Africa is home to some of the world’s richest oil reserves, and as such, the continent has produced several oil tycoons who have built their fortunes through the exploration, production, and distribution of this valuable resource.
As the highest oil-producing country, Nigeria houses more oil tycoons who have created wealth for themselves. Let’s introduce you to five oil tycoons across Africa that you should know.
Kase Lawal- Founder of CAMAC Nigeria
Kase Lawal is a Nigerian-born America-based oil tycoon, who runs Camac Holdings with subsidiaries like Camac International Corporation, Camac Energy Inc and Allied Energy Corporation, a thriving energy firm in the United States. The 30-year-old energy company engages in the exploration, development, and operation of oil properties in Africa and South America. Speaking with Black Enterprise, Lawal said, “I want to encourage more blacks to get involved in the oil industry as entrepreneurs.” His success in the industry has opened up the oil business to other people of colour.
Kevin Okyere from Ghana, Founder and CEO of Springfield E&P
Kevin Okyere is the Founder and Chief Executive Officer of the Springfield Group. He is an astute entrepreneur who established Springfield Energy in 2008 when he identified an opportunity in the Ghanaian oil and gas sector for an independent local company. As a visionary, Kevin leads Springfield Exploration & Production Ltd, the first and only independent Ghanaian company to be awarded an oil block in Ghana.
His skills in business strategy, finance and negotiations for the development of high-end commercial and developmental projects have helped the company achieve significant progress. Reports say the company discovered 1.5 billion barrels of oil and 0.7 tcf of natural gas offshore Ghana in 2019. This discovery made it the first Ghanian company the first to find hydrocarbons in deepwater.
Mohammed Indimi- Oriental energy
Mohammed Indimi OFR is the chairman of Oriental Energy Resources (OER), a privately held Nigerian oil exploration and production company. Founded in 1990, Oriental Energy has expanded its portfolio and currently has three assets under development offshore Nigeria. These include the Ebok Field (OML 67), Okwok Field (OML 67) and OML 115. Indimi boasts of over 20 years of experience in Nigeria’s upstream oil and gas sector.
Prince Arthur Eze -Oranto Petroleum
Prince Arthur Eze is the Chairman and CEO of Atlas Oranto Petroleum International Limited, a company that has secured significant upstream positions in Nigeria, Sierra Leone, Liberia, Togo, Ivory Coast, Chad, Cameroon and Equatorial Guinea. The company also partners with Roc Oil, Pioneer Natural Resources of the USA, Canoxy, Transworld of the USA, Lukoil of Russia, Tetra, Noble, Kosmos Energy of the USA, Petronas of Malaysia, DNO of Norway, TransAtlantic Petroleum of the USA and Canada’s Nexen.
Folorunsho Alakija- Famfa Oil
Folorunsho Alakija serves as the vice chair of Famfa Oil, a Nigerian oil exploration company with a stake in Agbami Oilfield, a prolific offshore asset. She ventured into oil and gas by seeking the allocation of an oil prospecting license (OPL). Through her connection, Alakija secured the license to explore for oil on a 617,000-acre block now referred to as OPL 216. Famfa Oil partners with Chevron and Petrobras.
Alakija is also the Group Managing Director of The Rose of Sharon Group which consists of The Rose of Sharon Prints & Promotions Limited, and Digital Reality Prints Limited.
Abdul Samad Rabiu’s journey to becoming one of Africa’s wealthiest magnates is…