The oil and gas industry has long been recognized as a cornerstone of Nigeria's economy, with a significant impact on gross domestic product (GDP) and overall economic development.
The discovery of commercial quantities of oil in the 1950s was a turning point for the country, propelling oil onto the world stage and opening the door to immense economic opportunity.
Historically, oil and gas exports have accounted for a significant portion of Nigeria's total revenue.
Revenues from oil sales have funded infrastructure development, public services, and government spending.
The industry also attracted foreign direct investment and stimulated job creation both directly and indirectly.
According to data from the National Statistics Office, the oil and gas sector contributed 6.21% to real GDP in the first quarter of 2023.
A group of prominent and influential figures have emerged within Nigeria's oil and gas sector, commonly referred to as the 'oil and gas barons'.
Through entrepreneurial acumen and strategic investments, these individuals have risen to the top of their industries, amassed significant wealth, and wielded significant influence.
Nigeria's oil and gas barons have played multifaceted roles, ranging from owning and operating oil exploration and production companies to holding significant stakes in downstream and midstream ventures.
Here is a top list of Nairametrics of powerful owners of Nigeria's largest oil companies.
TY Danjuma
TY Danjuma is the Founder and Chairman of South Atlantic Petroleum Company (SAPETRO), which has a portfolio of high-quality assets in West Africa. He is also a prominent businessman and former Minister of Defense of Nigeria.
He recently acquired a 60% stake in BOC Gases Nigeria, a subsidiary of UK-based BOC Holdings, and rebranded the company as Industrial and Medical Gases Nigeria.
According to Forbes, his net worth is $1.2 billion, making him one of Nigeria's richest men.
Aliko Dangote
Dangote, Nigeria's richest man, continues to make great strides in the oil and gas sector with his latest venture, the Dangote Refinery.
The refinery covers a vast area of 6,180 acres within the strategic Lekki Free Trade Zone in Lagos State and is expected to be one of the largest refineries in the world upon completion.
The plant will have a production capacity of 650,000 barrels per day (bpd) and will produce a variety of petroleum products including gasoline, diesel, jet fuel, kerosene and liquefied petroleum gas (LPG).
Dangote is investing approximately $19 billion in the development of the refinery, which is expected to create over 250,000 direct and indirect jobs.
Adewale Tinubu
He is Group Chief Executive Officer of Oando PLC, a company that provides integrated energy solutions across the entire value chain, from exploration and production to trading and distribution.
Oando PLC is listed on the Nigerian Stock Exchange and the Johannesburg Stock Exchange and operates in 17 countries across Africa.
Mr. Tinubu led the company to become a prominent player in Nigeria's energy sector. Under his leadership, Oando has driven innovation and pushed the boundaries of the industry.
His net worth is 16.8 billion naira and his total holdings in Oando Plc are 2,857,483,572 shares.
News follows this ad
Augustin Avre
Avuru, a co-founder of Seplat, took over as CEO after an illustrious tenure at NNPC.
He played a key role in the company's dual listing on the London and Nigerian stock exchanges, demonstrating his leadership skills.
He stepped down as CEO in July 2020 and became a non-executive director of Seplat.
He holds a degree in Geology from the University of Nigeria, Nsukka and has over 38 years of experience in the oil and gas industry.
Tope Shonubi
As co-founder of Sahara Energy, Shonubi's influence extends to the largest private 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, Sahara Group operates in more than 40 countries.
He is also a director of Asharami Energy Limited, a subsidiary of Sahara Group focused on upstream oil and gas exploration and production.
Gabriel Ogbekie
Founder and Group Managing Director of Rainoil Limited, Ogbechie’s expertise in the Nigerian oil and gas industry spans nearly 30 years.
The acquisition of Eterna Oil Plc solidifies our position as a leading company in this sector.
He is also the Chairman of Brent Hotels Limited, a hospitality company that owns the Best Western Plus Wetlands Hotel in Delta State.
He holds a degree in Mechanical Engineering from the University of Benin.
Alhaji Sayu Dantata
Dantata, the founder of MRS Oil Nigeria Plc, has transformed his company, MRS Group, into an integrated conglomerate with diversified interests including Ovlas Trading & Supply, Corlay Global SA and Koggi Shipping.
He is also the Chairman of MRS Holdings Limited, the parent company of MRS Oil Nigeria Plc.
He holds a degree in mechanical engineering from Morris Brown University in Atlanta, Georgia.
News follows this ad
Ernest Azdial-Obieyesi
Nestoil founder Azudialu-Obiejesi's journey into the energy sector began in the late 1980s.
Under his visionary leadership, Nestoil has grown into a leading indigenous oil and gas conglomerate with distinction across the entire energy value chain.
He is also the Chairman of Neconde Energy Limited, an upstream oil and gas company that operates OML 42.
He holds a PhD in Business Administration from the International School of Management (ISM) in Paris.
Emeka Okwosa
Okwosa, the founder and chairman of Oilserve Nigeria, has made great strides in the oil and gas industry. Oilserv's expansion into several African countries demonstrates its influence beyond Nigeria's borders.
Oilserve is one of the leading providers of engineering, procurement, construction, installation, commissioning, operation and maintenance services for oil and gas facilities in Nigeria.
The company has several breakthrough projects including the Escravos-Lagos Pipeline System Phase II (ELPS II), the Obiahu/Obrikom-Oben (OB3) Gas Transmission Pipeline System, and the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project. I have been running a project.
Winifred Akpani
Founder of Northwest Petroleum & Gas Company, Akpani's journey began with supplying diesel to small facilities.
Today, her company boasts an impressive network of around 30 nozzle stations and considerable storage capacity.
Northwest Petroleum and Gas Company is also involved in the transportation of crude oil under various contracts with International Oil Companies (IOCs) operating in Nigeria.
Mr. Akpani is also the founder and managing director of Midwestern Oil and Gas Company Limited, an indigenous exploration and production company with interests in several oil fields in Nigeria.
News follows this ad
mike adenuga
Adenuga, the founder of Conoil Production, achieved remarkable success in extracting large amounts of oil.
His company was the first indigenous Nigerian company to operate offshore shallow water blocks using FPSO (Floating Production Storage Offloading) vessels.
Conoil Producing operates six high-potential fields in the Niger Delta region, producing over 100,000 barrels of crude oil per day.
Adenuga's business extends beyond oil, including significant interests in telecommunications through Globacom, one of Nigeria's leading mobile network operators.
Benedict Peters
Peters, founder of Aiteo Group, has played a transformative role in Nigeria's oil, gas and power sectors.
Aiteo Group is one of Africa's fastest growing integrated energy conglomerates, with interests in exploration and production, refining, power generation, trading, marketing, storage, distribution and retail.
Aiteo Group operates OML 29 (Oil Mining Lease), one of Nigeria's largest onshore concessions with a production capacity of over 200,000 barrels per day.
The company also owns the Nembe Creek Trunk Line (NCTL), a 100-kilometre pipeline that transports crude oil from OML 29 to the Bonny export terminal.
News follows this ad
Dr. Bryant (ABC) Orjiako
As Seplat's co-founder and chairman, Dr. Orjiako's expertise as a trained surgeon has contributed to Seplat's success.
Seplat is a leading indigenous Nigerian oil and gas exploration and production company with a strategic focus on Nigeria.
The company operates six oil fields in the Niger Delta region with a production capacity of over 60,000 barrels of oil and 400 million standard cubic feet per day (MMscfd) of gas.
Seplat is also the operator of the ANOH Gas Processing Company (AGPC), a joint venture with the Nigerian Gas Company (NGC) that processes 300 MMscfd of gas from the ANOH gas field.
Folorunsho Alakia
Alakija's company, which is vice chairman of Famfa Petroleum, holds a significant stake in the highly productive Agbami oil field.
The Agbami oil field, located deep offshore Nigeria, has a production capacity of over 200,000 barrels of crude oil per day. Alakija is also the founder of The Rose of Sharon Group, which consists of The Rose of Sharon Prints & Promotions Limited, Digital Reality Prints Limited and The Rose of Sharon Foundation.
Her net worth reflects her notable achievements in the industry.
Fredrik Obateru Akinruntan
Akinruntan, founder of Obato Oil Company, whose company boasts one of the largest tank farms in Africa. The tank farm is located in Ibefun on the coastline of Ogun State and has a storage capacity of over 65 million liters.
Obat Oil Company is also involved in the import and distribution of petroleum products throughout Nigeria.
Akinruntan is also the founder and chairman of Obat Petroleum, one of Nigeria’s leading indigenous oil trading companies.
News follows this ad
Abdulwasiu Sowami
An influential entrepreneur, Sowami acquired Forte Oil and rebranded it as Aldoba, solidifying his presence in the downstream sector.
Ardova is Nigeria's leading integrated energy company with over 450 retail outlets across the country. The company offers a wide range of products and services, including premium motor spirit (PMS), automotive diesel oil (AGO), aviation turbine kerosene (ATK), lubricants, greases, liquefied petroleum gas (LPG) and solar power solutions. Masu.
Mr. Sowami also heads Prudent Energy and Services Limited, an indigenous oil trading company.
Prince Engineer Arthur Eze
As CEO of Atlas Oranto Petroleum, Eze's company is the largest privately held company in Nigeria's upstream sector. Atlas Oranto Petroleum has an extensive portfolio of assets across Nigeria and several other African countries including Liberia, Guinea, Gambia, Senegal, Ivory Coast, Sierra Leone, Ghana, Equatorial Guinea, South Sudan, Uganda and Liberia .
The company operates multiple oil fields with a combined production capacity of more than 100,000 barrels per day.
News follows this ad
Audrey Jo-Ejigbo
Co-founder and Managing Director of Falcon Corporation Limited, Joe-Ezigbo has been an active contributor to Nigeria’s hydrocarbon reserves.
Falcon Corporation Limited is a local company that provides a variety of services to the oil and gas industry, including gas infrastructure development, gas supply and distribution, engineering design and construction, equipment procurement and installation, and project management.
The company operates the Ikorodu Natural Gas Distribution Franchise Zone under a 20-year concession agreement with the Nigeria Gas Company (NGC).
