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Meet the Oil and Gas billionaires of the Nigerian Stock Exchange

The oil and gas industry plays a critical role in Nigeria’s economy. For the government, it is a key source of revenue. For individuals and businesses, petrol prices affect their daily spending and profit margins. 



The oil and gas industry plays a critical role in Nigeria’s economy. For the government, it is a key source of revenue. For individuals and businesses, petrol prices affect their daily spending and profit margins. 

While the crude oil prices can be volatile, investors in this space have reaped billions in terms of dividends and capital appreciation.

This is Nairametrics’ profile of billionaire investors in oil and gas firms listed on the Nigeria Stock Exchange.

Austin Avuru

Austin Avuru CEO, Seplat Seplat Petroleum Development Company Plc

Austin Avuru

Ojunekwu Augustine Avuru (also called Austin Avuru) holds a Geology degree from the University of Nigeria, Nsukka (1980), and a postgraduate diploma in Petroleum Engineering from the University of Ibadan, Nigeria (1992).

Avuru spent twelve years at NNPC beginning in 1980, where he held various positions including well site geologist, production seismologist, and reservoir engineer. In 1992, he joined Allied Energy Resources in Nigeria, where he worked for the next ten years as exploration manager and technical manager.

In 2002, Avuru established Platform Petroleum Limited and held the role of Managing Director until 2010, when his company merged with A.B.C Orjiako’s Shebah Petroleum Development Company to become Seplat Petroleum Development Company Plc.

He has served as Managing Director, Chief Executive Officer, and Executive Director of Seplat Petroleum Development Company Plc since May 1, 2010.

Avuru holds 74,546,740 shares in the company. This amounts to N49.5 billion, as at our *cut-off date.

Femi Otedola Chairman Forte Oil Plc

Femi Otedola Chairman Forte Oil Plc

Femi Otedola

Femi Otedola is the controlling shareholder of Forte Oil, an oil marketing and power generation company. Originally a Nigerian subsidiary of British Petroleum (BP), Forte Oil has more than 500 petrol stations across the country.

The company owns oil storage depots and manufactures its own line of engine oils.

Femi Otedola holds 1,024,732,798 shares in the firm, in his personal capacity, and through several investment vehicles.

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Going by the company’s valuation as at April 6, 2018, this gives him a net worth of N40.9 billion.


A.B.C. Orjiako, Chairman/Co-founder, Seplat Petroleum

Dr. Ambrosie Bryant Chukwueloka Orjiako

ABC Orjiako, as he is commonly known, obtained an M.B.B.Ch. degree in 1985 from the College of Medical Sciences, University of Calabar, Nigeria, then trained as a General Surgeon at the Lagos University Teaching Hospital. He later sub-specialized in trauma surgery and became a fellow of the West African College of Surgeons in 1996.

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He went into full-time business in 1996 after eleven years of active medical practice. He co-founded Seplat in 2009 and became the Chairman, spearheading new business developments and fundraising, as well as providing leadership on strategy and stakeholder relationships.

He has served as a Non-Executive Chairman of Seplat Petroleum Development Company Plc since March 3, 2010. He is also the Chairman of Neimeth Pharmaceutical International Plc, which is also listed on the NSE.

ABC Orjiako has 47,251,325 shares in the company which are valued at N31.4 billion going by his shareholding, as at the cut-off date.

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Mike Adenuga, Founder, Globacom

Mike Adenuga

Adenuga got an MBA at Pace University in New York, supporting himself as a student by working as a taxi driver. Adenuga, Nigeria’s second richest man, built his fortune in telecom and oil production.

His mobile phone network, Globacom, is the second largest operator in Nigeria, with 37 million subscribers. His oil exploration outfit, Conoil Producing, operates 6 oil blocks in the Niger Delta.


Mike Adenuga has direct holdings of 103,259,720 shares and indirect holdings of 516,298,603 shares through Conpetro Limited in Conoil Plc. Conpetro Limited holds 74.40% of Conoil’s issued share capital.

At Conoil’s share price of N30.80 on our cut-off date, this gives him a net worth of N3.1 billion for his direct holdings. Indirect holdings have a value of N15.9 billion.

Wale Tinubu.

Wale Tinubu, Group CEO, Oando Plc

Wale Tinubu

Mr. Tinubu has a Bachelor of Laws Degree from the University of Liverpool, England and received his LLM from the London School of Economics, where he specialized in International Finance and Shipping.

He started his career with the family’s law firm, where he worked on corporate and petroleum law assignments.

He has been Chief Executive Officer and Managing Director of Oando Plc since July 2001.

Wale Tinubu has a total of 2,857,483,572 shares in Oando Plc through his personal holdings, as well as Ocean and Oil Investments (OOIL) and Ocean and Oil Development Partners (OODP) respectively.

Wale’s holdings in Oando Plc are thus valued at N17 billion.

Mofe Boyo

Boyo has a Bachelor of Laws Degree from King’s College, University of London, England. He is the  Deputy Managing Director of Oando Plc.

Mofe Boyo has a total of 1,426,794,497 shares in Oando Plc held in his personal capacity, as well as Ocean and Oil Investments (OOIL) and Ocean and Oil Development Partners (OODP) respectively.

Mofe’s total holdings are valued at N8.5 billion.

Macaulay Agbada Ofurhie

Macaulay Agbada Ofurhie graduated with a B.Sc Honours in Geology from the University of Ibadan in 1971. He has been a Non-Executive Director of Seplat Petroleum Development Company Plc since December 2009.

Mr. Ofurhie had an outstanding career in the oil and gas industry at the Nigerian National Petroleum Corporation (NNPC) and the Directorate of Petroleum Resources (DPR) where he served at various executive positions.

During active service, he was Managing Director of NPDC and Nigeria Gas Company, both subsidiaries of NNPC.

Ofurhie has 4,901,611 shares in Seplat Plc.  Going by our cut-off date, his shares in Seplat are worth N3.2 billion.

Sayyu Idris Dantata

Dantata studied Mechanical Engineering at the Morris Brown College Atlanta Georgia, USA.

Alhaji Dantata started his career as Director of the Engineering and Transport Division of Dangote Group.

Sayyu is a shareholder in MRS Holdings Limited. Corlay Global SA owns 100% of MRS Africa Holdings Limited. MRS Africa Holdings owns 60% of the shares in MRS Oil Nigeria Plc.

At our cut-off date, MRS Africa’s stake is worth N4,3 billion. Sayyu is believed to hold a significant stake in MRS Africa Holdings.


While these investors may not be billionaires, they are worth keeping an eye on.

Dr. Charles C. Okeahalam

Dr. Okeahalam has two Masters Degrees in Economics and Finance respectively, and a Ph.D. in Econometrics from the University of London. He also received a D.Sc. in Financial Economics and Banking and Finance from the University of Exeter.

Dr. Okeahalam is a Co-Founder of the AGH Capital Group where he oversees all investment decisions, portfolio management, capital raising and trading operations.

He has been an Independent Non-Executive Director of Seplat Petroleum Development Company Plc since March 01, 2013.

Okeahalam holds 597,238 shares in Seplat Plc. Going by our cut-off date, this amounts to N391 million.

Basil Omiyi; Stanbic IBTC Chairman

Basil Efoise Omiyi

Mr. Omiyi graduated with a B.Sc. in Chemistry in 1969 and obtained a post-graduate diploma in Petroleum Technology in 1970 from the University of Ibadan. Most of his career was at Royal Dutch Shell, where he spent 40 years in various roles, both in Nigeria and Europe.

Mr. Omiyi is currently an Independent Non-Executive Director on the Board of Seplat Petroleum and he holds 495,238 shares in the firm. This amounts to N329 million.

Afolake Lawal

Mrs. Lawal Afolake has an Upper Second Class (Hons) in Law (LLB) from Anglia Ruskin University, Cambridge U.K.

She is an alumnus of Obafemi Awolowo University and holds a Masters Degree in International Law and Diplomacy from the University of Lagos. She also obtained a Master’s of Science degree in Corporate Governance and Finance from the Liverpool John Moores University in U.K.

She serves on the Board of International Breweries Plc and Eterna Plc (both companies are quoted on the Nigeria Stock Exchange).

Afolake Lawal is a co-founder of the GTI Group alongside her husband and she is currently the Group Executive Director with over 15 years’ wealth of experience in Investment Banking, Corporate Governance, and Business Strategy.

She is a certified pension practitioner and an associate member of the National Institute of Marketing of Nigeria (NIMN).

Afolake Lawal is a Non-Executive Director of Eterna Oil and Gas Plc. She has a total of 49,902,892 shares in the company through her personal holdings, GTI Capital Limited and GTI Securities Limited. At the stock’s price of N6.29 on our cut-off date, this amounts to N313 million.

*Cut off date used for shareholding valuation is April 6, 2018.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]



  1. Maazị

    June 13, 2018 at 7:44 am

    Hello, Onome. Can you enlighten me a bit here? ’cause I’m getting confused.

    “Sayyu is a shareholder in MRS Holdings Limited. Corlay Global SA owns 100% of MRS Africa Holdings Limited. MRS Africa Holdings owns 60% of the shares in MRS Oil Nigeria Plc.

    At our cut-off date, MRS Africa’s stake is worth N4,3 billion. Sayyu is believed to hold a significant stake in MRS Africa Holdings.”

    Is MRS Holdings Ltd different from MRS Africa Holdings Ltd? Or does Mr. Dantata own a significant share in MRS Africa Holdings by virtue of his stake in Corlay Global SA? Or perhaps he just happen to have some stake in MRS Oil Nigeria Plc?

    • Onome Ohwovoriole

      June 13, 2018 at 11:17 am

      Yes. They are different entities. MRS Africa Holdings is a major shareholder in MRS Oil Plc. Sayyu holds his take in MRS Oil through MRS Africa Holdings.

      • Maazị

        June 13, 2018 at 12:15 pm

        Thanks for the clarification.

  2. Philip Omede

    June 13, 2018 at 9:40 am

    Pls what is the share holding structure of eterna oil plc. Any major shareholders?

  3. Stephen B. Apeji

    June 13, 2018 at 1:12 pm

    This is a beautiful article, Onome. Inspiring, encouraging and motivating. I just felt I must go and start something immediately. More of them.

  4. cashflowtech

    June 14, 2018 at 3:07 am

    This is a pure challenging clarification. I feel a fire in my bones, so what do think should do with these info? thanks

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John Oke is building the next payment solution in Africa

Oke is one of Nigeria’s leading youngsters making it their business to find solutions to everyday problems.



The entrepreneurship landscape in Nigeria is very different from what it used to be a decade ago. More young people are building phenomenal businesses that are solving societal problems and creating more jobs for people in the process.

John Oluranti Oke is one of such persons. A Computer Science graduate from the University of Ilorin, Kwara State and a Future Awards Africa (TFAA) nominee for Technology.

John Oluranti Oke is a Software Engineer from Nigeria. He is the co-founder/CEO of, a digital wallet/payments solution that allows users to make payments, transfer funds, pay bills and withdraw from ATMs. He co-founded Wallets Africa with his friend, Joseph Benson-Aruna to help users enjoy a seamless payment experience.

He previously worked for Suregifts, a gift voucher company as a Senior Software Engineer, where he helped build the first version of the Sureremit app. He also led a successful integration between Suregifts and Safaricom’s M-Pesa to help users pay for goods at M-Pesa till using gift vouchers.

While working at Suregifts, the Idea for Wallets Africa first crossed his mind. He noticed one could make use of a Suregifts voucher to pay at an M-Pesa till at a mall or to get tickets at an IMAX cinema in Nairobi. That was when he realized that all financial transactions could be done through a digital wallet.

Oke started working and consulting for banks like Wema Bank where he worked on several projects that helped transform the bank’s operational processes, interfacing with and building on the bank’s Core Banking Application (Finacle).

He also worked for fintech companies like Interswitch. Working in these companies helped him to gain some experience in how things work in the financial space before he started building Wallets Africa.

Oke also founded some companies in the past like,, a news aggregating platform that uses pattern matching algorithms to get news, gossips, and content every minute from the most visited websites in Nigeria and delivers the resulting content to users over a website.

In 2014, he founded Geeks14 Inc, a software development company that has serviced and consulted for clients across Nigeria.

Wallets Africa currently has over 5,000 businesses and 70,000 users who make use of their services daily.

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Meet the new EFCC Chairman, Abdulrasheed Bawa

The new anti-graft boss has spent about 16 years working with the EFCC as a detective.



Before the news of the confirmation of his appointment broke, observers were optimistic that Abdulrasheed Bawa will be the new Chairman of the Economic and Financial Crimes Commission (EFCC).

Their reasons were not far from the countenances of the Senators that screened him and the type of questions they asked. Most of them praised his confidence and diligence.

Below is the short profile of the youngest EFCC boss: 

  • Abdulrasheed Bawa, who graduated from the Usmanu Danfodio University, Sokoto, with a Bachelor of Science degree in Economics (Second Class Upper) in 2001, joined the EFCC as an Assistant Detective Superintendent (ADS) in 2004.
  • He also holds a Master’s degree in International Affairs and Diplomacy which he obtained from the same university in 2012.
  • According to his resume, the new anti-graft boss has spent about 16 years working with the EFCC as a detective, and is currently pursuing a Bachelor of Laws degree at the University of London.
  • He was part of the pioneer EFCC Cadet Officers, course one, 2005, as he rose through the ranks to become a Deputy Chief Detective Superindent (DCDS), a position he has been holding since 2016 up till the time of his nomination as the anti-graft agency’s substantive chairman.
  • He has vast investigation experience and has been part of the prosecution of advance fee fraud, official corruption, bank fraud, money laundering, and other economic and financial crimes related offences.

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