24 Nigerian Billionaires in the Oil and Gas Sector

Nigeria’s oil and gas industry is very important to its economy and plays a big role in the world. As the biggest oil producer in Africa, Nigeria pumps out about 2.5 million barrels of oil every day as of 2023.

This makes it a key player in the global oil market. The oil and gas sector is crucial for Nigeria because it brings in over 90% of the country’s money from abroad and about 70% of its government’s income.

However, even though Nigeria produces a lot of oil, the industry faces problems like changing oil prices around the world. For instance, in early 2020, oil prices fell sharply because of the COVID-19 pandemic, with Brent crude oil prices dropping below $20 per barrel. But by 2024, prices had gone up again to around $90 per barrel.

1. Aliko Dangote – Africa’s richest man is pioneering the Dangote Refinery in Lekki, which aims to process 650,000 barrels of crude oil daily. This project is part of his broader diversification into sectors critical to Nigeria’s economic development, including agriculture.

2. Theophilus Danjuma – Former defence minister and founder of SAPETRO, he established a firm that explores and produces oil from Nigeria’s deep-water assets, fostering energy independence.

3. Adewale Tinubu – As the CEO of Oando PLC, Tinubu has led the transformation of the company from a fuel marketer to an integrated energy provider, impacting energy supply across Africa.

4. Folorunsho Alakija – Vice-chair of Famfa Oil, she was instrumental in the development of the Agbami Field, one of Nigeria’s largest deepwater discoveries, and uses her wealth to support various philanthropic causes.

5. Dr Bryant Orjiako – Having started as a surgeon, Orjiako co-founded Seplat, which quickly became a leading player in Nigeria’s oil sector, demonstrating the potential for successful indigenous involvement in a sector traditionally dominated by international oil companies.

6. Tunde Afolabi – A seasoned geologist and CEO of Amni International, Afolabi has overseen the expansion of the company’s operations into strategic oil blocks, contributing to the development of Nigeria’s offshore oil resources.

7. Bola Shagaya – Starting her career in banking and real estate, Shagaya founded Practoil Limited, expanding her influence into the oil sector and establishing herself as a key business figure in Nigeria.

8. Benedict Peters – Through Aiteo Group, Peters has focused on revamping major oil assets, including the Nembe Creek Trunk Line, essential for supporting Nigeria’s oil export capabilities.

9. Sayyu Dantata – Founder of MRS Oil Nigeria Plc, Dantata has modernised and expanded the company’s operations, making it a cornerstone of Nigeria’s petroleum product distribution network.

10. Gabriel Ogbechie – His leadership at Rainoil Limited has seen the company grow into a vital player in Nigeria’s oil distribution and logistics sector, including owning substantial storage facilities.

11. Fredrick Obateru Akinruntan – As the head of Obat Oil, he has led one of Nigeria’s most successful privately-owned oil companies and used his wealth to influence social and economic developments in his community.

12. Winifred Akpani – Her strategic leadership at Northwest Petroleum & Gas has ensured the company’s growth from a small petroleum product distributor to a leader in oil trading within and outside Nigeria.

13. Tope Shonubi – Shonubi’s efforts at Sahara Group have enhanced energy infrastructure in Nigeria and Africa, improving access to power and fuel across the continent.

14. Prince Arthur Eze – His company, Atlas Oranto Petroleum, holds extensive oil and gas licenses, making it a key player in Africa’s energy markets.

15. Ernest Azudialu-Obiejesi – Through Nestoil, he has played a pivotal role in building critical oil and gas infrastructure in Nigeria, promoting the growth of the energy sector.

16. Mohammed Indimi – Founder of Oriental Energy Resources, Indimi has expanded Nigeria’s capacity in offshore oil production, particularly in the challenging environments of the Niger Delta.

17. Mike Adenuga – Through Conoil Producing, Adenuga has been a pioneer in the upstream sector and remains a significant figure in telecommunications and finance.

18. Audrey Joe-Ezigbo – Co-founder of Falcon Corporation, she has spearheaded the company’s growth in Nigeria’s gas sector, emphasising sustainable energy solutions.

19. Augustine Avuru – His leadership helped Seplat to expand its oil production significantly and list on both the London and Nigerian stock exchanges, enhancing investor participation in Nigeria’s oil sector.

20. Femi Otedola – Formerly leading Forte Oil, Otedola has shifted focus to power generation, impacting Nigeria’s energy infrastructure and economic development.

21. AbdulWasiu Sowami – As the head of Ardova Plc, Sowami is redefining the petroleum product distribution network in Nigeria, enhancing efficiency and coverage.

22. Tony Elumelu – His investment firm, Heirs Holdings, owns Heirs Oil & Gas, which plays a crucial role in developing Nigerian oil block OML17, showing a commitment to African-led development.

23. Yinka Folawiyo – Managing director of Yinka Folawiyo Petroleum, oversees oil production projects that contribute to Nigeria’s oil exports and local economic development.

24. Emeka Okwuosa – Founder of Oilserv, he has been instrumental in constructing major pipelines and infrastructure that facilitate oil and gas distribution across West Africa.