May 2026
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Largest Energy Production Public Companies in Nigeria
Benchmark revenue and EBITDA valuation multiples for public comps like
Aradel Holdings, Seplat Energy, Transcorp Power and Oando.
 | Aradel Holdings PLC is an indigenous energy company in Nigeria. It engaged in the upstream, midstream, and downstream value chain of the oil and gas industry. Its operations include Energy Transition and Renewable Energy. The group's assets are OML 54, OML 53, OML 34, and OPL 227. The group’s operations cover four segments: Crude Oil, Gas, Refinery & Investment Properties. The maximum revenue is from Crude Oil. | $1 | -- | $6B | $7B | 13.5x | 17.0x | ||
| Seplat Energy PLC is a Nigerian independent upstream oil and gas company which focuses on production and development opportunities in Nigeria. The company has two reportable segments, namely Oil and Gas. Geographically, it derives a majority of its revenue from the Bahamas. The company's exploration assets include OMLs 4, 38 and 41 which are located in Edo and Delta States onshore Nigeria; OPL 283 Marginal Field Area; and OML 53, which is located onshore in Imo State in the North-Eastern Niger Delta. | $9 | -- | $5B | $6B | 2.1x | 4.5x | ||
| Transcorp Power PLC is engaged in power sector in Nigeria. It is a gas-fired open cycle thermal power plant located in Ughelli. It is fossil-fuel-based power-generating station in the country. The plant has an installed capacity of 972 MW and can generate 2,500 GWh of electricity annually. Transcorp power plant uses natural gas supplied by Nigeria, Nigeria Gas Infrastructure Company (NGIC) as the primary fuel for power generation. The Company has two operating segments: International - this segment is responsible for the sale of electric power to customers outside Nigeria and Local - this segment is responsible for the sale of electric power to customers within Nigeria. Key revenue is generated from Local sales. | $0 | -- | $1B | $2B | 5.2x | 15.2x | ||
| Oando PLC makes strategic investments in energy companies. Through its subsidiaries, the company is engaged in exploration and production, Supply and trading of petroleum products, and Mining and infrastructure development. The group has four operating segments: (i) Exploration and production. (ii) Supply and Trading (iii) Mining & infrastructure development, (iv) Corporate, and others. The majority of its revenue is generated from Supply and Trading which involves trading crude, refined, and unrefined petroleum products. | $0 | -- | $514M | $2B | 1.0x | 5.7x | ||
| Median | $1 | -- | $3B | $4B | 3.6x | 10.4x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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