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Meet the top 10 Nigeria's Oil and Gas Barons

MUST READ: Meet the top 10 Nigeria's Oil and Gas Barons

Posted Jul 23, 2023 - 11:07AM by Gnax Oneboss 0
The oil and gas industry has long been recognized as a cornerstone of Nigeria’s economy, with a significant impact on its Gross Domestic Product (GDP) and overall economic development. The discovery of oil in commercial quantities in the 1950s marked a turning point for the nation, propelling it onto the global stage and opening doors to immense economic opportunities. Historically, oil and gas exports have constituted a substantial portion of Nigeria’s total revenue. Revenues from crude oil sales have financed infrastructure development, public services, and government expenditure. The industry has also attracted foreign direct investment and stimulated job creation, both directly and indirectly. Let's take a look at the Top 10 Oil and Gas Barons in Nigeria TY Danjuma is the founder and chairman of South Atlantic Petroleum (SAPETRO), a company that has a portfolio of high-quality assets in West Africa. He is also a distinguished businessman and a former Nigerian defense minister. He recently acquired a 60-percent stake in BOC Gases Nigeria, a subsidiary of the UK-based BOC Holdings, and rebranded it as Industrial and Medical Gases Nigeria. He has a net worth of $1.2 billion, according to Forbes, and is one of the richest men in Nigeria. Dangote continues to make significant strides in the oil and gas sector with his latest venture, the Dangote Refinery. The refinery, which covers a vast expanse of 6,180 acres within the strategic Lekki Free Trade Zone in Lagos State, is expected to be one of the largest refineries in the world when completed. It will have a capacity of 650,000 barrels per day (bpd) and produce various petroleum products such as gasoline, diesel, jet fuel, kerosene, and liquefied petroleum gas (LPG). Dangote has invested almost $19 billion in the development of the refinery, which is expected to create over 250,000 direct and indirect jobs Adewale Tinubu is the Group Chief Executive of Oando PLC, a company that provides integrated energy solutions across the value chain, from exploration and production to trading and distribution. Oando PLC is listed on the Nigerian Stock Exchange and the Johannesburg Stock Exchange and has operations in 17 countries across Africa. Tinubu has led the company to become a prominent player in Nigeria’s energy sector. Under his leadership, Oando has driven innovation and pushed boundaries in the industry. He has a net worth of N16.8 billion and a total shareholding of 2,857,483,572 shares in Oando Plc. Co-founder of Seplat, Avuru assumed the role of CEO after an illustrious tenure at NNPC. He played a crucial role in the company’s dual listing on the London and Nigerian stock exchanges, showcasing his leadership skills. He retired as CEO in July 2020 and became a non-executive director of Seplat . He has a degree in Geology from the University of Nigeria, Nsukka, and over 38 years of experience in the oil and gas industry. Co-founder of Sahara Energy, Shonubi’s influence extends to the largest privately owned vertically integrated power company in Sub-Saharan Africa (excluding South Africa). With a portfolio that includes Egbin Power Plc, Ikeja Electric, and First Independent Power Limited, Sahara Group operates in over 40 countries . He is also a director of Asharami Energy Limited, a subsidiary of Sahara Group that focuses on upstream oil and gas exploration and production. Founder and Group Managing Director of Rainoil Limited, Ogbechie’s expertise in the Nigerian oil and gas industry spans nearly three decades. His acquisition of shares in Eterna Oil Plc solidified his position as a major player in the sector. He is also the Chairman of Brent Hotels Limited, a hospitality company that owns Best Western Plus Wetland Hotel in Delta State . He has a degree in Mechanical Engineering from the University of Benin. Founder of MRS Oil Nigeria Plc, Dantata has transformed his company, MRS Group, into an integrated conglomerate with diverse interests, including Ovlas Trading & Supply, Corlay Global SA, and Koggi Shipping. He is also the Chairman of MRS Holdings Limited, the parent company of MRS Oil Nigeria Plc . He has a degree in Mechanical Engineering from Morris Brown College, Atlanta, Georgia. Founder of Nestoil, Azudialu-Obiejesi’s journey in the energy sector began in the late 1980s. Under his visionary leadership, Nestoil has grown into a leading indigenous oil and gas conglomerate, excelling across the entire energy value chain . He is also the Chairman of Neconde Energy Limited, an upstream oil and gas company that operates OML 42. He has a doctorate degree in Business Administration from the International School of Management (ISM), Paris. Founder and chairman of Oilserve Nigeria, Okwuosa has made significant strides in the oil and gas industry. Oilserve’s expansion to several African countries showcases its influence beyond Nigeria’s borders. Oilserve is one of the leading providers of engineering, procurement, construction, installation, commissioning, operation, and maintenance services for oil and gas facilities in Nigeria. The company has executed several landmark projects such as the Escravos-Lagos Pipeline System Phase II (ELPS II), the Obiafu/Obrikom-Oben (OB3) Gas Transmission Pipeline System, and the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project. Founder of Northwest Petroleum & Gas Company, Akpani’s journey began with the supply of diesel to small establishments. Today, her company boasts an impressive network of approximately 30 nozzle stations and substantial storage capacity. Northwest Petroleum & Gas Company is also involved in crude oil lifting under various contracts with international oil companies (IOCs) operating in Nigeria. Akpani is also the founder and managing director of Midwestern Oil & Gas Company Limited, an indigenous exploration and production company with interests in several oil blocks in Nigeria. Founder of Conoil Producing, Adenuga achieved remarkable success by striking oil in considerable quantities. His company was the first indigenous Nigerian company to operate an offshore shallow water block with an FPSO (Floating Production Storage Offloading) vessel. Conoil Producing operates six highly prospective blocks in the Niger Delta region and produces over 100,000 bpd of crude oil. Adenuga’s ventures extend beyond oil, including significant interests in telecommunications through Globacom Limited, one of Nigeria’s leading mobile network operators. Founder of Aiteo Group, Peters has played a transformative role in the Nigerian oil, gas, and power sectors. Aiteo Group is one of Africa’s fastest-growing integrated energy conglomerates with interests in exploration and production, refining, power generation, trading, marketing, storage, distribution, and retailing. Aiteo Group operates OML 29 (Oil Mining Lease), one of Nigeria’s largest onshore blocks with a production capacity of over 200,000 bpd. The company also owns Nembe Creek Trunk Line (NCTL), a 100-kilometre pipeline that transports crude oil from OML 29 to Bonny Export Terminal.
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