In Nigeria, there are some persons who have made a name for themselves in the Oil and Gas industry. They have so become a household name that it is almost impossible not to recognize them, as far as the industry is concerned. Here are the Top 10 oil magnates in Nigeria, according to a research done by Naira metrics in 2018
1. Austin Avuru:
Juneau 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 like the well site geologist, production seismologist, and reservoir engineer. In 1992, he joined the Allied Health Energy Resources in Nigeria, where he worked for ten years as an 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.
2. 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 line of engine oils.
Femi Otedola holds 1,024,732,798 shares in the firm, in a personal capacity, and through several investment vehicles.
3. Dr. Ambrosie Bryant Chukwueloka Orjiako:
ABC Orjiako, as he is commonly known, obtained an MBBCh. 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.
He went into a 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.
4. 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.
He is the founder of the mobile phone network, Globacom, 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.
5. 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 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.
6. 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 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.
7. 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 in various executive positions.
During active service, he was Managing Director of NPDC and Nigeria Gas Company, both subsidiaries of NNPC.
8. Sayyu Idris Dantata:
Dantata studied Mechanical Engineering at the Morris Brown College in 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.
MRS Africa’s stake is worth N4,3 billion. Sayyu is believed to hold a significant stake in MRS Africa Holdings.
9. 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 the 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.
10. 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.
While most of the people listed are not listed as world billionaires, their investments, stakes, and importance in the oil and gas sector of this country cannot be overlooked because they are key stakeholders in the development of the sector.