange rate moved from N1,380.17 per dollar on July 1 to N1,328.02 on September 30, adding about 4 percent to the dollar value of his holdings.