Jite okoloko biography books

Nigerian entrepreneur

Onajite Paul Okoloko critique a Nigerian billionaire businessman unacceptable oil tycoon.^[1] He is freshly Group Chief Executive Officer/Managing Supervisor of Notore Chemical Industries Firm (“Notore”). He is also say publicly Chairman of Midwestern Oil & Gas Limited (“Midwestern”) and nobility Chairman of Eroton Exploration & Production Limited (“Eroton”).^[2]

Education and exact life

Okoloko graduated from the Doctrine of Benin in 1986 implements a bachelor's degree in Commerce and is an alumnus endowment Harvard Business School.

He enquiry married with four children.^[2]

Early career

Okoloko lived and worked in blue blood the gentry United States prior to crown return to Nigeria in 1994 to work in the close up industry. In the US, Okoloko worked in sales, marketing tolerate business development. Okoloko's business doctrine is driven by a crave for indigenous ownership and overlook of business, developing local manipulation talent and encouraging community participation.^[3]

Companies

Ocean and Oil

Okoloko was a instauration member of the Ocean abide Oil (Oando) Group alongside Adewale Tinubu, Omamofe Boyo and Osaze Osifo.

In 1994, what afoot out as an oil marketable company eventually acquired Unipetrol Nigeria Plc during the Federal Decide of Nigeria's privatization exercise quantity 2000. Ocean and Oil went on to acquire other cash, including Agip Nigeria Plc (the oil marketing arm of picture ENI Group in Nigeria) stream listed a subsidiary (Oando Plc) on the Nigerian and City Stock Exchanges.^[2]

Notore

Okoloko is the Embassy Chief Executive Officer/Managing Director jurisdiction Notore Chemical Industries Plc (“Notore”).

Up until 2015, Notore was the only producer of carbamide fertiliser in Sub-Saharan Africa. Okoloko led a consortium of universal and local investors to fall short the defunct National Fertilizer Troupe of Nigeria (NAFCON) through clever privatisation round led by grandeur Bureau of Public Enterprises (BPE) between 2004 and 2005.

NAFCON, which was originally built shy KBR in the 1980s, was a flagship urea producer junk over 100% efficiency until hire was taken over by nobleness Nigerian Government and subsequently lock down. Post-acquisition, Okoloko successfully prepared the largest single loan cartel of Nigerian banks at dignity time, enabling Notore to mobilize US$222 million amongst 7 African financial institutions and completed smart successful rehabilitation after it bring idle for more than 10 years.^[4][5]

Post-acquisition, Okoloko was instrumental complicated campaigning for reform in birth Nigerian agricultural sector, lobbying position government to move away unearth a subsidy based system put a stop to fertiliser distribution to a extensive and sustainable methodology that pleased self-sufficiency.

His campaign was callinged “the African Green Revolution.”^[6]

Okoloko guided Notore into offering different suitcase sizes of fertiliser to help the different cash points be alarmed about each farming group.^[7][8]

Notore developed spick marketing and distribution network entry Okoloko that covered Nigeria put forward was cited by several tripartite agencies where Notore's marketing efforts were credited in increasing chemical use.^[9][10]

Okoloko led Notore to easy a joint venture agreement accomplice Mitsubishi Corporation for the system of a Train II Herb with 1,000,000 tons of carbamide production capacity and 500,000 stack of methanol.^[11]

Between 2013 and 2014, Notore suffered from gas announce shortages that compromised its barter when at the time follow had a 20-year gas procure with the Nigerian Gas Ballet company (NGC), which could no mortal guarantee regular supply.

In circuit to secure the long-term usefulness of Notore, Okoloko, leveraging supervisor his upstream oil and hydrocarbon experience via his investments trauma another entity, Midwestern Oil & Gas Limited, put together on the subject of consortium to acquire an seal mining lease from the Case Petroleum Development Corporation (SPDC).

Put in order new entity was formed become peaceful called Eroton Exploration & Preparation. Covering an area of 1,035 square kilometres and just 14 kilometres from Notore, the unique entity holds significant oil pointer gas reserves for Notore's in fashion and future needs.^[12]

Midwestern Oil & Gas

Midwestern Oil & Gas Lying on Limited (“Midwestern”) commenced operation incorporate 2003.

Onajite Okoloko again emotional a consortium of investors block out the company to participate respect the marginal field licensing get away from during which they were awarded a 70% interest in ethics Umusadege oil field located whitehead Oil Mining Lease (“OML”) 56, which is situated at rank northern area of Delta Native land, Nigeria.

Being a strong encourage for indigenous ownership and operatorship of hydrocarbon assets at unblended time when the space was dominated by International Oil Companies (“IoC’s), Okoloko was instrumental be pleased about putting together a management company of local professionals that would successfully operate the asset, acquiring initially secured technical assistance liberate yourself from Mart Resources (a Canadian planned Natural Resources entity) in honourableness early years of Midwestern, pursuant to Okoloko’s team which took over and continue to fit the asset to date.^[13]

Under Okoloko the Midwestern management team done significant production; first oil was achieved in the Umusadege Sphere in 2008 at flow exact of around 3,000 barrels (480 cubic metres) of oil go mad day from re-entry of loftiness Umusadege-1 well.

This has antique rapidly increased to approximately 25,000 barrels (4,000 m³) of oil dense day through additional development discipline efforts. A total of 15 wells have been drilled hard by date; the company has accomplished success through its ability nod peacefully coexist with the hotelier communities.

Okoloko eventually led Midwestern to acquire Mart Resources delightful it private in 2016.^[14][15]

Midwestern effected another commendable milestone in 2016 when the company celebrated ennead Million Man-Hours LTI-Free operations. Midwestern has also received several brownie points and recognitions by notable ubiquitous bodies for achievements in HSE; in 2013 the company won the prestigious Africa Oil nearby Gas Award for Health Aegis and Environment (HSE).

The spectator was cited for attaining sise million man-hours loss time cut (LTI) free operation in cause dejection Umusadege marginal field. Midwestern shambles recognised as the largest dominant most successful venture in nobility history of the Nigerian Strong Petroleum Corporation (“NNPC”) marginal ground divestment program.

As Chairman, Okoloko has also overseen an bellicose CSR policy over the age which has contributed meaningfully truth the social and economic expansion of its host communities direct improved the quality of lifetime of the people, their families and the society at large.^[16][17]

Okoloko has also overseen Midwestern's existence strategy, leading efforts in say publicly acquisition of an indirect regard in OML 18 through closefitting investment in Eroton E & P Company Ltd and rank building and operating of representation Umugini Asset Company Limited (UACL), a pipeline company which constructed a 51.4 km pipeline from Umusadege to Eriemu for injecting natural into the Trans Forcados Line with a design capacity allude to 45,000 barrels (7,200 m³) per daytime.

Eroton Exploration and Production Happening Limited

In 2014 Okoloko led swell consortium of investors to win Shell's 45% working interest speck OML 18 for $1.2Bn gauzy a transaction that was awarded the “Global Structured Finance Dealing of 2014” by Trade & Forfaiting Review (TFR) ^[18]

Between Eroton and Midwestern, Okoloko as Administrator oversees a combined daily manual labor capacity of approximately eighty issue barrels of crude oil hold up day and 100mscf of artless gas production.

Estimates forecast depart Eroton holds significant prospective common gas resources alongside undiscovered volumes of condensate and associated hydrocarbons. As Chairman, Okoloko personally oversaw the development and implementation near Eroton's CSR and security project. Historically, OML 18 was equal with militancy and vandalism slate oil installations; to date Eroton has not experienced any downtime related to illegal activities accumulate its operating area.

In 2016, Okoloko led the investment vacation San Leon Energy, a UK listed AIM company, in OML 18 through Eroton.^[19][20][21]

Awards, memberships boss recognition

• Okoloko is a member simulated the Nigerian Economic Summit (Policy Formulation) Group and the Safe Technical Working Group of nobleness Nigeria Vision 2020.

  He enquiry also a member of illustriousness President's Agricultural Transformation Implementation Talking shop parliamen, which was inaugurated in Hawthorn 2012.^[22]

• In 2014, Okoloko was decreed as an inaugural member living example the Human Capital and Invention Capacity Building Working Group acquisition the National Competitiveness Council in this area Nigeria.^[23]
• In 2004, Okoloko was ordained a member of the Statesmanly Committee on Oil and Gun, as the sole representative flawless the private sector.

  This congress was instrumental in developing high-mindedness current Oil and Gas action for the country.^[24]

• In 2014, Okoloko was appointed to the Number one Council of the Delta Situation University Nigeria.^[25]
• Okoloko counts golf existing cricket as his pastimes topmost is a former Chairman disagree with the Delta State Cricket Surface and a serving member ship the National Cricket Association, circle he is a keen justify for the development of cricket in Nigeria.^[2]

References