The oil and gas industry has long been recognized as a cornerstone of Nigeria’s economy, with a significant impact on its Gross Domestic Product (GDP) and overall economic development.
The discovery of oil in commercial quantities in the 1950s marked a turning point for the nation, propelling it onto the global stage and opening doors to immense economic opportunities.
Historically, oil and gas exports have constituted a substantial portion of Nigeria’s total revenue.
Revenues from crude oil sales have financed infrastructure development, public services, and government expenditure.
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.
Within the Nigerian oil and gas sector, a group of influential individuals have emerged as prominent figures commonly referred to as “oil and gas barons.”
These individuals, through their entrepreneurial acumen and strategic investments, have risen to the pinnacle of the industry, amassing substantial wealth and wielding significant influence.
Oil and gas barons in Nigeria 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 owners of Nigeria’s biggest oil companies.
TY Danjuma
TY Danjuma is the founder and chairman of South Atlantic Petroleum (SAPETRO), a company that has a portfolio of high-quality assets in West Africa. He is also a distinguished businessman and a former Nigerian defense minister.
He recently acquired a 60-percent stake in BOC Gases Nigeria, a subsidiary of the UK-based BOC Holdings, and rebranded it as Industrial and Medical Gases Nigeria.
He has a net worth of $1.2 billion, according to Forbes, and is one of the richest men in Nigeria.
Aliko Dangote
Nigeria’s wealthiest individual, Dangote continues to make significant strides in the oil and gas sector with his latest venture, the Dangote Refinery.
The refinery, which covers a vast expanse of 6,180 acres within the strategic Lekki Free Trade Zone in Lagos State, is expected to be one of the largest refineries in the world when completed.
It will have a capacity of 650,000 barrels per day (bpd) and produce various petroleum products such as gasoline, diesel, jet fuel, kerosene, and liquefied petroleum gas (LPG).
Dangote has invested almost $19 billion in the development of the refinery, which is expected to create over 250,000 direct and indirect jobs.
Adewale Tinubu
He is the Group Chief Executive of Oando PLC, a company that provides integrated energy solutions across the 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 has operations in 17 countries across Africa.
Tinubu has led the company to become a prominent player in Nigeria’s energy sector. Under his leadership, Oando has driven innovation and pushed boundaries in the industry.
He has a net worth of N16.8 billion and a total shareholding of 2,857,483,572 shares in Oando Plc.
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Augustine Avuru
Co-founder of Seplat, Avuru assumed the role of CEO after an illustrious tenure at NNPC.
He played a crucial role in the company’s dual listing on the London and Nigerian stock exchanges, showcasing his leadership skills.
He retired as CEO in July 2020 and became a non-executive director of Seplat .
He has a degree in Geology from the University of Nigeria, Nsukka, and over 38 years of experience in the oil and gas industry.
Tope Shonubi
Co-founder of Sahara Energy, Shonubi’s influence extends to 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, Sahara Group operates in over 40 countries .
He is also a director of Asharami Energy Limited, a subsidiary of Sahara Group that focuses on upstream oil and gas exploration and production.
Gabriel Ogbechie
Founder and Group Managing Director of Rainoil Limited, Ogbechie’s expertise in the Nigerian oil and gas industry spans nearly three decades.
His acquisition of shares in Eterna Oil Plc solidified his position as a major player in the sector.
He is also the Chairman of Brent Hotels Limited, a hospitality company that owns Best Western Plus Wetland Hotel in Delta State .
He has a degree in Mechanical Engineering from the University of Benin.
Alhaji Sayyu Dantata
Founder of MRS Oil Nigeria Plc, Dantata has transformed his company, MRS Group, into an integrated conglomerate with diverse 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 has a degree in Mechanical Engineering from Morris Brown College, Atlanta, Georgia.
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Ernest Azudialu-Obiejesi
Founder of Nestoil, Azudialu-Obiejesi’s journey in the energy sector began in the late 1980s.
Under his visionary leadership, Nestoil has grown into a leading indigenous oil and gas conglomerate, excelling 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 has a doctorate degree in Business Administration from the International School of Management (ISM), Paris.
Emeka Okwuosa
Founder and chairman of Oilserve Nigeria, Okwuosa has made significant strides in the oil and gas industry. Oilserve’s expansion to several African countries showcases 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 executed several landmark projects such as the Escravos-Lagos Pipeline System Phase II (ELPS II), the Obiafu/Obrikom-Oben (OB3) Gas Transmission Pipeline System, and the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline Project.
Winifred Akpani
Founder of Northwest Petroleum & Gas Company, Akpani’s journey began with the supply of diesel to small establishments.
Today, her company boasts an impressive network of approximately 30 nozzle stations and substantial storage capacity.
Northwest Petroleum & Gas Company is also involved in crude oil lifting under various contracts with international oil companies (IOCs) operating in Nigeria.
Akpani is also the founder and managing director of Midwestern Oil & Gas Company Limited, an indigenous exploration and production company with interests in several oil blocks in Nigeria.
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Mike Adenuga
Founder of Conoil Producing, Adenuga achieved remarkable success by striking oil in considerable quantities.
His company was the first indigenous Nigerian company to operate an offshore shallow water block with an FPSO (Floating Production Storage Offloading) vessel.
Conoil Producing operates six highly prospective blocks in the Niger Delta region and produces over 100,000 bpd of crude oil.
Adenuga’s ventures extend beyond oil, including significant interests in telecommunications through Globacom Limited, one of Nigeria’s leading mobile network operators.
Benedict Peters
Founder of Aiteo Group, Peters has played a transformative role in the Nigerian 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 retailing.
Aiteo Group operates OML 29 (Oil Mining Lease), one of Nigeria’s largest onshore blocks with a production capacity of over 200,000 bpd.
The company also owns Nembe Creek Trunk Line (NCTL), a 100-kilometre pipeline that transports crude oil from OML 29 to Bonny Export Terminal.
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Dr. Bryant (ABC) Orjiako
Co-founder and Chairman of Seplat, 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 blocks in the Niger Delta region and has a production capacity of over 60,000 bpd 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 will process 300 MMscfd of gas from the ANOH gas field.
Folorunsho Alakija
Vice Chair at Famfa Oil, Alakija’s company holds a significant stake in the highly productive Agbami Oilfield.
The Agbami field, located in deep offshore Nigeria, has a production capacity of over 200,000 bpd of crude oil. 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 noteworthy achievements in the industry.
Fredrick Obateru Akinruntan
Founder of Obat Oil Company, Akinruntan’s company boasts one of the largest tank farms in Africa. The tank farm, located at Ibefun along the Ogun State coastal line, has a storage capacity of over 65 million litres.
Obat Oil Company is also involved in the importation and distribution of petroleum products across Nigeria.
Akinruntan is also the founder and chairman of Obat Petroleum, one of Nigeria’s leading indigenous oil trading companies.
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AbdulWasiu Sowami
An influential entrepreneur, Sowami acquired Forte Oil, rebranding it to Ardova and solidifying his presence in the downstream sector.
Ardova is one of Nigeria’s foremost integrated energy companies with over 450 retail outlets across the country. The company offers a range of products and services such as premium motor spirit (PMS), automotive gas oil (AGO), aviation turbine kerosene (ATK), lubricants, greases, liquefied petroleum gas (LPG), and solar power solutions.
Sowami also leads Prudent Energy & Services Limited, an indigenous oil trading company.
Prince Engr. Arthur Eze
CEO of Atlas Oranto Petroleum, Eze’s company is the largest privately held entity in Nigeria’s upstream sector. Atlas Oranto Petroleum has an extensive portfolio of assets across Nigeria and several other African countries such as Liberia, Guinea, Gambia, Senegal, Cote D’Ivoire, Sierra Leone, Ghana, Equatorial Guinea, South Sudan, Uganda, and Liberia.
The company operates several oil blocks with a combined production capacity of over 100,000 bpd.
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Audrey Joe-Ezigbo
Co-founder and Executive Director of Falcon Corporation Limited, Joe-Ezigbo has actively contributed to Nigeria’s hydrocarbon reserves.
Falcon Corporation Limited is an indigenous company that provides diverse services to the oil and gas industry such as 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 Nigerian Gas Company (NGC).