A number of billionaires have shaped the oil and gas sector in Nigeria by large investments and astute leadership, making it a vital component of the country’s economy and having a big impact on the regional and international energy markets.
As of 2023, Nigeria—Africa’s top oil producer—contributes over 2.5 million barrels daily to the world’s oil supply, making it a major participant in the sector.
According to BusinessDay, over 90% of the nation’s foreign exchange profits and almost 70% of government revenue come from oil exports.
As per the National Bureau of Statistics, in Q1 2023, the real GDP was contributed by the oil and gas sector by 6.21%.
Notwithstanding its high output, the industry has difficulties due to factors including the volatile global oil prices of late.
The COVID-19 epidemic, for example, caused a sharp decline in oil prices in the early months of 2020, with Brent crude falling below $20 per barrel. However, it has subsequently rebounded to almost $90 per barrel in 2024.
In addition to supporting Nigeria’s economic growth, each of these billionaires is a prime example of how wealth, industry, and innovation come together globally in the energy sector.
As compiled by BusinessDay Findings, these are the oil and gas sector billionaires in Nigeria.
1. Aliko Dangote — Dangote refinery
2. Theophilus Danjuma — SAPETRO
3. Adewale Tinubu — Oando
4. Folorunsho Alakija — Famfa Oil
5. Dr. Bryant (ABC) Orjiako — Seplat
6. Tunde Afolabi — Amni International Petroleum Development
7. Bola Shagaya — Practoil Limited
8. Benedict Peters — Aiteo Group
9. Alhaji Sayju Dantata — MRS oil Nigeria Plc
10. Gabriel Ogbechie — Rainoil Limited
11. Fredrick Obateru Akinruntan — Obat oil company
