INDIGENOUS OIL FIRMS’ ASSETS HIT ₦19TN AS EARNINGS SURGE

Nigeria’s leading indigenous oil companies, Aradel Holdings Plc and Seplat Energy Plc, recorded a combined asset base of ₦19.11 trillion as of June 2026, reflecting the growing scale of local participation in the country’s upstream oil industry.

According to their unaudited half-year results, Aradel accounted for ₦10.87 trillion of the combined assets, while Seplat’s total assets stood at ₦8.24 trillion.

The companies also recorded stronger revenues during the period. Aradel’s revenue surged by 577 per cent, from ₦368.08 billion in the first half of 2025 to ₦2.49 trillion in H1 2026. Seplat’s revenue increased by about 30 per cent, from $1.40 billion to $1.82 billion.

Aradel’s rapid expansion was largely linked to the consolidation of newly acquired upstream assets, particularly its increased ownership of ND Western, which significantly expanded the assets and operations reflected in its financial statements.

Aradel’s gross profit also rose sharply to ₦1.44 trillion, while profit after tax increased to ₦191.05 billion during the period.

Seplat, meanwhile, benefited from stronger realised crude prices, its expanding Nigerian upstream operations and the addition of new gas production from the ANOH project.

Analysts said the results highlight the growing influence of indigenous operators as they take larger positions in Nigeria’s oil and gas industry.

However, experts cautioned that sustaining the rapid growth will depend on efficient production, further asset development, effective cost management, and movements in global crude oil prices.