Meet 24 Nigerian Billionaires Shaping the Oil and Gas Industry

The Nigerian oil and gas sector is pivotal to the country’s economy, significantly influencing regional and global energy markets. As Africa’s largest oil producer, Nigeria contributes about 2.5 million barrels of oil per day to the global supply. Oil exports account for over 90% of the nation’s foreign exchange earnings and approximately 70% of government revenue. Despite its strong output, the sector grapples with challenges like volatile global oil prices, which plunged dramatically during the COVID-19 pandemic but have since rebounded.

Here are 24 Nigerian billionaires making substantial impacts in the oil and gas industry

1. Aliko Dangote — Dangote Refinery

Aliko Dangote, Africa’s richest person with a net worth of $12.56 billion, is advancing with his Dangote Refinery, inaugurated on May 22, 2023, in Lekki, Nigeria. This refinery, the largest single-train refinery globally, is designed to process 650,000 barrels of crude oil daily. With a $19 billion investment, it aims to end Nigeria’s reliance on fuel imports and will also export surplus products.

2. Theophilus Danjuma — SAPETRO

Founder of South Atlantic Petroleum (SAPETRO), General TY Danjuma established the company in 1995. SAPETRO, involved in full upstream activities and operating in four African countries, has played a significant role in Nigeria’s oil sector. Danjuma recently retired as Chairman, with an estimated net worth of $750 million as of 2015.

3. Adewale Tinubu — Oando

Adewale Tinubu, Group Chief Executive of Oando PLC, has led the company from a petroleum marketing firm to an integrated energy group. Oando’s acquisition of ConocoPhillips’ Nigerian operations in 2014 for $1.8 billion under his leadership marked a significant milestone. Tinubu has received accolades including “Entrepreneur of the Year” from Ernst & Young.

4. Folorunsho Alakija — Famfa Oil

Nigeria’s richest woman, Folorunsho Alakija, holds a stake in Famfa Oil, which operates in the Agbami Oilfield. With an estimated net worth of $1 billion, she is also known for her successful tailoring business and philanthropic work through the Rose of Sharon Foundation.

5. Dr. Bryant (ABC) Orjiako — Seplat

Co-founder of Seplat Petroleum Development Company PLC, Dr. ABC Orjiako is a notable figure in Nigeria’s oil sector. Seplat’s 41% profit increase in early 2022 highlights its success under his leadership. Dr. Orjiako’s ventures also include pharmaceuticals and real estate.

6. Tunde Afolabi — Amni International Petroleum Development

Tunde Afolabi, Chairman/CEO of Amni International Petroleum, co-founded the company in 1993. Amni, a pioneer in offshore oil activities, operates in Nigeria and Ghana with significant gas reserves. Afolabi, with a BA and MSc in Geology, has a career spanning over 40 years.

7. Bola Shagaya — Practoil Limited.

Bola Shagaya, a prominent Nigerian businesswoman, founded Practoil Limited, which imports and distributes base oil. Shagaya is also involved in real estate and fashion, and she has a degree in Economics from Ahmadu Bello University.

8. Benedict Peters — Aiteo Group

Benedict Peters, founder and CEO of Aiteo Group, established the company as Africa’s largest indigenous oil producer. Aiteo produces nearly 100,000 barrels of oil per day and focuses on sustainable mining investments.

9. Alhaji Sayju Dantata — MRS Oil Nigeria Plc

Alhaji Sayyu Dantata has been influential in MRS Oil Nigeria Plc, which operates numerous retail stations and has expanded through acquisitions, including Chevron’s downstream assets. MRS Oil also has interests in various other sectors.

10. Gabriel Ogbechie — Rainoil Limited

Gabriel Ogbechie, founder of Rainoil Limited, has built the company into a major player in Nigeria’s oil and gas industry. Rainoil operates large storage depots and over 150 retail stations, and Ogbechie is known for his philanthropic efforts.

11. Fredrick Obateru Akinruntan — Obat Oil

Fredrick Obateru Akinruntan, the monarch of the Ugbo Kingdom, founded Obat Oil in 1981. The company operates over 50 gas stations and has one of Africa’s largest tank farms. Akinruntan is also known for his luxury car collection.

12. Winifred Akpani — Northwest Petroleum & Gas Company Limited

Winifred Akpani founded Northwest Petroleum & Gas Company Limited in 1992, starting with diesel distribution and expanding into international oil trading. She is also involved in corporate social responsibility and founded Midwestern Oil & Gas Company Limited.

13. Tope Shonubi — Sahara Energy

Tope Shonubi, co-founder and Executive Director of Sahara Group, has expanded the company’s reach across Africa in energy and infrastructure. Sahara Group recently acquired LPG vessels to support clean energy initiatives.

14. Prince Engr. Arthur Eze — Atlas Oranto Petroleum

Prince Engr. Arthur Eze, founder of Atlas Oranto Petroleum, operates the largest privately held Nigerian exploration and production group. The company holds licenses across 12 African countries and has a significant presence in West Africa.

15. Ernest Azudialu-Obiejesi — Nestoil

Ernest Azudialu-Obiejesi founded Nestoil in 1991, which has become Nigeria’s largest indigenous EPCC company. He also established Neconde Energy Limited and focuses on philanthropy through the Obijackson Foundation.

16. Mohammed Indimi — Oriental Energy

Mohammed Indimi, founder and chairman of Oriental Energy Resources, has over 20 years in Nigeria’s upstream oil sector. Oriental Energy operates offshore fields and has developed an offshore production hub for crude oil storage.

17. Mike Adenuga — Conoil

Mike Adenuga, Nigeria’s second-richest person, founded Conoil Producing Limited and Globacom (Glo). Conoil operates six oil blocks, and Adenuga’s ventures include telecommunications and real estate. He has received several prestigious awards.

18. Audrey Joe-Ezeigbo — Falcon Corporation Limited

Audrey Joe-Ezeigbo co-founded Falcon Corporation Limited, a midstream and downstream energy company. Recognized with the Ernst & Young Entrepreneur of the Year West Africa 2014 Award, Joe-Ezeigbo is also an author and global speaker.

19. Augustine Avuru — Seplat

Augustine Avuru co-founded Seplat Petroleum Development Company in 2009 and served as its CEO until 2020. He holds a significant stake in the company, which has seen a notable increase in share value under his leadership.

20. Femi Otedola — Geregu Power PLC

Femi Otedola, with a net worth of $1.3 billion, was formerly the chairman of Forte Oil PLC and is now the executive chairman of Geregu Power PLC. He also founded Zenon Petroleum and Gas Ltd and has substantial real estate investments.

21. AbdulWasiu Sowami — Ardova Plc

AbdulWasiu Sowami acquired Forte Oil in 2018, rebranding it as Ardova Plc. Known as a “silent billionaire,” Sowami’s company operates in the downstream sector and has expanded into other energy-related areas.

22. Tony Elumelu — Heirs Oil & Gas Limited

Tony Elumelu, founder of Heirs Holdings, owns Heirs Oil & Gas Limited, which operates the OML17 oil block. Elumelu is also known for his philanthropic work through The Tony Elumelu Foundation.

23. Folawiyo Yinka — Yinka Folawiyo Petroleum

Yinka Folawiyo Petroleum, founded in 1992, operates Nigeria’s first oil-producing field, the Aje field. The company has been a significant player in the growth of Nigeria’s indigenous oil and gas sector.

24. Emeka Okwuosa — Oilserv Limited

Emeka Okwuosa, founder of Oilserv Limited, has extensive experience in the oil and gas sector. His companies are involved in various activities including pipeline maintenance and project management. Okwuosa is also known for his philanthropic efforts.