Prime Business AfricaThe oil and gas industry is a vital revenue contributor to the Nigerian economy, contributing 3.97 percent to the total real gross domestic product (GDP) in the first quarter (Q1) of 2025.
Some of the major investors in the industry come from various regions in Nigeria, with the south-west accounting for three, the south-south accounting for two, and the north accounting for one, based on the number of companies listed on the Nigerian Exchange Limited (NGX).
Join our WhatsApp ChannelPrime Business Africa notes that there are seven oil and gas companies listed in the NGX: Aradel Holdings, Conoil Plc, Eterna Plc, MRS Oil, Oando Plc, Seplat and TotalEnergies.
Regions With Highest Majority Shareholders In Oil And Gas Industry
Majority shareholders from the south-west
Ladi Jadesimi
Ladi Jadesimi is a majority investor in Aradel Holdings, where he serves as chairman and holds 229.03 million shares in the company, representing a 5.27 percent stake, and worth N117.83 billion as of the end of June.
The businessman, who is from Lagos state, holds the shares through Badagry Creek Fze, and they were valued at N136.96 billion at the start of the year, indicating his investment value dropped by N19.12 billion.
Mike Adenuga
Mike Adenuga is the chairman of Conoil Plc, where he has a total shareholding of 619.55 million, split into indirect shares of 103.25 million and another indirect shareholding of 516,29 million, held through Conpetro Limited.
The total shares represent an 89.27 percent controlling stake, which was valued at N239.89 billion as of January 2, but dropped to N145.28 billion at the end of the first half.
Prime Business Africa analysis gathered that the Oyo state businessman lost N94.60 billion or 39.43 percent of his investment value within the first six months of the year.
Wale Tinubu
Wale Tinubu, the nephew of President Bola Tinubu, is a majority shareholder and group chief executive officer (GCEO) of Oando Plc, where he holds a total shareholding of 4.75 billion, representing a 38.27 percent stake.
The breakdown of his shares shows Tinubu holds indirect shares of 3.67 million, while he holds another indirect shares of 255,000 through Ocean and Oil Investments Limited (OOIL) and 4.75 billion shares via Ocean and Oil Development Partners Limited (OODP).
As of June 30, the value of the shares held by Tinubu, who is from Osun state, decreased to N261.48 billion, compared to the N313.11 billion they were valued at on January 2, reflecting a decline of N51.63 billion.
Majority shareholders from the south-south
Ogbechie family
The Ogbechie family, from Delta state, comprises Gabriel, the chairman of Eterna Plc and Godrey, a non-executive director (NED) at the oil and gas company.
According to data obtained by PBA, Gabriel and Godrey hold 819.31 million indirect shares through Preline Limited, and 20.11 million indirect shares through Norsworthy Investment Limited.
Also, Godrey holds direct shares of 150,000 in Eterna, bringing the family’s total shareholding to 839.58 million, representing a 64.37 percent controlling stake.
Analysis showed the value of their total investment soared by N15.70 billion to N36.10 billion at the end of the second quarter, from N20.40 billion they were worth at the beginning of the first quarter.
Augustine Avuru
Augustine Avuru is the fourth majority shareholder in Seplat, but he made the list due to the first three substantial investors being foreigners.
Avuru, who accounts for 50.01 million shares, representing an 8.50 percent stake, in Seplat, a company he co-founded and was previously the chief executive officer (CEO) of, is from Delta state.
The shares held by Avuru through Professional Support Limited were valued at N285.10 billion on January 2, but their worth dropped by N12.50 billion to N272.60 billion at the end of the first half.
Majority shareholder from the north
Sayyu Dantata
Sayyu Dantata, a businessman from Kano state, holds 205.73 million shares, through MRS Africa Holdings Limited, in MRS Oil Nigeria.
The shares represent 60 percent and were worth N44.80 billion at the start of the first quarter, but declined to N32.07 billion at the end of the second quarter, indicating a decrease of N12.73 billion.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
