Nigeria's oil and gas sector, a cornerstone of its economy, is driven by influential billionaires like Aliko Dangote and Folorunsho Alakija. These leaders, through ventures such as the Dangote Refinery and major oil stakes, play pivotal roles in shaping the industry and influencing global energy markets.
Nigeria's oil and gas sector is a vital pillar of its economy, profoundly influencing both regional and global energy markets. The nation, as Africa's leading oil producer, delivers about 2.5 million barrels per day, playing a crucial role in the international oil supply. Oil exports account for over 90% of Nigeria’s foreign exchange earnings and about 70% of government revenue. Despite facing challenges like fluctuating oil prices, which saw Brent crude plummet below $20 per barrel in early 2020 due to the COVID-19 pandemic before rebounding to approximately $90 per barrel in 2024, the sector remains resilient.
Several Nigerian billionaires have significantly impacted the industry through major investments and leadership. Here’s a look at some key figures shaping the landscape:
- Aliko Dangote – With a fortune of $12.56 billion, Dangote stands as Africa's wealthiest individual. His Dangote Refinery, inaugurated in May 2023 in Lekki, is set to be the world’s largest single-train refinery. This $19 billion project aims to end Nigeria’s dependency on fuel imports by producing a range of products including gasoline and diesel. It will also export surplus fuel and is expected to go public by early 2025.
- Theophilus Danjuma – Founder of South Atlantic Petroleum (SAPETRO), Danjuma has been a significant player in Nigeria's oil sector. SAPETRO, established in 1995, operates across multiple African countries and has substantial interests in the Akpo deepwater field. Recently, Danjuma stepped down as Chairman but remains a notable figure in the industry.
- Adewale Tinubu – As the Group Chief Executive of Oando PLC, Tinubu has transformed the company from a marketing firm into a leading integrated energy group. Oando’s acquisition of ConocoPhillips’ Nigerian assets for $1.8 billion in 2014 marked a significant milestone under his leadership. Tinubu’s achievements have earned him accolades such as “Entrepreneur of the Year” from Ernst & Young.
- Folorunsho Alakija – Nigeria’s richest woman, Alakija’s wealth stems from her role as Vice Chair of Famfa Oil, which has a stake in the Agbami Oilfield. Her career began in fashion before transitioning into oil, and she is also known for her philanthropic work through the Rose of Sharon Foundation.
- Dr. Bryant (ABC) Orjiako – Co-founder of Seplat Petroleum Development Company, Orjiako has overseen significant profit growth, benefiting from rising energy prices. Seplat is listed on both the London and Nigerian stock exchanges.
- Tunde Afolabi – As Chairman and CEO of Amni International Petroleum Development, Afolabi has led the company in offshore oil exploration across West Africa. Amni’s expansion into Ghana and its significant gas reserves position it strongly in the global market.
- Bola Shagaya – Founder of Practoil Limited, Shagaya is a prominent businesswoman who has expanded her interests from importing photographic materials to real estate and fashion. Practoil is known for its distribution of base oil in Nigeria.
- Benedict Peters – Peters established Aiteo Group, now one of Africa’s largest indigenous oil producers. Aiteo’s acquisition of OML 29 and the Nembe Creek Trunk Line has been pivotal in its growth, and Peters focuses on sustainable mining practices.
- Alhaji Sayyu Dantata – A significant player in Nigeria’s oil market, Dantata’s MRS Oil Nigeria Plc operates numerous retail stations and has a substantial market presence, having acquired Chevron’s downstream assets in West Africa.
- Gabriel Ogbechie – Founder of Rainoil Limited, Ogbechie has expanded his company into a major downstream player with extensive storage and distribution networks. His philanthropic efforts through The Gabriel Ogbechie Foundation focus on education and healthcare.
- Fredrick Obateru Akinruntan – As the founder of Obat Oil, Akinruntan has built one of Nigeria’s largest privately-held oil firms. His company operates a large tank farm and numerous gas stations across the country.
- Winifred Akpani – Akpani’s Northwest Petroleum & Gas Company has grown from a diesel distributor to an international player in oil trading. She is also involved in corporate social responsibility through her company.
- Tope Shonubi – Co-founder and Executive Director of Sahara Group, Shonubi has helped grow the company into a major energy and infrastructure player with operations in several African countries.
- Prince Engr. Arthur Eze – Founder of Atlas Oranto Petroleum, Eze has established the largest privately held exploration and production group in Nigeria, holding numerous oil and gas licenses across Africa.
- Ernest Azudialu-Obiejesi – Founder of Nestoil, the largest indigenous EPCC company in Nigeria, Azudialu-Obiejesi has made significant contributions to pipeline construction and energy infrastructure.
- Mohammed Indimi – Founder of Oriental Energy Resources, Indimi has developed key offshore oil fields and has been involved in philanthropic initiatives alongside his business ventures.
- Mike Adenuga – Known for his ventures in telecommunications and oil production, Adenuga’s Conoil operates several oil blocks, and he is a prominent figure in Nigeria’s business landscape.
- Audrey Joe-Ezeigbo – Co-founder of Falcon Corporation Limited, Joe-Ezeigbo has played a significant role in the company’s development and is recognized for her contributions to entrepreneurship.
- Augustine Avuru – Co-founder of Seplat Petroleum Development Company, Avuru led the company through a successful period of growth and remains a key figure in Nigeria’s oil sector.
- Femi Otedola – Formerly the chairman of Forte Oil PLC, Otedola is now the executive chairman of Geregu Power PLC and has significant investments in various sectors including oil and gas.
Credit: BusinessDay
