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In this article, we’ll look at the Top 5 Billionaire Oil Tycoons In Nigeria. Africa’s top producer of gas and oil is Nigeria. Crude oil accounts for the majority of her income, and since it was initially found, many individuals have built successful careers and businesses around it. The upstream, middle stream, or downstream oil industries all have a large number of businesspeople in the nation.
9ja2nice will share with you the top 5 oil executives in Nigeria and the businesses they control in this article.
Top 5 Billionaire Oil Tycoons In Nigeria
- Tonye Cole ( Sahara Energy Resource Limited)
- Femi Otedola (Oil Giant Zenon)
- Tunde Folawiyo (Yinka Folawiyo Power)
- Ifeanyi Ubah (Capital oil)
- ABC Orjiakor (Seplat)
5. Tonye Cole ( Sahara Energy Resource Limited)
Top 5 Billionaire Oil Tycoons In Nigeria
Cole co-founded Sahara Energy Resource Limited with his pals Tope Shonubi and Ade Odunsi in 1996, and he currently serves as the company’s managing director. With operational firms involved in the downstream, midstream, upstream, infrastructure, and power sectors, Sahara Group is one of the largest privately held conglomerates in the power, energy, gas, and infrastructure industries.
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When Sahara Energy first began, it was an oil and gas corporation whose primary activity was the trade of extra fuel oil from the refineries in Port Harcourt and Warri.
Later, it ceased acting as a middleman and transformed into a well-known trading company, branching into the ownership of boats and storage facilities, and constructing depots in Lagos, Onne, and Abuja with a combined capacity of 55,000 metric tonnes and a fleet of five vessels transporting goods across West Africa. With little over 300 employees now, Sahara Energy is a substantial employer of labor.
4. Femi Otedola (Oil Giant Zenon)
Top 5 Billionaire Oil Tycoons In Nigeria
Otedola, the CEO of African Petroleum Plc (now Forte Oil Plc), was one of just two Nigerians along with Aliko Dangote to make the 2009 Forbes list of the world’s 793 richest people, with a net worth of more than $1.2 billion. Despite a modest fall in his income since then, he continues to be incredibly wealthy and influential in the Nigerian oil industry.
He also owns the massive indigenous oil company Zenon, worth several billion naira. Among oil marketing companies, Zenon, which is directly managed by Otedola, is the industry leader in the diesel market. It provides diesel to practically all of Nigeria’s main manufacturing companies and the nation’s industrial sectors. Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle, Guinness, and other companies are among them.
3. Tunde Folawiyo (Yinka Folawiyo Power)
Top 5 Billionaire Oil Tycoons In Nigeria
Folawiyo holds directorships with several companies in different industries in addition to serving as the managing director of Yinka Folawiyo Power. Although he avoids the spotlight, he is reputed to lead a life of unparalleled luxury. He graduated from University College London and the London School of Economics, respectively.
Read Also: List Of All Refineries In Nigeria
2. Ifeanyi Ubah (Capital oil)
Top 5 Billionaire Oil Tycoons In Nigeria
Ubah, a businessman most known for purchasing advertisements on the front pages of significant newspapers to announce the celebration of his 40th birthday, is reported to control the largest and most advanced depot in Nigeria through his firm, Capital Oil. Capital is the sole downstream player in the country with 28 loading bays and the capacity to produce 55 million litres of petroleum products daily.
1. ABC Orjiakor (Seplat)
Top 5 Billionaire Oil Tycoons In Nigeria
Dr. Ambrose Bryant Chukwuemeka Orjiako, often known as ABC Orjiako, is the chairman and co-founder of SEPLAT, a significant independent Nigerian oil and gas firm with a strategic concentration on the Niger Delta of Nigeria that is listed on the London and Nigerian stock markets. The business tycoon with medical training also holds holdings in the pharmaceutical sector as well as in the oil and gas, transportation, banking, and insurance industries.
In Nigeria’s oil and gas industry, he has founded and managed a number of businesses in the upstream, downstream, and service sectors. These companies include Shebah Exploration and Production Company Limited, Zebbra Energy Limited, Abbeycourt Trading Company Limited, and Abbeycourt Energy Services Limited.
