Biggest Oil Moguls in Nigeria
1956 saw the discovery of crude oil in Nigeria, and production began in the late 1950s. After then, international corporations were allowed to participate in oil exploration, and the oil industry, with a few notable exceptions due to economic factors, continued to grow and eventually became a worldwide powerhouse.
Nigeria’s economy and budget have been heavily reliant on petroleum-related income and earnings since 1960. Nigeria will be the world’s tenth biggest oil producer in 2020, with an estimated daily output of 1.8 million barrels from its 18 operational pipelines.
Roughly 90% of Nigeria’s export value comes from the petroleum sector, which generates about 9% of the country’s total GDP.
In the past, the industry was plagued by political and economic strife; but, thanks to the attention of the international community in the 1990s, the industry underwent significant reform, which resulted in the creation of some of the wealthiest individuals in Africa. Ten of them are profiled below.
1. Benedict Peters
You may not think of Benedict Peters while discussing Nigeria’s wealthiest individuals. Peters, on the other hand, is a major participant in Nigeria’s and Africa’s oil, gas, and power industries, making him a quiet millionaire who is seldom mentioned.
When he was just out of school, he worked in finance, commodities trading, and the Nigerian oil and gas business. For many years, he worked closely with the company’s founders at Ocean and Oil Limited (Oando).
He then went on to become the Managing Director of MRS Oil Nigeria Plc, a significant downstream petroleum firm. He was responsible for all of MRS Oil’s Chevron/Texaco gas stations in West Africa.
Benedict Peters, the 17th wealthiest person in Africa according to Ventures Africa, is a pioneer in the Nigerian oil and gas sector.
2. Prince Arthur Eze (Oranto Petroleum)
While serving as Atlas Oranto Petroleum International Limited’s chairman, Prince Arthur Eze also serves on the boards of many other companies in Nigeria. In frontier plays in Nigeria, Sierra Leone, Liberia, Togo, Ivory Coast, Chad, Cameroon, and Equatorial Guinea, his business holds major upstream interests. Philanthropy is one of his many talents.
Pioneer Natural Resources of the USA, Roc Oil, Transworld of the USA, Canoxy, LukOil of Russia, Noble, Tetra, Kosmos Energy of the USA, Petronas of Malaysia, DNO of Norway, TransAtlantic Petroleum of the USA, and Canada’s Nexen are some of his company’s technical partners. Since the early ’90s, he has been politically engaged in the shadows.
3. Mike Adenuga (Conoil Producing)
Conversely, Mike Adenuga’s Conoil Producing was the first Nigerian business to discover commercial amounts of oil in the early 1990s, making him a recluse tycoon in the eyes of many. Adenuga has a net value of $4.3 billion, making it the biggest oil exploration company in Nigeria. Globacom, the country’s second-largest mobile telecommunications provider, is one of his other business interests.
4. Tonye Cole (Sahara Energy)
His pals Tope Shonubi and Ade Odunsi joined him in 1996 to form Sahara Energy Resource Limited, where he now serves as the Managing Director and Chief Executive Officer. It all began with an oil and gas corporation that traded extra fuel oil from the refineries in Port Harcourt and Warri.
After it had established itself as an established trading business, it began diversifying into storage depots, vessel ownership, and constructing depots in Lagos, Onne, and Abuja with a total capacity of 55,000 metric tonnes. Sahara Energy now employs slightly over 300 individuals, making it a significant employer.
5. Femi Otedola (African Petroleum/Zenon)
Nigerian oil tycoon Femi Otedola made the Forbes list of the world’s 793 richest people in 2009, with a net worth of more than $1.2 billion, making him one of just two Nigerians on the list. After a minor dip in recent years, his wealth and influence in Nigeria’s oil industry remain undiminished.
Zenon, an indigenous oil powerhouse worth billions of naira, is just another business he owns. In the diesel market, Otedola’s company, Zenon, is the most powerful player in the industry. Most Nigerian businesses and virtually all of the country’s main industrial companies rely on this source of diesel for their generating units.
The Dangote Group, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle, and Guinness are just a few of the many companies on this list.
6. Folorunso Alakija
Mrs. Folorunso Alakija is a successful entrepreneur and kind philanthropist who resides in Nigeria. She is the Vice-Chairman of FAMFA Oil Limited, which is her family’s oil exploration and production firm, and she is in charge of the company’s strategic planning as well as its day-to-day administration.
7. Tunde Folawiyo (Folawiyo Oil And Gas)
Yinka Folawiyo Power’s Managing Director, Folawiyo also serves as a director for several other companies in a variety of industries. While he prefers to keep his private life out of the public eye, he is well-known for his extravagant lifestyle. he has degrees from the London School of Economics and University College London – both of which are located in London.
8. Mohammed Indimi (Oriental Energy Resources)
Oriental Energy Resources (OER), an offshore oil exploration and production business formed by Indimi, is a close ally of senior Nigerian military elites. Currently, the company produces 35,000 barrels of oil and gas per day from three offshore platforms. After more than two decades in the industry, Indimi has risen to the position of 30th wealthiest African, with a noteworthy global footprint.
9. Ifeanyi Ubah (Capital Oil)
It is reported that Ubah’s Capital Oil firm has the largest and most up-to-date depot in Nigeria, making him one of Nigeria’s most prominent businessmen. Capital is the sole local downstream company with the capacity to pump 55 million liters of petroleum products daily from its 28 loading ports.
10. ABC Orjiakor (Seplat Petroleum)
ABC Orjiakor began his career as a surgeon and has already spent more than 25 years working in the oil and gas industry. At Seplat, he is responsible for driving new business growth and fostering strategic connections with Seplat’s stakeholders.
He is the founder of his charitable organization and was connected to the previous military ruler of Nigeria, Ibrahim Babangida.