1,Alhaji Aliko Dangote -Dangote petroleum Refinery
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)
4. Folorunsho Alakija (Lagos State)
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
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
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
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
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.
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