Prime Business Africa
Oil and gas equities emerged as the Nigerian Exchange’s top performers in the first quarter of 2026, defying broader market weakness and currency pressures.
Led by Seplat Energy, Aradel Holdings, and TotalEnergies Marketing Nigeria, the NGX Oil & Gas Index closed the quarter up 61.69 percent, outpacing banking and consumer goods stocks as higher crude prices and improved local production boosted investor appetite. The rally handed energy investors the strongest sector returns on the NGX so far this year, even as overall market liquidity stayed thin.
Prime Business Africa’s (PBA) analysis showed that during the period under review, the combined market valuation of the oil companies listed on the Nigerian stock market increased to N11.99 trillion, from N7.40 trillion.
Join our WhatsApp ChannelThe article focused on oil companies listed in the Nigerian stock market.
How Oil Companies’ Shares Performed In Q1
Aradel Holdings: Shareholders See 74% Growth In Investments
Aradel Holdings shareholders closed the first quarter with a combined gain of N2.34 trillion, according to Prime Business Africa’s analysis, following a N539.7 kobo increase in the company’s share price.
- The share was traded at N720.30 kobo by equity traders at the start of the year, however, by the end of the first quarter, the value of the share had increased to N1,260, reflecting strong investor confidence in the firm.
- As a result, the shareholders of Aradel Holdings saw their investments appreciate by 74.92 percent, making the share the best-performing asset in the oil industry on the stock market.
- Following the combined gain, the company’s market valuation skyrocketed to N5.47 trillion at the end of March, surpassing the N3.12 trillion valuation the company recorded at the start of January.
Seplat Energy: 62% Is Return On Investment For Its Shareholders
Seplat Energy was the second-best performing oil company share on the Nigerian exchange, as the investments held by the company’s shareholders grew by 62.2 percent in the first three months of 2026.
- According to the analysis of Seplat’s share performance, a share was offered at N5,610 on January 2, however, demand for the company’s shares pushed the price up to N9,099 per share as of March 31.
- The shareholders and the company benefited from the price surge, as the former ended the period under review with N2.09 trillion combined gain, while the latter appreciated in value, rising from N3.36 trillion to N5.45 trillion.
Oando Plc: N50 Increase In Share Price Lifts Shareholders’ Investments By 24%
At the start of this year, a share of Oando was priced at N40.20 kobo, however, according to data obtained from the NGX, equity traders were willing to trade the oil producer’s shares at N50 per share on March 31.
- With the improved appetite for Oando’s shares adding N9.8 kobo to the price, the shareholders saw their investments appreciating by 24.37 percent during the period under review, according to PBA analysis.
- The increase, which makes Oando’s share the third best-performing among its peers listed on the NGX, also represents a combined gain of N121.82 billion for the shareholders of Oando in Q1.
- In addition, the gain raised Oando’s market valuation, as the company was valued at N621.57 billion at the end of the first quarter, compared to the N499.74 billion it was worth in the NGX on January 2.
Eterna: Shareholders Became 22% Richer
Prime Business Africa ranked Eterna as the fourth best-performing oil company share in the stock market, after the producer’s shareholders saw the value of their investments rise by 22.45 percent in Q1.
- In monetary terms, the appreciation represents a combination gain of N13.99 billion for the shareholders, and this was made possible by the N6.4 kobo jump in Eterna’s share price during the reviewed period.
- According to the company’s share performance data, a share of Eterna was selling for N28.50 kobo in the stock market on January 2, however, by the end of the first quarter, the share price had soared to N34.90 kobo.
- The shareholders were not the only beneficiary of the surge in the share price, as the market valuation of Eterna increased to N76.29 billion at the end of the first quarter, exceeding the N62.3 billion capitalisation recorded at the beginning.
Conoil: Within Three Months, Investments In The Firm Grew 9%
Following a modest 9.18 percent increase in its shareholders investments between January and March, Conoil closed the period as the fifth best-performing oil share in the stock market.
- The single digit growth was driven by a N17.2 kobo increase Conoil’s share price, which a share was traded at N204.40 kobo as at March 31, compared to the N187.20 kobo offered on January 2.
- Analysis showed that the share appreciation resulted in a combined gain of N11.93 billion for Conoil’s shareholders, while it also raised the oil firm’s valuation, from N129.9 billion to N141.84 billion.
Total Energies: An Investment Without Returns
Total Energies was the only oil company in the Nigerian exchange that did not record an increase or decrease in the value of shares held by shareholders during the period under review.
- Prime Business Africa gathered that this was due to the company’s share price being stagnant in the first quarter, as a share of Total traded at N640 on January 2, and retained that price tag on March 31.
- As a result, the market valuation of Total also recorded no movement, as the company’s capitalisation remained at N217.29 billion at the end of the first quarter, same value the firm started the period with.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
