Connect with us


Geregu Power Plant Executive Chairman, Femi Otedola: Champion Extraordinaire!



Quintessential businessman, Femi Otedola, is the real definition of the man with the Midas Touch, a mesmerizing maestro in the art of  money making.  For him, everything good seems conspiring in his favour. He has made good for himself as a businessman and one of Africa’s wealthiest.

But there are lots yet unknown about the taciturn entrepreneur – His towering disposition and unequaled business wisdom.

What this unassuming businessman has going for him is that in spite of conquering the business world like a volcano, he does not allow the frills and thrills of vulgar materialism erode the more sublime traits that are prime requirements in an astute businessman.

His razor sharp intellect, to a large extent, has made great impact in the nation’s business , thereby taking his businesses to enviable heights.

In 2009, Otedola became the second Nigerian after Aliko Dangote to appear on the Forbes list of dollar-denominated billionaires, with an estimated net worth of $1.2 billion. But in 2017, the mogul fell off the ranks of the richest black people on earth as a result of the plunging share price of his then oil company, Forte Oil. But this never bothered the savvy entrepreneur who  rather prefers to tread the quiet side of life. 

The astute magnate has regained his spot on Africa’s richest list.

We were  able to reveal that since the long-awaited listing of his power-generating company, last year October, Otedola has seen his fortune grow in leaps and bounds as his stake in Geregu Power approaches a valuation of $2 billion.

Notwithstanding the eclipse, fluidity and uncertainty hovering in the country’s business terrain, the listing of the shares of his power-generating company has proved highly lucrative for Otedola, with his stake experiencing a substantial increase in market value. 

Geregu Power owns three natural gas-fired power plants generating a combined capacity of 435 megawatts representing 10 percent of Nigeria’s total power generation capacity.

As the company establishes itself as a formidable player in Nigeria’s energy generation sector, it is also poised to significantly increase its total capacity ,over the next two years, from 435 megawatts to a remarkable 1,300 megawatts. The strategic move not only demonstrates the company’s commitment to meeting the energy needs of Nigerians, but also aims to boost its earnings and revenue through continued growth in the power sector. 

This year alone, Otedola’s stake has surged by more than $900 million, propelling him to return to the exclusive ranks of Africa’s richest billionaires.

Four years ago, Otedola, proved to the world that he is indeed a genius and a cognoscenti  when it comes to investment and the art of making money. 

When he  announced  that he would be quitting the oil and gas sector by selling off his shares in Forte Oil in June 2019,   many business analysts saw this as a wrong move.

Reason: they could not fathom why he should quit the business that had given him fame.

But he followed his intuition, and it has turned out to be one of his best investment decisions ever.  It is  fact that he knows when to invest and when to re-invest.  

Little wonder, his fans and those who know him well  maintained that he still has the magic with which he turned  around the moribund African Petroleum, AP, which he rechristened Forte Oil.

Besides, they insisted that  Otedola must have thought it out.

As predicted, Otedola,  who is blessed with a proven  magic wand, successfully re-jigged the company from its former declining state  to a flourishing  one that became a brand to beat in the sector.

Indeed, barely four  years after he diversified into the power business with Geregu Power Plant,  he has proven that he is a master of the game. 

Evidence that his N64.3bn investment in the energy sector, Geregu  Power Plant, is already giving his rival a sleepless night is that the  company is not only yielding good profits, it has  changed the energy sector for good.

He has yet scored another first as  his electricity generation company has been listed on the Nigerian Exchange (NGX), to allow the public become part owners by buying  the company’s shares.

Geregu Power Plant, it was gathered, had a market capitalisation of N250 billion when it  was listed on the Nigerian stock exchange on October 5, 2022, through way of introduction. 

The public listing comes at a time when the power plant wants to expand its operations by acquiring another power plant, Geregu 2, which has a capacity of 434 MW. 

This will increase Geregu Power Plant’s capacity to 735 MW. It is expected to also positively impact the company’s revenue, which rose to N70.9 billion in 2021, recording a 32.3 per cent year-on-year growth last year. 

 Geregu Power Plc, became  the first power generating company to be listed  on the NGX.

 What a feat and  astounding success from the man many loved to be called  champion extraordinaire!

11 / 100
Continue Reading


When Billionaire Gas mogul, Julius Rone Shone like a Diamond




Think of a billionaire businessman blessed with money, brains, confidence, oratory power and the name of Julius Rone, OFR, Group Managing Director, of UTM Offshore Limited, UTMOL will pop up.

It is definitely an incontestable fact that the serial entrepreneur is one of the few Nigerian business moguls that rub shoulders with other high networth individuals around the world. His rich and diverse entrepreneurial journey that has helped shape

For many years, he has been busy cutting deals beyond the shores of the continent of Africa while also proving that good things can also come out from this side of the world.   

He has a rich and diverse entrepreneurial journey that has helped shape the business sector in Africa. His path to success includes a series of ventures that have significantly contributed to the region’s business growth. 

Aside his pedigree as a topnotch business strategist, it is also a gospel truth that the man, fondly called ‘King of Gas’, is also popular among other high-flying business moguls for his eloquence and articulacy.

The Delta-born top player in the gas sector, as gathered, exhibited that he is not only wealthy but also brainy. 

This he has not failed to flaunt whenever the occasions arise, and the occasions seem to arise so many times lately and Rone has never been found wanting.

In fact, a source revealed that this is the reason he is being invited to seminars, forums and business meetings around the world where he has dazzled many with his talent like the great Roman orator, Cicero.

Once, again he shone brilliantly like a diamond  yesterday, Tuesday November, 14, 2023, at the LNG shipping and terminals Conference in London. The man, full of ingenuity, mesmerised his audience while he spoke about The Role of Policy Instruments and Government Support for the FLNG Project such as Investment Incentives, Regulatory Framework, where government policies can provide financial incentives such as tax breaks, grants, or subsidies to attract private investment in FLNG projects. These incentives, he explained, can help reduce the overall project cost and encourage private sector participation.

The very brilliant businessman also talks about how governments play a crucial role in creating a favourable regulatory environment for FLNG projects, which includes establishing clear guidelines for environmental protection, safety standards, and permitting processes. A well-defined regulatory framework provides certainty for project developers and investors.

Not only that, he also touched on other topics, such as market Drivers for Exploiting Gas in Nigeria, Predicted Gas Volumes from the Development and Quantity expected to be exported, Partnerships in Place and Progress Against Project Timeline and Planning for the challenges of developing Nigeria’s first FLNG project.

The billionaire business mogul received a standing ovation, accompanied with a deafening applause for his dazzling and awe-inspiring speech.

Some of key points he touched include:

The Role of Policy Instruments and Government Support

for the FLNG Project

The Role of Policy Instruments and Government Support For the FLNG Project

Investment Incentives

Regulatory Framework

He gave an insight where government policies can provide financial incentives such as tax breaks, grants, or subsidies to attract private investment in FLNG projects. These incentives can help reduce the overall project cost and encourage private sector participation.

Also, he explained that governments play a crucial role in creating a favorable regulatory environment for FLNG projects. This includes establishing clear guidelines for environmental protection, safety standards, and permitting processes. A well-defined regulatory framework provides certainty for project developers and investors.

The Role of Policy Instruments and Government Support For the FLNG Project

Market Access

Risk Mitigation

Mr. Rone said governments can facilitate market access for FLNG projects by negotiating export agreements, promoting gas trade, and ensuring a fair and transparent market. Access to domestic and international markets is essential for the success of FLNG ventures.

Where LNG projects often involve significant financial and technical risks. Governments can

help mitigate these risks by providing guarantees or insurance options to project

developers. This support can encourage private sector involvement and reduce the

overall cost of financing.

Market Drivers for Exploiting Gas in Nigeria

The Role of Policy Instruments and Government Support For the FLNG Project

Energy Demand & Access

Export Opportunities

He said Nigeria has a growing population and increasing energy demand. Gas is a cleaner and

more environmentally friendly alternative to coal and oil, making it a desirable option for

meeting this growing energy demand. Expanding access to clean and affordable energy is a key driver for gas exploitation.

Rone hinted that Nigeria is one of the world’s top gas reserves holders. Exporting natural gas, especially in the form of liquefied natural gas (LNG), provides a substantial revenue source.

International markets, particularly in Asia and Europe, offer attractive opportunities for

exporting Nigerian gas, making it an economic incentive.

The Role of Policy Instruments and Government Support For the FLNG Project

Industrialization & Economic Growth

Government Policies &


‘’Gas is essential for various industries, including manufacturing, petrochemicals, and

power generation. As Nigeria aims to diversify its economy and promote industrialization,

gas becomes a crucial driver, as it can provide a reliable and cost-effective source of

energy for industrial processes and electricity generation.

The Nigerian government’s policies and incentives can significantly influence gas

exploitation. Incentives such as tax breaks, investment support, and favorable regulatory

frameworks can attract both domestic and foreign investors to the gas sector. Policies

aimed at improving gas infrastructure and reducing gas flaring also play a role in driving

gas development’’ He added.

11 / 100
Continue Reading


Wale Tinubu, Dangote, Edun, others attend Nigeria-Saudi Business Forum




The Group Chief Executive, Oando Group, Jubril Adewale Tinubu, was among top dignitaries who attended the  first Nigeria-Saudi Arabia Forum which was part of  President Bola Tinubu’s   effort to boost and strengthen economic and business ties between the two countries. Other top Nigerian business magnates, ministers and many government functionaries such as the President of Dangote Group; Alhaji Aliko Dangote, Group Managing Director, Nigerian National Petroleum Corporation (NNPC); Mele Kyari, the Minister of Finance and Coordinating Minister of the Economy of Nigeria; Mr. Wale Edun, Minister of Trade and Investment, (Dr) Doris Uzoka-Anita, Minister for Humanitarian Affairs and Poverty Reduction; Dr. Betta Edu Chairman THISDAY Media Group and ARISE News Channel, Nduka Obaigbena, among others, were also at the event

Speaking during the forum President  Tinubu  assured potential investors that their investments are safe in Nigeria.

President Tinubu said Nigeria is ready for business while assuring investors of some of the world’s highest returns on investment.

The President said Nigeria is desirous of enhancing collaboration with the Kingdom of Saudi Arabia on combating terrorist organizations such as Boko Haram, ISWAP, and other violent extremist groups which have been terrorizing the Lake Chad and Sahel regions.

“Nigeria and Saudi Arabia have always enjoyed a special relationship at both the bilateral and multilateral levels. Within the past six decades, our bilateral cooperation, which was initially hajj-centric, has witnessed diversification to cover a number of areas of common interest. It is delightful to note the presence in this great Kingdom of a large number of our compatriots and professionals, including highly-skilled medical practitioners and professional football players.

“As members of several international organizations including the UN, the Organization of Petroleum Exporting Countries, the International Energy Forum, the G77, the Islamic Development Bank, the Digital Cooperation Organization among others, our two nations have effectively used these and other platforms to enhance close interaction and coordination. I am confident that our joint positive disposition within these platforms will continue to be demonstrated as we seek to advance our mutual interests.

“Nigeria, like the Kingdom, is diversifying her economy away from oil dependence to promote sustainable development. My administration has undertaken bold economic reforms by removing wasteful subsidies on petroleum and the merging of our foreign exchange market, among other incentives aimed at improving the ease of doing business in Nigeria.

“I also wish to assure all potential Saudi investors of the safety of their investments based on the sanctity of the rule of law and good returns on their investments in the largest economy in Africa. In this regard, the benefit attached to the early inauguration of the Nigeria-Saudi Business Council can not be over-emphasized,” the President said.

President Tinubu thanked the Kingdom for the various humanitarian interventions in Nigeria through the King Salman Humanitarian Aid and Relief Centre.

11 / 100
Continue Reading


Ibukun Awosika, Okewale, Others To Inspire Female Entrepreneurs At WHATrybe Conference




Boardroom maven and author, Mrs. Ibukun Awosika is set to share her insights on how female entrepreneurs in Nigeria can take their businesses to the next level at the powerful convergence of female business leaders from across the country on Monday 6 November in Lagos. 
The former chairperson of First Bank of Nigeria will be leading other successful women as the keynote Speaker at the debut conference of Women High Achievers Trybe, WHATrybe, a global community of high value women, scheduled to hold at the Oriental Hotel, Victoria Island, Lagos.
At the conference themed “Ele­vating The Entrepreneurs: Strategies for Success” other renowned industry experts and female achievers including Folake Kehinde, Ivie Temitayo-Ib­itoye, Bukola Majekodunmi, Jennifer Awirigwe, Eno Sam, Atinuke Babatunde, Adeola King­sley-James, Margaret Nkechi, Toun Sonaiya and Diji Shujahi, will be sharing their thoughts on topics covering branding, marketing, financial management, staff retention, mindset, the power of storytelling and leveraging on media to position the brand. 
Speaking about the conference with attendance free but registration compulsory, Mrs. Kiki Okewale, a Lagos-based social entrepreneur and convener of WHATrybe, said there has been a surge in the number of women starting businesses in Nigeria and regardless of this positive rising trend, so the quantum of challenges these female entrepreneurs face operating their businesses.
She believes women must go back to the drawing board and restrategise thus the need to inspire other women to have a voice as they build themselves up into high achievers. 
“In today’s volatile economy, there are many women with businesses they want to scale above the current level it is. It’s crucial not to leave your business success to chance. As determined women entrepreneurs, how do they navigate through all the tough experiences to achieve greater success in their business? Whether you’re looking to scale your business or fulfill a grand vision, it’s time to reevaluate and strategize for growth. This conference will guide you through the challenges towards greater success,” Okewale said.
Aside tapping from the deep well of knowledge of Awosika, an author of five entrepreneurial books, at the event to be compeered by Tomike Adeoye, there will also be in­teractive sessions and network­ing opportunities for attendees to connect with other women entrepreneurs and experts in various fields. 
Okewale, a fashion mogul behind BK3 Garment Factory, floated WHATrybe in 2020 and has ever since been on a mission to impact and connect powerful women in Africa and the rest of the world. 
The positive feedback she has received in the last three years by her passion for women development and em­powerment has been profound and has encouraged the expansion of the community of Women High Achievers Trybe.

6 / 100
Continue Reading

Trending News