Sijuwade Royal Family, One of Africa’s Wealthiest, to Tap Into Oil Reserves

The Sijuwade Royal Family is making a bold move in Nigeria’s oil industry. Known for its wealth and business empire, the family is now gearing up to produce oil from one of its key assets—OPL 276. 

This oil block, located in the Niger Delta, is expected to start production within the next 12 to 18 months.

The Sijuwade Group, the family’s business arm, holds a 10 percent stake in OPL 276. This oil block is co-owned by Newcross Petroleum and Lekoil, a company listed on the London Stock Exchange.

Industry experts estimate that OPL 276 contains around 33 million barrels of oil and 476 billion cubic feet (Bcf) of natural gas.

A Growing Stake in Oil and Gas

The Sijuwade family has been involved in Nigeria’s oil and gas industry for years. Their journey began in 2008 when they partnered with international energy companies like Centrica Plc and StatoilHydro (now Equinor). At the time, they were exploring the possibility of developing liquefied natural gas (LNG) projects in Nigeria.

Over time, global oil companies shifted their focus, and Newcross Petroleum acquired a major stake in key oil assets. However, the Sijuwade Group maintained its interest and now plays a strategic role in OPL 276. Prince Adetokunbo Sijuwade, a key member of the royal family, oversees the business operations and sits on the board.

OPL 276 has already shown promise with multiple oil and gas discoveries, including the Uda, Okposo-East, Mbo, and Davy Bank fields. With production plans moving forward, the Sijuwade family is set to strengthen its influence in Nigeria’s oil sector.

The Sijuwade’s legacy beyond oil

While oil and gas are a significant part of the Sijuwade family’s business, they have built a diverse empire. The Sijuwade Group was founded in the 1970s by Oba Okunade Sijuwade, the 50th Ooni of Ife. Over the decades, it has expanded into construction, real estate, and hospitality.

The family has played a major role in Nigeria’s infrastructure development. Their partnership with Consolidated Contractors Company (CCC) has led to the construction of roads, bridges, and railway projects worth billions of dollars. Their influence stretches across multiple industries, making them one of Africa’s most powerful business families.

A growing fortune

In 2014, Forbes estimated the wealth of Oba Okunade Sijuwade at $75 million, placing him among Africa’s richest kings. Since his passing in 2015, Prince Adetokunbo Sijuwade has taken charge, expanding the family’s businesses and increasing their valuation to over $200 million.

With their deepening investments in oil, infrastructure, and real estate, the Sijuwade family remains a dominant force in Nigeria’s business landscape. As they prepare to bring OPL 276 into production, their influence in the country’s economy is set to grow even further.