Full list: Dangote, Otedola, Elumelu, 21 Other Billionaires Making 'Oil Money' in Nigeria
- By making significant investments and exercising wise leadership, a handful of billionaires have altered Nigeria's oil and gas industry
- Nigeria contributes more than 2.5 million barrels per day to the global oil supply, making it a significant player in the industry
- According to a report, oil exports account for about 70% of government revenue and more than 90% of the country's foreign exchange gains
Don't miss out! Join Legit.ng's Sports News channel on WhatsApp now!
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
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.
Source: UGC
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.
PAY ATTENTION: Click “See First” under the “Following” tab to see Legit.ng News on your Facebook News Feed!
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.
The oil and gas sector billionaires in Nigeria are listed thus;
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
12. Winifred Akpani — Northwest Petroleum & Gas Company Limited
13. Tope Shonubi — Sahara Energy
14. Prince Engr. Arthur Eze — Atlas Oranto Petroleum
15. Ernest Azudialu – Obiejesi — Nestoil
16. Mohammed Indimi — Oriental Energy
17. Mike Adenuga — Conoil
18. Audrey Joe-Ezeigbo — Falcon Corporation Limited
19. Augustine Avuru — Seplat
20. Femi Otedola — Forte oil
21. AbdulWasiu Sowami – Ardova Plc
22. Tony Elumelu — Heirs Oil & Gas Limited
23. Folawiyo Yinka — Yinka Folawiyo Petroleum
24. Emeka Okwuosa — Oilserv Limited
Dangote secures new position in World’s billionaire list
Legit.ng reported that Africa's richest man, Aliko Dangote, has climbed the world billionaire after making over $8.04 million or N12.72 billion on Wednesday, August 14, 2024.
According to the Bloomberg Billionaires Index, Dangote's wealth now stands at $13.9 billion, making him the 141st richest person in the world.
He is now ahead of South African billionaire Johann Rupert, who recently overtook Dangote to become the wealthiest man in Africa.
PAY ATTENTION: Stay Informed and follow us on Google News!
Source: Legit.ng
