In a season wherein the Nigerian oil and gas enterprise is related to distinct ills, including pollution, corruption, and conflicts, it is refreshing to learn about enterprise leaders within the sector who have steered clear of those familiar maladies while building huge initiatives that are equally enterprise-defining.
The Nigerian energy enterprise has been plagued by an excellent wide variety of globally stated malfeasance together with corruption expenses against some of u . S .’s highest officials. Segun Adebutu, Chairman and founding father of Petrolex Oil and Gas Limited, breathes new life into the sector.
Petrolex is an African integrated energy conglomerate founded in February 2007 and tasty about 2,000 direct and oblique personnel. As traditional emerging giants within the region, Petrolex’s hobby encompasses garage, distribution, retail, and oil services, with plans for upstream and refining. Six off years in the past, Petrolex took a massive stride when it silently began constructing a mega oil town in Ogun State, a coaster nation next to Lagos, the economic nerve center and previous capital of the two hundred million humans u. Among others, the industrial complex will residence a 250,000 bpd refinery, a 100mW energy plant, a petrochemical plant, an ultramodern lubricant plant, and a fuel processing plant.
However, oil and gas isn’t always the most effective investment making the billionaire lottery scion the present-day toast of corporate Nigeria. Adebutu’s sizeable enterprise empire reaches into mining with a agency this is argued as one in every of Nigeria’s maximum endowed set of mining properties in one portfolio; a marine logistics firm additionally reputed to be quietly accumulating the largest fleet in sub-Saharan Africa and already quietly executing numerous multimillion-greenback contracts across West Africa; coupled with a city leisure outfit based in America and Nigeria and boasting numerous pinnacle nearby artists and worldwide affiliations.
He comes from one of the most respectable and influential households in South-Western Nigeria, probably a chorus the billionaire wants to downplay. Perhaps as it detracts from the hard paintings and determination, he has invested in getting his businesses to the lofty heights they presently are. However, many insist his commercial enterprise acumen and air of secrecy must have been partly imparted with the aid of his father, Kensington Adebutu, a famous chieftain, who has built one of the most enduring companies in Nigeria referred to as Premier Lotto. A lottery and making a bet outfit beloved by the mid to the bottom of the socioeconomic elegance of Africa’s maximum populous kingdom.
“From Shell and Eni’s Malabu scandal to Diezianigate, the Nigerian energy ecosystem has been dirty to its beneath wears using corruption allegations. However, with compelling mouth-watering possibilities and margins, the funding houses in the West will maintain to are looking for veritable investment companions with a smooth track document and integrity. This is the threshold that Segun Adebutu offers inside the subregion,” says an analyst with one in all London’s largest hedge funds.
Despite his privileged family heritage, Segun Adebutu has efficiently constructed his personal enterprise empire together with his savviness and zeal to enhance the fortunes of the kingdom. Though media-shy, this man of many parts became unveiled as the frontline visionary behind many of Nigeria’s hit groups. Inspired by his notion of opportunities and a desire to fill a gap, Adebutu is managing to show 30,000 acres of swamp, the dimensions of Paris, into a mega oil town in Nigeria. The first segment of the assignment, the largest tank farm in sub-Saharan Africa with a potential of 300 million liters, is already within the books.
Presently, Adebutu’s projects are possibly Nigeria’s high-quality kept mystery because the reputed perfectionist (as defined) is bent on preserving his cards near his chest until all is glowing.
Nevertheless, the want to infuse humanity into the commercial enterprise is not misplaced on this large-hearted philanthropist. His insatiable choice to solve problems and contribute to ameliorating pain inside the society propelled him to create the Oladiran Olusegun Adebutu (OOA) Foundation, a non-profit and non-political business enterprise in 2016. The basis engages in philanthropic tasks ranging from instructional support, health guide, dietary aid, psychosocial help, recreational guide, haven, and provision of clean water. The basis has completed numerous projects that have buoyed entry to schooling and healthcare for loads of youngsters. In October of 2018, it organized a novelty match in London among the English Premier League and African soccer legends’ legends. The proceeds went to operations for kids residing with heart situations… This gesture turned into in conjunction with ex-Arsenal and ex-Nigerian International, Kanu Nwankwo, and his personal basis.
His famed kindness closer to children takes its roots in his fatherland, where he reportedly bought a residence for a homeless own family and presented scholarships to all 5 kids of the stated circle of relatives as much as college, at the request of a toddler.
Adebutu’s philanthropy is matched only with the aid of his love for his u . S . A. “Operating a refinery is an extended-term investment. Anywhere among three to seven years is required for a refinery to generate healthful cash flow, and the majority of Nigerians are searching out quicker returns. Still, we are devoted to making Nigeria power self-reliant.” He stated to newshounds in 2017 at the announcement of his refinery plans. Such statements endeared the maverick to the higher echelons of the Nigerian federal government, and matching moves ultimately earned him a slot at the coveted BusinessDay, Nigeria’s commercial enterprise newspaper, listing of fifty most influential humans of 2018.
This pressure possibly explains his countless trips to Europe and Asia in the past two years. Adebutu has been spotted with government officials and capability investors on multiple occasions, including Russia, London, Malta, Paris, Seoul, and Beijing in the aforesaid period.
With his large strides, Adebutu is contributing to changing the narrative in Nigeria’s oil and gas industry, from approximate pollution, corruption, conflict, and dependence on the foreign capacity to tales of ambitious innovations, social investments, and local capacity development. Adebutu is charting new territories, proving that with vision and resolution, the intended insurmountable limitations may be scaled due to a new breed of forward-questioning indigenous CEOs who agree that the future has to be no longer described by way of the realities of nowadays. Adebutu is creating a new international of possibilities, and the world is beginning to note.