What Tope Shonubi's $142 Million Acquisition Of Two LPG Vessels Means
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News - July 16, 2023

What Tope Shonubi’s $142 Million Acquisition Of Two LPG Vessels Means

Nigerian tycoon Tope Shonubi’s Sahara Group recently completed a deal to acquire two liquefied petroleum gas (LPG) vessels.

The move aligns with the energy conglomerate’s commitment to advancing clean energy access in Africa and supporting the continent’s transition toward sustainable energy sources.

This development comes as a subsidiary of Sahara Group, Sahara Energy already holds stakes in four vessels registered under West Africa Gas.  West Africa Gas is a joint venture between Nigerian National Petroleum Corp and Ocean Bed Trading — a subsidiary of Sahara Energy.

The joint venture currently owns four LPG carriers, including the 38,148-cubic-meter capacity Africa Gas and Sahara Gas (both built-in 2017), as well as the 23,000-cubic-meter capacity Sapet Gas and Barumk Gas (built-in 2022).

What you need to know about Tope Shonubi’s $142 million acquisition

According to reports, Sahara Group completed contracts for the two 40,000-cubic meter capacity carriers in Singapore two weeks ago. The $142 million deal was made with HD Korea Shipbuilding & Offshore Engineering (HD KSOE), based in Ulsan.

Valued at $71 million each, the two LPG carriers will bolster Sahara Group’s strategic investments to facilitate safe, reliable, and sustainable access to LPG — an energy source widely recognized for its cleanliness and ability to serve large populations.

The vessels are expected to be delivered by Hyundai Mipo Shipyard (HMD) in Ulsan. One vessel is scheduled for delivery in December 2025, with the other to follow in early 2026. 

Headquartered in Dubai, United Arab Emirates (UAE) Sahara Group was established in 1996 by Shonubi, Tonye Cole, and Ade Odunsi as Sahara Energy Resources. They started with a focus on petroleum product trading.

The conglomerate has achieved annual revenues of $10 billion in its 25-year history and employs more than 4,000 people.

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