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Two of Nigeria’s most-watched energy stocks delivered blowout half-year numbers in the last week of July, but only one of them delivered clean shareholder value.

Seplat Energy Plc posted a 498% jump in net income and lifted its 2026 dividend target to a record 68.3 cents a share, while Aradel Holdings Plc reported revenue up nearly sevenfold to ₦2.49 trillion after consolidating its newly acquired stakes in ND Western Limited and the former Shell Petroleum Development Company joint venture.

Once non-controlling interest, finance costs and tax are stripped out, Aradel’s profit attributable to its own shareholders however grew just 6.3% — a fraction of its revenue growth — because nearly ₦37.4 billion of its ₦191.0 billion half-year profit now belongs to minority partners in the subsidiaries it just took control of.

Seplat, by contrast, has almost no minority drag left, a fully quantified and growing dividend, and — at a P/E of 16.50x versus Aradel’s 18.78x — the cheaper valuation on both earnings and sales despite trading at a near-identical market capitalization of ₦6.818 trillion versus ₦6.634 trillion, data compiled by MoneyCentral shows.

Capital Structure and Minority Leakage Leaves Seplat Ahead on Dividends

The primary divergence in shareholder value creation stems from corporate ownership structures:

• Aradel’s Minority Leakage: Aradel’s acquisition strategy—including increasing its stake in ND Western and acquiring equity in Renaissance Africa Energy—triggered consolidated top-line growth. However, because Aradel does not hold 100% of these operating subsidiaries, ₦37.38 billion of its ₦191.04 billion total net profit was claimed by minority equity holders. As a result, profit available to Aradel’s parent…