NGX Oil and Fuel phases 31% early-2026 comeback on two heavyweight firms

The Nigerian oil and gasoline sector has made a powerful comeback on the Nigerian Alternate in 2026, climbing greater than 31% year-to-date and outperforming the commercial items sector, which has risen over 18%.

Tracked by the NGXOILGAS index, the Nigerian Oil & Fuel sector began 2026 at 2,670.2 factors, broke previous the three,000-point mark in January, and has soared above 3,500 in early February.

The rally follows a quick downturn in late 2025, when the sector fell 7.33% in November and dipped beneath 2,700 factors in December, after a deeper 10.12% retracement within the first half of 2025.

Nonetheless, early 2026 has seen a surge within the Nigerian oil and gasoline sector, pushed by heavyweights Seplat and Aradel, whose robust efficiency has pushed the index to new highs.

What the information is saying

The NGXOILGAS index opened January 2026 round 2,670.2 factors, gaining 368.6 factors to surpass the 2,900 resistance zone and shutting the month at 3,038.8 factors.

Early February has been even stronger, with the index including over 450 factors to maneuver above 3,500 by mid-trading on tenth February 2026.
This efficiency outpaces the broader All-Share Index, which has gained over 13.6% year-to-date, with the NGX Oil and Fuel Index up greater than 31%.

A lot of the rally has been pushed by Aradel, up over 47.9%, and Seplat, up greater than 26.8% as of early February.

Their affect extends past the Oil & Fuel sector, as each firms account for over 3.8% every of the Alternate, with market caps of N4.4 trillion (Seplat) and N4.3 trillion (Aradel).

The robust performances are seemingly supported by constructive sentiment on operational outcomes, together with Aradel’s FY2025 pre-tax revenue of N463.7 billion, up 46.5%, and stable occasions at Seplat, which can enhance its FY2025 outcomes when printed.

Constructive fundamentals

Constructive developments in Seplat embody the beginning of gasoline manufacturing at its Assa North–Ohaji South (ANOH) undertaking in Imo State, which may course of 300 million normal cubic ft per day.

This raises Seplat’s onshore gasoline capability to over 850 MMscfd and is predicted to spice up income, cut back carbon depth, and help the 2030 manufacturing goal of 200 kboepd.

On the company aspect, Tony Elumelu’s Heirs acquired a 20% stake in Seplat Power from Maurel & Promenade for $500 million, turning into the biggest single shareholder. Earlier, Seplat’s subsidiaries switched their onshore oil belongings to the Petroleum Business Act system, changing the outdated tax regime and paving the way in which for stronger profitability and money circulation.
Aradel, on the opposite aspect, has reported robust 2025 outcomes, with pre-tax revenue up 46.5% to N463.71 billion and after-tax revenue rising 54.87% to N401.22 billion.

In line with its CEO, Adegbite Falade, the corporate’s diversified vitality portfolio and the further 40% stake in ND Western Restricted have been key drivers of development.

Income development supported the robust efficiency, with crude oil income growing 18% to N440.1 billion from larger manufacturing and 4.1 million barrels bought.
Refined merchandise income additionally rose 18% to N210.8 billion, making up 30% of complete income and reflecting the advantages of Aradel’s diversification technique.

Though Seplat is but to file its full-year monetary report, robust full-year outcomes are anticipated.

What to know

In October 2025, Renaissance Capital Africa gave Aradel a “Purchase” score, forecasting a 62.6% upside to a goal worth of N1,040.90, citing robust development prospects.

Later in December, Zedcrest Wealth maintained its BUY score on Seplat, concentrating on N8,049, implying a 38.6% upside.
Aradel is at the moment priced at N991, up greater than 47% year-to-date in 2026.
Seplat is up over 26%, buying and selling at N7,370.

Additional constructive reactions to the basics of each firms might push their share costs towards the targets set by analysts.

Eterna Plc, a medium-cap firm within the NGX oil and gasoline sector, is up greater than 16%.