The industry has also attracted foreign direct investment and stimulated job creation, both directly and indirectly.
According to data from the National Bureau of Statistics, the oil and gas sector contributed 6.21% to the real GDP in Q1 2023.
Over the years, oil and gas industry captains have played multifaceted roles, ranging from owning and operating oil exploration and production companies to holding significant stakes in downstream and midstream ventures.
This is Nairametrics' top list of powerful captains of Nigeria's biggest oil companies.
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Aliko Dangote
Aliko Dangote, Nigeria's wealthiest individual, continues to make significant strides in the oil and gas sector with his latest venture, the Dangote Refinery.
Joining the ranks of prominent oil and gas barons, Dangote has also established his presence in other companies.
The Dangote Refinery, an ambitious project initiated by Dangote, has been generating buzz ever since its early plans were unveiled back in September 2013.
At that time, Dangote announced securing an impressive $3.3 billion in financing to transform his refinery dream into a reality.
At the time of official commissioning, he had invested almost $19 million in the development of the refinery.
As the owner and founder of the Dangote Refinery, Dangote has taken the lead in spearheading the project.
Commencing in 2016 and recently inaugurated this year, the refinery covers a vast expanse of 6,180 acres (2,500 hectares) within the strategic Lekki Free Trade Zone in Lagos State.
One notable advantage of its location is the access to the world's largest sub-sea pipeline infrastructure, spanning an impressive 1,100 kilometres.
This infrastructure ensures a reliable and continuous supply of crude oil to the refinery.
Aliko Dangote's entry into the oil and gas sector, marked by the establishment of the Dangote Refinery, showcases his influential position in Nigeria's economic landscape.
It is worth noting that while his net worth of $10.5 billion, as of the time of this report, is not solely derived from his refinery business, his stakes in the Dangote Group have significantly contributed to his wealth.
Jubril Adewale Tinubu
Jubril Adewale Tinubu, with a net worth of N16.8 billion and a total shareholding of 2,857,483,572 shares, assumes the esteemed positions of Group Chairman and CEO at Oando Plc, a prominent Nigerian energy corporation.
His educational background includes a Bachelor of Laws Degree from the University of Liverpool, England, and an LLM from the London School of Economics, specializing in International Finance and Shipping.
Tinubu's journey in the corporate world began at his family's law firm, where he gained valuable experience working on assignments related to corporate and petroleum law.
Through his leadership, Oando has established itself as a key player in the Nigerian energy sector, continually driving innovation and pushing boundaries.
His journey, marked by his educational achievements, extensive experience in corporate and petroleum law, and his transformative leadership at Oando Plc, exemplifies his notable contributions to the Nigerian business landscape.
Augustine Avuru
Austin Avuru, a co-founder of Seplat, assumed the role of Chief Executive Officer (CEO) on 1 May 2010, marking a remarkable transition twelve years after his tenure at NNPC.
Avuru's appointment brought a wealth of experience and expertise to his new position.
With a Geology degree from the University of Nigeria, Nsukka in 1980, Avuru further enhanced his knowledge by pursuing a post-graduate diploma in Petroleum Engineering from the University of Ibadan, Nigeria in 1992.
This educational background laid a solid foundation for his career in the oil and gas industry.
In 1992, Avuru joined Allied Energy Resources, an influential deepwater operator in Nigeria.
His tenure at the company spanned a decade, during which he made significant contributions as an exploration and technical manager.
This experience provided him with valuable insights and a deep understanding of the intricacies of the industry.
Demonstrating his entrepreneurial spirit, Avuru established Platform Petroleum Limited in 2002. Serving as the managing director until 2010, he showcased his leadership skills and further deepened his industry knowledge during this period.
His time at Platform Petroleum proved instrumental in shaping his career trajectory and preparing him for the role of co-founder and pioneer CEO of Seplat, where was managed the process of the dual listing of the company on the London and Nigerian stock exchanges.
Today he is the chairman of AA Foundation a not-for-profit organization dedicated to creating socio-economic change in education and health care, with investment in various portfolios in Energy, Agriculture, Real Estate, and Equity Investing.
Tope Shonubi
Tope Shonubi is the co-founder of Sahara Energy, an oil and gas firm established in 1996 with his partners, Tonye Cole and Ade Odunsi.
An energetic, enthusiastic, uncompromising yet realistic, who does not believe in the word "impossible".
His company began operations, through the group's trading subsidiary, Sahara Energy Resources, based in the British Crown dependency of the Isle of Man, when it made its first delivery of Libyan oil to the United States.
Along with his partners, Tope Shonubi exerted himself in the development of the company and today, Sahara Energy, which started as an oil and gas company trading in excess fuel oil from the Port Harcourt and Warri refineries as its core business then, is a multi-billion-dollar business.
Today, the company has a strong physical presence and operations on four continents - Africa, Europe, Asia, and the Middle East with businesses spanning the whole oil and gas value chain.
With huge investment interventions in the Energy value chain through the Sahara Power Group, the organization is 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 (FIPL)
Under Tope Shonubi's leadership, Sahara Group has grown its operations to achieve annual revenues of more than $10 billion, with over 4000 employees and operations in over 40 countries.
Shonubi was one of the youngest members of former President Olusegun Obasanjo, appointed as special assistant on international affairs in 1999.
Gabriel Ogbechie
Gabriel Ogbechie, a visionary entrepreneur, is widely acclaimed as the founder and Group Managing Director of Rainoil Limited, a prominent player in the Nigerian oil and gas sector, a company established in 1997.
Equipped with a degree in Production Engineering from the University of Benin, Ogbechie embarked on his professional journey as a factory engineer from 1989 to 1991, gaining valuable hands-on experience.
Subsequently, he joined PricewaterhouseCoopers, a renowned firm of Chartered Accountants and Management Consultants, where he further developed his skills and knowledge.
With nearly three decades of extensive experience in the Nigerian oil and gas industry, Ogbechie's expertise and insights have been instrumental in his remarkable career.
With his investment in the midstream and downstream of the sector made by building two 50-million-litre tank farms in Oghara Delta state, a fleet of over 80 distribution trucks, and ownership of five shipping vessels with a capacity of more than 117,000 metric tons, Ogbechie has truly registered his mark as an astute player in the oil and gas sector.
In November 2021, driven by his entrepreneurial spirit, Gabriel Ogbechie through a Sale and Purchase agreement solidified his base by acquiring 794,969,774 shares making the majority shareholder in Eterna Oil Plc, thereby growing the number of his company's 52 retail outlets, which was already present in 13 major cities across Nigeria.
Ogbechie has always insisted that shareholders should get regular dividends than securing the management seat for the children of the founders.
"They can own the business but not necessarily run it," he said.
TY Danjuma
General Theophilus Danjuma (TY Danjuma), is an esteemed figure in the Nigerian business landscape and is widely recognized as the founder and Chairman of South Atlantic Petroleum Limited (SAPETRO), a prominent player in the oil and gas sector.
Before embarking on his successful business ventures, General Danjuma enjoyed a distinguished military career, serving in the Nigerian Army and ultimately retiring as the Chief of Army Staff in 1979.
His military background has endowed him with valuable leadership skills and a deep understanding of strategic decision-making.
With over 25 years of experience, General Danjuma brings unparalleled business acumen and exposure to SAPETRO.
His achievements expand beyond the oil and gas industry, as he is also acknowledged as the founder of NAL/Comet Group, a highly prosperous indigenous shipping agency and terminal operator in Nigeria.
This unique blend of public and private sector experience has fortified General Danjuma's ability to navigate complex business landscapes and make astute decisions.
Before establishing SAPETRO, General Danjuma served as the Chairman of Agip Africa for seven years, further solidifying his expertise and influence in the industry.
His impressive track record and vast network have positioned him as a key player in the Nigerian business arena.
Alhaji Sayyu Dantata
Alhaji Sayyu Dantata, the esteemed founder of MRS Oil Nigeria Plc, has made an indelible impact on the oil and gas sector in Nigeria.
With a strong background in mechanical engineering, Dantata laid a robust foundation for his venture into the oil and gas industry back in 1993.
This pivotal move eventually led to the establishment of MRS Group in 1995.
Under Dantata's visionary leadership, MRS Group has flourished and transformed into an integrated conglomerate, housing a diverse portfolio of companies.
Notable among these entities are Ovlas Trading & Supply based in Geneva, Corlay Global SA, Koggi Shipping operating in Ghana, as well as MRS Oil & Gas and MRS Investments, both situated in Nigeria.
It's worth noting that Sayyu Dantata is the cousin of Alhaji Aliko Dangote, Africa's wealthiest individual and Chairman of the Dangote Group.
Dantata's company, MRS, has successfully launched the Bestaf Lubricant Plant, a subsidiary of the MRS Group, boasting an impressive production capacity of 200 million litres of lubricants.
MRS Holdings Company Limited now operates over 400 retail service stations across Nigeria, with its operations spanning several other West African countries.
The company's wide-reaching presence underscores its significance and influence within the region's oil and gas landscape.
Ernest Azudialu-Obiejesi
The founder of Nestoil, Dr Ernest Azudialu-Obiejesi, is a remarkable entrepreneur who has made a significant impact on Nigeria's oil and gas industry.
Dr Ernest Azudialu-Obiejesi's journey in the energy sector began in the late 1980s when he founded Nestoil as an engineering, procurement, and construction (EPC) company.
Under his visionary leadership, the company has grown into a leading indigenous oil and gas conglomerate with diverse interests across the entire energy value chain.
Nestoil's success can be attributed to Dr Azudialu-Obiejesi's unwavering commitment to excellence, innovation, and local content development.
Through strategic investments and partnerships, Nestoil has evolved into a prominent player in various sectors, including oil and gas exploration and production, pipeline construction and maintenance, marine services, and power generation.
As an astute business leader, Dr Ernest Azudialu-Obiejesi has consistently demonstrated a keen understanding of the industry's dynamics, successfully navigating through challenges and capitalizing on opportunities.
His emphasis on technology and capacity building has positioned Nestoil as a go-to indigenous company for complex and large-scale projects in the oil and gas sector.
Beyond the business sphere, Dr Azudialu-Obiejesi is also known for his philanthropic efforts and community development initiatives.
He is deeply committed to empowering and uplifting communities through various social responsibility projects, particularly in education, healthcare, and skill acquisition.
Nestoil's impact reaches far beyond Nigeria, with the company expanding its footprint to other African countries.
Driven by a vision of becoming a global energy solutions provider, Nestoil continues to forge strategic partnerships and investments to realize this ambition.
Dr Ernest Azudialu-Obiejesi's entrepreneurial journey and contributions to Nigeria's oil and gas sector exemplify the potential and ingenuity of indigenous companies, demonstrating that with vision, determination, and a commitment to excellence, Nigerian entrepreneurs can compete on the global stage.
Emeka Okwuosa
Emeka Okwuosa, the visionary founder and chairman of Oilserve Nigeria, has left an indelible mark on the oil and gas industry.
In 1995, Okwuosa laid the foundation for Oilserve, an endeavour that has since grown into a prominent player in the sector.
His journey to success was preceded by a stint at Schlumberger, a major oil and gas servicing company with operations spanning North Africa, West Africa, the Gulf of Guinea, Central Africa, and Southeast Asia.
A significant highlight of Okwuosa's career was his pivotal role in driving the $2.8 billion Ajaokuta-Kaduna-Kano (AKK) pipeline, a critical phase of the Trans-Nigeria Gas Pipeline project.
Born on August 19, 1961, Emeka Okwuosa received his education at Community Boys Secondary School in Oraifite, Ekwusigo Local Government Area of Anambra State.
He then pursued a degree in Electronics and Electrical Engineering at the University of Ife in 1982.
Despite stepping down from the company's board, the influential oil and gas magnate played a crucial role in the enactment of the Oil and Gas Local Content Law.
This legislation has been instrumental in fostering the development of sustainable local capacity within the industry.
Oilserve's footprint extends beyond Nigeria, as the company has expanded its operations to several African countries, including Uganda, Kenya, Tanzania, Benin Republic, and Togo.
Over the years, the company has served a diverse array of clients, among them Shell Nigeria and Nigerian LNG Limited.
Dame Winifred Akpani
In 1998, Winifred Akpani embarked on her entrepreneurial journey by establishing Northwest Oil, a petroleum company.
Initially, the company focused on the supply of 200-litre drums of diesel to residences, guesthouses, and small branches of banks in Lagos.
Since its inception, Northwest Petroleum & Gas Company Ltd. has undergone significant expansion, boasting an impressive network of approximately 30 nozzle stations today.
Furthermore, the company has amassed an impressive storage capacity exceeding 100 million litres, solidifying its position in the industry.
Winifred Akpani's professional path began as a trainee accountant at an esteemed audit firm.
Demonstrating exceptional skills and unwavering commitment, she later joined Flame Petroleum & Gas Company Limited, where she steadily climbed the corporate ladder.
Her consistent dedication and expertise eventually earned her the role of Executive Director in 1997, before going on to start her own business in 1998.
Currently, Winifred Akpani serves as the Managing Director and Chief Executive Officer of Northwest Petroleum & Gas Company, a testament to her leadership prowess and invaluable contributions to the organization.
Notably, she is married to Walter Akpani, who holds the esteemed position of Managing Director at Providus Bank.
Mike Adenuga
Mike Adenuga, a renowned Nigerian entrepreneur, stands as the illustrious founder of Conoil Producing, a pioneering Nigerian company that achieved a significant milestone in the early 1990s by striking oil in considerable quantities.
Today, Conoil Producing has burgeoned into the largest oil exploration firm in Nigeria, solidifying its prominence in the industry.
Adenuga's entrepreneurial ventures extend beyond the realm of oil, encompassing diverse sectors such as telecommunications.
With a staggering net worth of $3.6 billion, his astute business acumen has propelled him to remarkable heights.
Adenuga's ownership in Conoil Plc is structured through direct and indirect holdings.
His direct holdings amount to an impressive 103,259,720 shares, while his indirect holdings, facilitated by Conpetro Limited, encompass a substantial 516,298,603 shares.
As of the current market valuation of Conoil at N102.3 per share, Adenuga's direct holdings stand at an estimated worth of N10.5 billion. Similarly, his indirect holdings command a considerable value of N52.8 billion.
Benedict Peters
In 1999, Benedict Peters emerged as the visionary founder behind Aiteo Group, a prominent and influential entity within Nigeria's oil, gas, and power sectors.
Over the years, the company has experienced a remarkable trajectory of growth and success, solidifying its position as a major player in the industry.
In 2016 alone, Aiteo Group achieved a remarkable feat by trading petroleum products with a total value exceeding $11 billion.
A notable milestone in Aiteo Group's journey came in the form of the acquisition of an impressive 85% stake in the OML 29 block from Shell.
This strategic move, made at a considerable cost of $2.56 billion, brought forth immense opportunities for the company.
By securing this stake, Aiteo Group unlocked the potential to harness and exploit vast reserves, including the capability to produce up to 300 million cubic feet of gas and an estimated 2.2 billion barrels of oil.
Undoubtedly, Benedict Peters' foresight and entrepreneurial prowess have propelled Aiteo Group to new heights within the Nigerian energy landscape.
With a robust presence in the oil, gas, and power industries, the company continues to showcase its commitment to excellence and contribute significantly to the nation's energy sector.
Dr. Bryant (ABC) Orjiako
Dr Bryant (ABC) Orjiako, an influential figure in the Nigerian oil and gas sector, stands as a prominent figure within Seplat, an esteemed indigenous oil and gas exploration and production company.
Leveraging his expertise as a trained surgeon, Dr ABC Orjiako co-founded Seplat in 2009 and currently assumes the position of Chairman.
In this crucial role, he spearheads crucial aspects of the company's operations, including new business developments, fundraising initiatives, strategic planning, and fostering strong relationships with stakeholders.
Beyond his leadership at Seplat, Dr Orjiako also holds the position of Chairman at Neimeth Pharmaceutical International Plc, further exemplifying his diverse business interests and expertise.
Dr Orjiako's stake in Seplat is a testament to his significant involvement and commitment to the company. With a substantial ownership of 47,251,325 shares, his holdings carry an impressive valuation of N66.1 billion.
Each share of Seplat commands a notable value of N1,399.8, further underscoring the significance of his investment in the company.
Dr Bryant (ABC) Orjiako's multifaceted role within Seplat, coupled with his noteworthy contributions to the Nigerian oil and gas sector, solidifies his reputation as a respected and influential figure.
His strategic leadership and unwavering dedication continue to drive Seplat's success and contribute to the growth and development of the industry as a whole.
Dr Bryant (ABC) Orjiako is a key figure in Seplat, an indigenous oil and gas exploration and production company.
Dr ABC Orjiako, a trained surgeon, co-founded Seplat in 2009 and serves as the Chairman, leading new business developments, fundraising, strategy, and stakeholder relationships.
He also serves as the Chairman of Neimeth Pharmaceutical International Plc. Dr Orjiako holds 47,251,325 shares in Seplat, valued at N66.1 billion. A share of Seplat costs N1,399.8
Folorunsho Alakija
Folorunsho Alakija, a prominent businesswoman, holds the esteemed position of Vice Chair at Famfa Oil, a Nigerian oil exploration company.
Famfa Oil boasts a significant stake in the highly productive offshore asset known as the Agbami Oilfield.
Alakija's entrepreneurial journey commenced with the establishment of a fashion label, marking her initial foray into the business world.
Subsequently, her company received recognition from the Nigerian government, being awarded an oil prospecting license in 1993, which was subsequently converted into an oil mining lease.
This pivotal milestone opened doors for Alakija and her company to venture into the oil and gas sector.
Since 2008, the Agbami field, under the operation of Famfa Oil, has been actively contributing to the nation's oil production.
Notably, Famfa Oil operates as a family-owned enterprise, further emphasizing the close-knit nature of the company and its commitment to maintaining a legacy within the industry.
As of Forbes' 2020 report, Folorunsho Alakija's net worth stands at an impressive $1 billion, underscoring her noteworthy achievements and success within the business landscape.
Folorunsho Alakija's position as Vice Chair of Famfa Oil, coupled with her diverse entrepreneurial endeavours, highlights her significant contributions to the Nigerian oil and gas sector.
Fredrick Obateru Akinruntan
Fredrick Obateru Akinruntan, an enterprising entrepreneur, stands as the visionary founder behind Obat Oil Company, a venture that originated as a gas station in Okitipupa, Ondo State in 1981.
Over the years, the company has experienced exponential growth, expanding its footprint to encompass a network of over 50 gas stations strategically situated across Nigeria.
This remarkable expansion solidifies Obat Oil's prominence within the nation's energy landscape.
Notably, Obat Oil Company boasts ownership of one of the largest tank farms in Africa.
This impressive facility possesses an immense storage capacity, capable of accommodating up to 65 million litres of various petroleum products.
Beyond his involvement in the oil sector, Akinruntan diversifies his portfolio through ventures in real estate.
With notable property holdings in both London and Nigeria, showcasing his astute investment acumen and recognizes the potential for growth and profitability in different markets.
AbdulWasiu Sowami
Abdul Wasiu Sowami, an astute and influential entrepreneur, has emerged as a notable figure within Nigeria's oil and gas industry.
His acquisition of Forte Oil, a company formerly owned by Femi Otedola, for a significant sum of $19 million catapulted him into the league of the nation's powerful business leaders.
The transformative rebranding of Forte Oil to Ardova in 2020 marked a significant turning point for the company, signalling a new era of growth and expansion under Sowami's leadership.
What sets Sowami apart from his peers is not only his deep-rooted experience in the oil and gas sector but also his ability to navigate the billionaire landscape with distinction.
His company, Prudent Energy, made waves once again with the unexpected acquisition of Enyo, a prominent player in the fuel retail market.
This strategic move allowed Sowami to solidify his presence in the downstream sector.
Enyo, established in 2009, boasts an impressive network of 95 filling stations spread across the country. In his role as Chairman of Enyo's board, Sowami exerts his influence and leverages his expertise to drive the company's growth and success.
In addition to his ventures with Ardova and Enyo, Sowami also leads operations at Prudent Energy & Services Limited, a local oil firm that was founded in 2004 and authorized to engage in Nigerian crude lifting.
As the driving force behind the success of his companies, his remarkable achievements and strategic leadership with a forward-thinking approach and an unwavering commitment to excellence, exemplify his significant contributions to Nigeria's oil and gas industry.
Prince Engr. Arthur Eze
Arthur Eze, an accomplished business leader, assumes the pivotal role of CEO at Atlas Oranto Petroleum, a Nigerian exploration and production group.
Established in 1991, Atlas Oranto Petroleum has emerged as the largest privately held entity within the Nigerian energy sector.
The company's impressive portfolio includes an extensive collection of 22 oil and gas licenses, strategically spread across 12 jurisdictions throughout Africa.
Under his leadership, Atlas Oranto Petroleum has consistently showcased its commitment to exploration and production activities, further solidifying its influential position within the industry.
The company's expansive presence and diverse range of licenses reflect its dedication to unlocking the vast hydrocarbon potential found within Africa's diverse landscapes.
With a steadfast focus on growth and development, the company continues to navigate the complex terrain of oil and gas exploration, contributing to the continent's energy security and economic progress.
Audrey Joe-Ezigbo
Audrey Joe-Ezigbo is an exceptional and influential figure in Nigeria's oil and gas sector, making significant contributions that have left a lasting impact on the industry.
As a co-founder and Executive Director of Falcon Corporation Limited, an indigenous oil and gas company with diverse interests in exploration, production, and trading.
With a solid educational background in Economics and a master's degree in finance from the University of Lagos, Audrey Joe-Ezigbo brought a unique blend of skills and expertise to the energy sector.
Her passion for the industry and unwavering determination to succeed fueled the company's growth and prominence over the years.
Under her leadership, the company has successfully undertaken exploration and production activities, contributing to Nigeria's hydrocarbon reserves and bolstering the nation's energy security.
She is a vocal advocate for women's empowerment and gender equality within the oil and gas industry and has actively championed the inclusion of women in leadership roles as a role model for aspiring female professionals in the sector.
She has served on various boards and committees, offering her insights and expertise to drive positive change in the industry.
Her engagements extend to associations and organizations aimed at advancing the interests of indigenous oil and gas companies in Nigeria.
In addition to her professional endeavours, Audrey Joe-Ezigbo is involved in philanthropic activities, demonstrating her commitment to social responsibility, through her support for initiatives focused on education, healthcare, and community development, making a positive impact on the lives of many.
Her exploits in the oil and gas sector serve as an inspiration to aspiring young female entrepreneurs, showing that with dedication, knowledge, and determination, one can achieve remarkable success in a traditionally male-dominated industry
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