Nigerian Biz Monguls take over exiting oil firm

About two days ago, Seplat Energy, an indigenous oil firm that has been in the eye of the storm in recent times, ironically, completed the successful acquisition of  the assets owned by Mobil Oil Nigeria Producing, owned by Exxon Mobil. It understood that this deal was made possible by notable Nigerian billionaires.

Exxon sold its asset to Seplat at a price of $1.3 billion, according to a statement released on Friday, although the deal is still subject to Ministerial Consent and other required regulatory approvals.

With the wave of divestment by oil majors operating in Nigeria and being acquired by indigenous companies, which has reduced the number of foreign owned oil companies operating in Nigeria; The Street Journal beams it’s search light on Nigerian billionaires who gave successfully acquired foreign owned oil firms.

Tony Elumelu:

In a bid to expand his business interests and by extension in the Nigerian economy, Tony Elumelu in 2021 bought the assets of Shell through his company, TNOG Oil and Gas Ltd. Today his business conglomerate stretches into banking through United Bank for Africa; power through Transcorp Ughelli Power Limited; insurance through HEIRS insurance and HEIRS Life Assurance and hospitality through Transcorp hotels.

Sayyu Dantata:

He is the half-brother of Aliko Dangote and works as the Director of Engineering and Transport Division, Dangote Group. Dantata acquired Chevron’s upstream business, OMLs 83 and 85 in 2015, through his oil company, MRS Holdings, where he serves as Group Chief Executive Officer.  He’s the largest shareholder of MRS, with operations in Nigeria, Benin Republic, Togo, Cameroon, as well as Cote D’Ivoire.

ABC Orjiako:

He is currently the Chairman and co-founder of Seplat Energy until he formally steps down later this month. Seplat only recently acquired the assets of Mobil Producing Nigeria Unlimited from Exxon Mobil this month – the deal awaits regulatory approval.

Michael Adenuga:

Adenuga is quite popular in the telecommunications sector, but silent in the oil and gas sector. He is the founder of Globacom, the second largest telco in Nigeria. His oil company, Conoil Plc, is the firm said to be leading the bidding process for Chevron’s upstream business, OMLs 86 and 88.