Prime Business Africa
Out of six oil companies listed on the Nigerian Exchange (NGX), also known as the stock market, three saw their valuation in the bourse decline, while three recorded a surge in their market capitalisation between January 2, 2025 and February 20, 2026.
The oil companies, comprising Eterna Plc, Total Energies Marketing Nigeria, Seplat Energy, Aradel Holdings, Conoil and Oando, have a combined market valuation of N11,11 trillion as at the end of the period under review, up from N7,37 trillion they were valued at the start of last year.
Join our WhatsApp ChannelAccording to Prime Business Africa’s analysis, the 50.70 percent increase in their combined market valuation was driven by Eterna, Aradel and Seplat, as the valuation of Total, Conoil and Oando plunged.
How The Oil Companies Performed
Seplat
Seplat, the largest oil company on the NGX by market capitalisation, saw its bourse valuation rise by N2.03 trillion during the period under review, to N5,45 trillion on February 20, according to analysis.
- Prime Business Africa notes that the oil producer’s market capitalisation increased from N3.41 trillion recorded on January 2, 2025, as the share price surged by 59.64 percent, indicating NGX investors were bullish on Seplat’s stock.
- The share price of Seplat had increased from N5,700 to N9,099.9 kobo per share, indicating equity traders were willing to pay N3,399.9 kobo more to lay their hands on the company’s shares, which helped Seplat retain its top ranking.
Aradel
Aradel maintained its second spot position and closed the massive gap between the company and the industry leader, Seplat, with an 82.94 percent increase in its share price between January 2, 2025, and February 20, 2026.
- The share jumped from N598 to N1,094 per share during the period under review, as high demand for the company’s shares drove the price up by N496, making Aradel’s share the second most expensive in the oil industry.
- Following the massive gain by Aradel’s share, the company’s market valuation in the Nigerian stock market climbed from N2.59 trillion at the start of last year to N4.75 trillion on February 20, 2026, representing a N2.15 trillion increase.
Oando
Despite a N295.86 billion decline in Oando’s market capitalisation, the company managed to retain its third position on the list of the largest oil companies in the Nigerian stock market with a N522.11 billion valuation.
- The market valuation had dropped from N817.98 billion following a N23.8 kobo decline in the oil producer’s share price, which fell from N65.80 kobo to N42, according to analysis by Prime Business Africa.
- The share price plunging by 36.17 percent shows that equity traders in the capital market did not see Oando’s shares as investible assets, believing the share does not have growth prospects compared to Seplat, Eterna and Aradel.
Total
While Total started last year with N236.98 billion market capitalisation, the oil producer was valued downward at N217.29 billion as of February 20, 2026, making it the fourth largest company in the oil industry on the NGX.
- The N19.69 billion decline in Total’s market valuation was caused by a N58 drop in the company’s share price, indicating the market perception of the company’s value was negative among equity traders.
- Analysis showed that the share price of Total dropped from N698 per share on January 2, 2025, to N640 as of February 20, 2026, representing a decline of 8.30 percent within the period.
Conoil
With a N117.27 billion market capitalisation, Conoil was ranked fifth on the list of the largest oil companies in the Nigerian stock market, according to Prime Business Africa’s analysis.
- This was despite a N218.2 kobo decline in the company’s share price, which nosedived to N169 at the end of the period under review, from N387.20 kobo the share was valued in the Nigerian exchange.
- The 56.35 percent decline in the share price wiped off N151.42 billion from the market valuation of Conoil, which had N268.69 billion market capitalisation as of January 2, 2025; however, the decrease did not stop the company from retaining its position.
Eterna
Eterna completed the list of the largest oil companies listed on the NGX, ranking sixth with N42.38 billion, after its share price jumped by 33.74 percent, indicating a high demand for Eterna’s shares.
- At the start of the period under review, equity traders had exchanged Eterna’s shares at N24.30 kobo per share; however, by February 20, 2026, they were willing to buy a share at N32.5 kobo.
- The N8.2 kobo jump in share price resulted in Eterna’s market valuation rising by N10.69 billion during the period under review, from the N31.69 billion the company was valued at as of January 2, 2025.
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