Thursday, November 14, 2024
HomeBusiness20 Billionaires In The Nigeria Oil And Gas Industry, Company And...

20 Billionaires In The Nigeria Oil And Gas Industry, Company And State Of Origin

Nigerians are increasingly capitalizing on the oil and gas sector, leveraging investments and entrepreneurship to drive economic growth. With local companies emerging alongside international firms, this sector is pivotal in creating jobs and enhancing the country’s financial landscape.

Below are the List of Richest Nigeria Billionaires in the oil and gas industry;

1,Alhaji Aliko Dangote -Dangote petroleum Refinery

Aliko Dangote, born in Kano State, is Nigeria’s and Africa’s wealthiest individual, with a net worth of $12.56 billion. He continues to make significant strides across various sectors, profoundly impacting the nation’s economic landscape. His ambitious Dangote Refinery, inaugurated on May 22, 2023, in Lekki, Lagos State, stands as the world’s largest single-train refinery. With an impressive $19 billion investment, it has the capacity to process up to 650,000 barrels of crude oil daily.

The refinery aims to eliminate Nigeria’s dependency on fuel imports by locally producing gasoline, diesel, jet fuel, kerosene, and LPG, while also exporting surplus production. Spanning 2,635 hectares in the Dangote Industries Free Zone, the refinery features three offshore moorings and is expected to undergo a public offering by early 2025. Despite initial delays, it began producing diesel and aviation fuel A1 in January 2024.

In addition to his ventures in oil, Dangote is deeply involved in agribusiness, working on projects that contribute to Nigeria’s agricultural development and economic diversification.

Read also:

2. Theophilus Yakubu Danjuma – Sapetro

Theophilus Yakubu Danjuma, originally from Taraba State, founded South Atlantic Petroleum (SAPETRO) in 1995. SAPETRO is a Nigerian-owned oil exploration and production company involved in the full upstream value chain, operating across four African countries. The company plays a notable role in Nigeria’s oil industry, particularly through its involvement in the Akpo deepwater field off the coast of Port Harcourt. Danjuma established SAPETRO with the vision of supporting Nigeria’s economic development and positioning the company as a key player in the oil sector. Recently, he announced his retirement as SAPETRO’s Chairman. According to Forbes, Danjuma’s estimated net worth was $750 million as of 2015.

3.Adewale Tinubu (Lagos State)

Adewale Tinubu, originally from Lagos State, is a business executive and lawyer, currently serving as the Group Chief Executive of Oando PLC, one of Africa’s leading energy solutions providers. Tinubu holds a Bachelor of Law degree from the University of Liverpool and both an MBA and a Master of Law degree from the London School of Economics. Starting his career in corporate law in 1992, Tinubu co-founded Ocean and Oil Group (now Oando) in 1993. Under his leadership, Oando PLC, listed on the Nigerian and Johannesburg Stock Exchanges, transformed from a petroleum marketing company into a fully integrated energy group. In 2014, he led Oando’s acquisition of ConocoPhillips’ Nigerian operations for $1.8 billion, marking a major milestone in the company’s expansion.

Tinubu has been widely recognized as a significant figure in Africa’s oil sector, with Forbes acknowledging his influence in the industry. Among his awards are “Entrepreneur of the Year” from Ernst & Young in 2015 and “African Business Leader of the Year” from Africa Investor in 2011. Oando’s subsidiaries include OVH Energy, Axxela Limited, and Oando Energy Services, with OVH Energy managing an extensive distribution network across Nigeria.

Read also:Benefit for Nigeria as regulators approve Shell’s $1.3 billion asset sale

4. Folorunsho Alakija (Lagos State)

Folorunsho Alakija, from Lagos State, is Nigeria’s wealthiest woman, with an estimated net worth of $1 billion as of 2020, according to Forbes. She is a distinguished businesswoman and philanthropist, serving as vice-chairperson of Famfa Oil, which has a significant stake in the Agbami Oilfield. This offshore asset, operated in collaboration with Chevron and Petrobras, has been producing since 2008 and is expected to remain active through 2024.

Alakija’s career began as an executive secretary at Sijuade Enterprises, after which she launched her own tailoring company, Supreme Stitches (later Rose of Sharon House of Fashion). Her entrepreneurial success eventually led her into the oil industry, where she co-founded Famfa Oil. Notably, she successfully defended her ownership rights in a legal dispute with the Nigerian government, maintaining control over Famfa’s stake against a claimed 50% government share.

Beyond business, Alakija is dedicated to philanthropy. She founded the Rose of Sharon Foundation, which provides support to widows, orphans, and the underprivileged across Nigeria.

5. Dr. Bryant (ABC) Orjiako — Seplat

Dr. Ambrose Bryant Chukwuemeka (ABC) Orjiako, a surgeon, co-founded Seplat Petroleum Development Company PLC, a leading Nigerian oil and gas firm listed on the London and Nigerian stock exchanges. Seplat achieved a 41% profit surge in the first half of 2022, benefiting from rising energy prices. His business interests span oil, gas, construction, real estate, pharmaceuticals, and shipping. Dr. Orjiako is also a philanthropist, founding the Daniel Orjiako Memorial Foundation, and serving as a member of the London Stock Exchange Group’s Africa Advisory Group.

6. Tunde Afolabi — Amni International Petroleum Development

Tunde J. Afolabi is the Chairman/CEO of Amni International Petroleum Development Company Limited (Amni), which he co-founded in 1993 as a Nigerian independent oil and gas exploration and production company. Amni, which has been a pioneer in offshore oil and gas activities in West Africa, operates offshore blocks OML 112 and OML 117 in Nigeria and is expanding into Ghana and other regions. With gas reserves of 3.5 trillion cubic feet, Amni is well-positioned for the global gas market. Afolabi, who has over 40 years of experience in the industry, holds a BA and MSc in Geology from Franklin & Marshall College and Tulane University, respectively. He has received honorary Doctor of Technology degrees from Ladoke Akintola University and Ajayi Crowther University and is involved in various professional and socio-political activities across Africa.8 . Benedict Peters — Aiteo Group

7. Benedict Peters, A billionaire entrepreneur from Delta State, is the founder and CEO of Aiteo Group and Bravura Holdings, with significant investments in oil, gas, and mining. Peters established Aiteo, Africa’s largest indigenous oil producer, and Bravura Holdings, which operates across African countries in sectors such as platinum, lithium, steel, copper, and gold. In 2014, Aiteo acquired a controlling stake in Oil Mining Lease (OML) 29 and the Nembe Creek Trunk Line (NCTL) in the Eastern Niger Delta. Aiteo now produces nearly 100,000 barrels of oil per day, contributing over five percent of Nigeria’s daily oil production. In November 2023, Aiteo partnered with the Nigerian National Petroleum Corporation (NNPC) to launch a new grade of crude called Nembe. Known as Africa’s “Green Baron,” Peters focuses on securing essential minerals for green technologies, supporting the electric vehicle industry and lithium battery production through sustainable, innovative, and responsible mining. His philanthropic efforts are directed at rural community development and enhancing access to education, grounded in his deep Christian faith.

8. Alhaji Sayju Dantata — MRS oil Nigeria Plc

Alhaji Sayyu Dantata, hailing from Kano State, is a prominent figure in Nigerian business and has made substantial contributions to MRS Oil Nigeria Plc, formerly Texaco Nigeria Plc. Headquartered in Lagos, MRS Oil operates 586 retail stations across Nigeria, offering gasoline, marine, and aviation fuels, as well as premium lubricants such as Stallion and Premier Motor Oil, produced at its own blending facility. In 2009, Dantata led the acquisition of Chevron’s downstream assets in West Africa, including the Texaco brand, boosting MRS Oil’s market position and gaining invaluable human capital. MRS Oil also holds interests in Ovlas Trading & Supply, Corlay Global SA, and Koggi Shipping.

9. Gabriel Ogbechie — Rainoil Limited

Gabriel Ogbechie, a Nigerian billionaire and philanthropist, founded rain oil Limited in 1997, growing it into a significant player in the oil and gas industry. With operations covering the entire downstream value chain, Rainoil owns three large petroleum storage depots in Oghara, Calabar, and Ijegun Egba, each with a capacity of 50 million litres. The company also operates over 150 retail stations and LPG plants, supported by a fleet of 250 tank trucks. Ogbechie’s philanthropic efforts through The Gabriel Ogbechie Foundation include scholarships, healthcare services, and youth employment programs. His journey began with a single truck for diesel supply in 1996.

10. Fredrick Obateru Akinruntan — Obat oil company

His Royal Majesty Fredrick Obateru Akinruntan, a distinguished Nigerian monarch from the Ugbo Kingdom in Ondo State, founded Obat Oil in 1981. Under his leadership, the company has become one of Nigeria’s largest privately held oil firms, operating over 50 gas stations nationwide and owning one of Africa’s largest tank farms, with a storage capacity of 65 million liters. In March 2014, Forbes estimated Akinruntan’s net worth at $300 million, making him Africa’s second-richest king and Nigeria’s wealthiest monarch at the time. Known for his luxurious lifestyle, he owns a custom-built 2012 Rolls-Royce and was the first black person to purchase the 2014 Bentley model. His son, Prince Akinfemiwa Akinruntan, currently serves as the managing director of Obat Oil

11. Winifred Akpani — Northwest Petroleum & Gas Company Limited

Winifred Akpani, a prominent Nigerian businesswoman and entrepreneur from Delta State, holds a Bachelor of Science in Mathematics from the University of Benin and a Postgraduate Diploma in Computer Science from the University of Lagos. She is a Fellow of the Institute of Chartered Accountants of Nigeria and the Institute of Directors. Akpani began her career as a trainee accountant at Oni Lasebikan and Co. (now Ernst & Young) in 1987 and later joined Arthur Anderson & Co. (now KPMG), where she became a Chartered Accountant in 1990.

In 1992, she founded Northwest Petroleum & Gas Company Limited with an initial capital of 200,000 Naira, initially focusing on diesel distribution before expanding into international oil trading and investments in the Nigerian oil and gas sector. Established in 1998, Northwest Petroleum specializes in marketing petroleum products and has been officially exporting Nigerian crude oil since 2014. The company operates globally and actively engages in corporate social responsibility initiatives.

In addition to her role at Northwest Petroleum, Akpani founded and manages Midwestern Oil & Gas Company Limited and was elected Chairman of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) in 2019. She is married and has children, further emphasizing her commitment to both her family and her business endeavors.

12. Tope Shonubi — Sahara Energy

Tope Shonubi, originally from Ogun State, is a co-founder and Executive Director of Sahara Group, which he co-established in 1996 with Tonye Cole and Ade Odunsi. Sahara Group is an international energy and infrastructure company focused on petroleum and power distribution in Africa. Under Shonubi’s leadership, Sahara Energy has become a major player in the energy sector, with significant operations in Nigeria, Ivory Coast, and Ghana. In 2023, Sahara Group acquired two LPG vessels to support clean energy initiatives and has invested in storage terminals across Africa to improve energy security and access

13. Prince Engr. Arthur Eze — Atlas Oranto Petroleum

Prince Engr. Arthur Eze, who hails from Anambra State, is a prominent businessman and political figure from a royal family. He attended St. Augustine Secondary School in Nkwere, Imo State, and later earned a degree in Mechanical Engineering from California State University, Long Beach, between 1974 and 1978. In 1991, he founded Atlas Oranto Petroleum, the largest privately held Nigerian exploration and production group, which holds 22 oil and gas licenses across 12 African jurisdictions, including Nigeria and Equatorial Guinea. The company operates with regional offices in West Africa, a technical base in Lagos, and its headquarters in Abuja. Additionally, Eze established Triax Airlines in 1992, following Nigeria’s airline deregulation, operating from Enugu Airport with a fleet of three Boeing 727 aircraft

14. Ernest Azudialu – Obiejesi — Nestoil

Ernest Azudialu-Obiejesi joined his family’s business in 1978 and later founded Obijackson West Africa Limited in 1983. He holds a doctorate in Business Administration from the International School of Management in Paris. In 1991, he established Nest oil, an EPCC company specializing in pipeline construction and related facilities, which has become Nigeria’s largest indigenous EPCC company in the oil and gas sector. Azudialu-Obiejesi also founded Neconde Energy Limited, which operates OML 42. He is the founder and chairman of the Obijackson Foundation, which focuses on education, empowerment, skill acquisition, infrastructure, healthcare, and cultural enrichment in Nigeria.

15. Mohammed Indimi — Oriental Energy

Mohammed Indimi, originally from Borno State, is a Nigerian businessman and philanthropist, serving as the founder and chairman of Oriental Energy Resources (OER). With over 20 years of experience in Nigeria’s upstream oil and gas sector, he is also a co-founder of Jaiz Bank. Founded in 1990 and headquartered in Abuja, Oriental Energy focuses on oil exploration and production, operating assets including the Ebok and Okwok fields offshore Nigeria, as well as OML 115 in the southeastern offshore region. As of October 2023, Indimi’s net worth was estimated at $500 million by Forbes, a figure that reflects his substantial contributions to the industry. Oriental Energy has developed an offshore production hub at the Ebok Terminal for crude oil storage and offloading

16. Mike Adenuga — Conoil

Mike Adenuga, originally from Ogun State, is a Nigerian billionaire with a net worth of $6.7 billion according to Forbes as of August 14, making him the second richest person in Nigeria. He is renowned for his ventures in telecommunications and oil production. Adenuga founded Globacom (Glo), Nigeria’s second-largest telecom operator, boasting over 60 million subscribers and operations in Ghana and Benin. He also constructed the Glo-1 submarine internet cable, which connects Nigeria to the U.K. In the oil sector, he owns Conoil Producing Limited, which operates six oil blocks in the Niger Delta and was the first indigenous company to commercially strike oil in Southwestern Ondo State in 1991. Adenuga’s educational background includes degrees in Business Administration from Northwestern Oklahoma State University and Pace University. He has been honored with several accolades, including the Grand Commander of the Order of the Niger (GCON), a Yoruba tribal chieftaincy title, and the Commander of the Legion of Honour by French President Emmanuel Macron in 2018.

17. Audrey Joe-Ezeigbo — Falcon Corporation Limited

Audrey Joe-Ezeigbo, originally from Imo State, co-founded Falcon Corporation Limited in 1994, a Nigerian midstream and downstream energy company involved in oil and gas, engineering, construction, and real estate. As Deputy Managing Director, she has significantly shaped the company’s growth. Recognized with numerous awards, including the Ernst & Young Entrepreneur of the Year West Africa 2014 Award, Audrey is also an author of four books and a global speaker. She is committed to sharing knowledge and empowering entrepreneurs, driven by her philosophy to fully utilize her talents and abilities

18. Augustine Avuru — Seplat

Augustine Avuru, originally from Delta State, began his career at the Nigerian National Petroleum Corporation (NNPC) and later worked at Allied Energy Resources before co-founding Seplat Petroleum Development Company in 2009. He served as Seplat’s CEO from 2010 until 2020, when he transitioned to the role of non-executive director. Under his leadership, Seplat was successfully listed on both the London Stock Exchange and the Nigerian Stock Exchange. Avuru holds 60,098,823 shares in Seplat, and in 2021, the value of his stake increased by $53.74 million due to a 94% rise in Seplat’s share price, reflecting the growing global demand for crude oil.

19. Tony Elumelu.-Heirs Holding 

Tony Elumelu, hailing from Delta State, is a renowned Nigerian entrepreneur, economist, and philanthropist. He founded Heirs Holdings, a diversified investment company with interests spanning multiple sectors, including banking, healthcare, real estate, and energy. Through Heirs Oil & Gas, the company has a strong presence in the oil sector, having acquired a 45% stake in Oil Mining Lease (OML) 17, one of Nigeria’s most significant oil blocks. This acquisition aligns with Elumelu’s mission to drive sustainable development across Africa by investing in essential sectors. Under his leadership, Heirs Holdings and its subsidiaries are poised to impact Nigeria’s energy security and economic landscape.
20. Emeka Okwuosa — Oilserv Limited

Engr. Emeka Okwuosa, with over 40 years in engineering and management, is the founder and Chairman/Group CEO of several companies in Africa’s oil and gas sector, including Oilserv Limited, Frazimex Engineering Limited, Frazoil Exploration and Production Limited, Frazpower Limited, Ekcel Farms Limited, and Crown Energy Resources Ltd. His experience includes pipeline and facilities maintenance, project management, and drilling services across various regions. He also chairs the Sir Emeka Okwuosa Foundation, which supports healthcare, education, and infrastructure, and the Dame Irene Okwuosa Memorial Hospital in Anambra State. Okwuosa has received multiple awards, including the National Productivity Order of Merit Award and the PETAN Lifetime Achievement Award.

Read also: NNPCL To Senate: We‘re Not Criminals, Oil And Gas Industry Not Bleeding

Most Popular