Top 20 Nigerian Billionaires in Oil and Gas

Nigeria’s oil and gas sector remains a cornerstone of the nation’s economy, driven by a group of ultra-wealthy magnates who wield significant influence both locally and globally.

As Africa’s largest oil producer, Nigeria delivers approximately 2.5 million barrels of oil daily, establishing these business leaders as some of the most powerful figures on the continent.

In 2023, the oil industry contributed 6.21% to Nigeria’s GDP, highlighting its critical role in the country’s economic engine.

However, this sector has not been without its challenges. The COVID-19 pandemic caused a dramatic drop in oil prices, but the industry’s resilience has been evident in the years since, with prices bouncing back and these business titans continuing to thrive.

These Nigerian billionaires have not only built vast fortunes but have also shaped the complex dynamics of the global energy market. Here are the key figures who dominate Nigeria’s oil and gas sector and continue to influence the future of energy worldwide:

1. Aliko Dangote

Africa’s richest man, Aliko Dangote is spearheading the $19 billion Dangote Refinery project, which aims to refine 650,000 barrels of oil per day. This refinery is set to significantly reduce Nigeria’s reliance on fuel imports and position the country as a key player in global energy markets.

With a net worth of $12.56 billion as of August 11, 2024, Dangote continues to impact various sectors profoundly. His refinery is set to produce a wide array of petroleum products, including gasoline, diesel, aviation fuel, kerosene, and liquefied petroleum gas, with intentions to export excess production.

Occupying a sprawling 2,635 hectares within the Dangote Industries Free Zone at Lekki, the refinery includes advanced infrastructure such as three offshore moorings. Plans are underway for the refinery to be publicly listed by early 2025.

After some initial setbacks, the refinery began operational output in January 2024, starting with diesel and aviation fuel A1. Beyond refining, Dangote is investing in extensive agribusiness ventures, further contributing to Nigeria’s socio-economic growth.

2. Mike Adenuga

With a net worth of $6.7 billion, Adenuga has made his mark through ventures in telecommunications and oil. His companies, Globacom and Conoil, have established him as Nigeria’s second-richest individual, with substantial influence in both industries.

Globacom, Nigeria’s second-largest telecommunications provider serves over 60 million subscribers across Nigeria, Ghana, and Benin. He was also instrumental in establishing the Glo-1 submarine Internet cable, a pivotal development that links Nigeria with the United Kingdom, significantly boosting the region’s digital connectivity.

Beyond telecommunications, Adenuga owns Conoil Producing Limited, a frontrunner in the oil industry, operating six blocks in the Niger Delta. The company earned historical acclaim as the first indigenous company to find oil in Southwestern Ondo State in 1991.

Adenuga’s academic background includes degrees in Business Administration from Northwestern Oklahoma State University and Pace University. His distinguished career has been recognized with numerous honors, including the Grand Commander of the Order of the Niger (GCON) and a chieftaincy title from the Yoruba tribe.

In 2018, he was decorated with the Commander of the Legion of Honour by French President Emmanuel Macron, a testament to his impactful contributions and stature in the global business arena.

3. Theophilus Danjuma

Danjuma, the founder of South Atlantic Petroleum (SAPETRO), has played a pivotal role in developing Nigeria’s oil industry, particularly through the Akpo deepwater oil field, off the coast of Port Harcourt, which has bolstered the country’s oil output.

Spanning African nations, SAPETRO is deeply involved in the entire upstream value chain. General Danjuma has long been driven by a vision to position SAPETRO as a central player in fueling Nigeria’s economic growth.

Under his guidance, the company has seen substantial success and growth, contributing to his net worth of $750 million, as reported by Forbes in 2015.

General Danjuma recently announced his retirement from his role as Chairman of SAPETRO, ushering in a new era of leadership for the enterprise.

4. Adewale Tinubu

Adewale Tinubu is the Group Chief Executive of Oando PLC, a key player in the Africa’s energy sector. He has transformed the company into a leading integrated energy solutions provider across the continent. His strategic vision has expanded Oando’s influence well beyond its origins as a petroleum marketer.

Tinubu, who holds a Bachelor of Law from the University of Liverpool and advanced degrees in both Business Administration and Law from the London School of Economics, started his career in corporate law in 1992.

His strategic foresight has been instrumental in transforming Oando from a basic petroleum marketing firm to an integrated energy group.

A pivotal moment in Tinubu’s leadership was the acquisition of ConocoPhillips’ Nigerian operations in 2014 for $1.8 billion, marking a significant expansion for Oando. He initially co-founded the enterprise, originally known as Ocean and Oil Group, in 1993.

Recognised as a formidable leader in the oil industry by Forbes, Tinubu has earned several accolades, including “Entrepreneur of the Year” from Ernst & Young in 2015 and “African Business Leader of the Year” from Africa Investor in 2011.

Under his stewardship, Oando PLC has broadened its reach with subsidiaries such as OVH Energy, Axxela Limited, and Oando Energy Services, with OVH Energy operating an extensive distribution network throughout Nigeria.

5. Folorunsho Alakija

Nigeria’s richest woman, Alakija, with a net worth of $1 billion, serves as vice chair of Famfa Oil, which operates in the lucrative Agbami Oilfield. Her role in the energy sector has solidified her position as a key player in the industry.

The Agbami Oilfield, a collaboration with Chevron and Petrobras, has been a productive offshore venture since 2008 and is projected to continue until 2024.

Alakija’s career trajectory started as an executive secretary at Sijuade Enterprises, after which she ventured into the fashion industry by founding Supreme Stitches, which later became known as the Rose of Sharon House of Fashion. Her entrepreneurial spirit led her to the oil sector. She notably secured her ownership in a contentious legal fight with the Nigerian government, which contested for a 50% stake in her business.

In addition to her corporate achievements, Alakija has made considerable contributions to humanitarian efforts through the Rose of Sharon Foundation, which she founded to support widows, orphans, and underprivileged groups.

6. ABC Orjiako

Once a surgeon, Orjiako co-founded Seplat Petroleum and has been instrumental in its rise to success. Under his leadership, Seplat has become a significant force in Nigeria’s energy market, showcasing the potential for synergy between healthcare expertise and energy entrepreneurship.

7. Tunde Afolabi

As Chairman and CEO of Amni International Petroleum Development, Afolabi has been a trailblazer in oil exploration across West Africa. His leadership has propelled Amni to become a key player in offshore oil production.

8. Bola Shagaya

An astute entrepreneur, Shagaya has diversified her business portfolio, excelling in the oil, real estate, and fashion sectors. Her company, Practoil Limited, is a prominent player in oil distribution, demonstrating her business versatility.

9. Benedict Peters

Benedict Peters is the founder of Aiteo, Africa’s leading homegrown oil producer, as well as Bravura Holdings, which engages in mining activities for precious metals like platinum, lithium, copper, and gold across various African nations.

His strategic leadership in 2014 led to Aiteo’s acquisition of a dominant share in Oil Mining Lease (OML) 29 and the Nembe Creek Trunk Line (NCTL) located in the Eastern Niger Delta. This pivotal move has propelled Aiteo to produce close to 100,000 barrels of oil daily, contributing significantly to over five percent of Nigeria’s total daily oil output.

In a landmark initiative in November 2023, Aiteo, in partnership with the Nigerian National Petroleum Corporation (NNPC), unveiled a new grade of crude named Nembe, further cementing its industry standing. Peters, often referred to as Africa’s “Green Baron,” is committed to the acquisition and development of essential minerals required for advancing green technologies. His focus is on fostering the growth of sectors like electric vehicles and lithium battery production through sustainable, innovative, and ethically minded mining practices.

Peters is also renowned for his philanthropic efforts, primarily directed towards uplifting rural communities and broadening access to education. His philanthropic vision is deeply rooted in his Christian values, driving his dedication to effecting positive change and supporting sustainable community development.

10. Alhaji Sayyu Dantata

Dantata’s leadership at MRS Oil Nigeria has seen the company expand its operations significantly, becoming a major player in Nigeria’s fuel market and beyond.

11. Gabriel Ogbechie

Ogbechie, the founder of Rainoil Limited, has grown his company into a major player in Nigeria’s downstream oil sector. His entrepreneurial journey from modest beginnings to success exemplifies the opportunities in Nigeria’s energy market.

12. Fredrick Obateru Akinruntan

Akinruntan, a royal figure and a business magnate, has led Obat Oil to prominence in Nigeria’s oil industry. His leadership blends tradition with modern business strategies.

13. Winifred Akpani

Akpani’s success with Northwest Petroleum & Gas highlights her exceptional leadership in the competitive oil trading market. She has become a powerful force in Nigeria’s energy landscape.

14. Tope Shonubi

Shonubi, as co-founder of Sahara Group, has played a vital role in transforming Africa’s energy sector. His initiatives have focused on enhancing energy accessibility and sustainability across the continent.

15. Prince Engr. Arthur Eze

Eze’s Atlas Oranto Petroleum has established a vast network of oil and gas assets across Africa. His ability to navigate the complexities of the oil industry has made him a major player in the continent’s energy market.

16. Ernest Azudialu-Obiejesi

Leading Nestoil, Azudialu-Obiejesi has spearheaded some of Nigeria’s most challenging oil projects, significantly improving the country’s infrastructure and operational capabilities in the energy sector.

17. Mohammed Indimi

Indimi, the founder of Oriental Energy Resources, has demonstrated his expertise in offshore oil production, contributing significantly to Nigeria’s oil output.

18. Tony Elumelu

Elumelu’s Heirs Oil & Gas reflects his belief in Africa’s potential, with investments aimed at driving economic growth and empowerment across the continent.

19. Augustine Avuru

Avuru’s leadership at Seplat has been marked by significant growth and international recognition, setting high standards for corporate governance and shareholder value.

20. Femi Otedola

Known for his strategic foresight, Otedola’s investments in energy and other sectors have made him a central figure in Nigeria’s economic narrative, shaping the future direction of the industry.

These industry titans are not just leaders in Nigeria’s economy—they are also shaping the global conversation on energy, innovation, and sustainability, positioning themselves as influential figures on both the regional and international stages.