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4 prominent Nigerians who bought foreign oil firms to save the industry


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Nigeria, one of Africa’s largest oil producers has its oil industry dominated by foreign firms. As more of these companies pack out of the country in the wake of the emerging green culture in their home countries, the sector was near collapse. However, some prominent Nigerians stepped up to save the situation.

First on the list is Tony Elumelu, the chairman of Heirs holdings, United Bank of Africa, Transcorp and many other businesses. The finance guru has acquired the assets of British oil giant, Shell in 2021. He did so through his TNOG Oil and Gas Ltd which has a good grounding in the country.

Next on the list Sayyu I. Dantata who is a cousin to billionaire businessman, Aliko Dangote. Dantata is the Chairman and Chief Executive of MRS Oil which operates in many West African countries. He bought the American multinational oil company, Chevron through his company, MRS Holdings.

Another American multinational oil producing company, Exxon Mobil was also taken over by Nigeria’s ABC Orjiako, a wealthy business man who was the chairman of Seplat. Exxon Mobil is now safe under a local management as part of efforts to save the industry.

Last on our list telecom giant, Michael Adenuga whose company, Conoil Plc has led the bidding process for Chevron which is also from the United States. Apart from all these wealthy Nigerians doing their best, billionaire businessman, Aliko Dangote has also built a 650,000bpd refinery to redeem the country’s oil sector.

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