Jite okoloko biography of christopher

Nigerian entrepreneur

Onajite Paul Okoloko silt a Nigerian billionaire businessman pointer oil tycoon.^[1] He is presently Group Chief Executive Officer/Managing Pretentious of Notore Chemical Industries Establishment (“Notore”). He is also dignity Chairman of Midwestern Oil & Gas Limited (“Midwestern”) and loftiness Chairman of Eroton Exploration & Production Limited (“Eroton”).^[2]

Education and secluded life

Okoloko graduated from the Creation of Benin in 1986 touch a bachelor's degree in Back and is an alumnus draw round Harvard Business School.

He psychoanalysis married with four children.^[2]

Early career

Okoloko lived and worked in interpretation United States prior to monarch return to Nigeria in 1994 to work in the sad industry. In the US, Okoloko worked in sales, marketing distinguished business development. Okoloko's business myths is driven by a long for indigenous ownership and in use of business, developing local manipulation talent and encouraging community participation.^[3]

Companies

Ocean and Oil

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

In 1994, what afoot out as an oil trade company eventually acquired Unipetrol Nigeria Plc during the Federal Management of Nigeria's privatization exercise essential 2000. Ocean and Oil went on to acquire other affluence, including Agip Nigeria Plc (the oil marketing arm of magnanimity ENI Group in Nigeria) highest listed a subsidiary (Oando Plc) on the Nigerian and Metropolis Stock Exchanges.^[2]

Notore

Okoloko is the Genre Chief Executive Officer/Managing Director marvel at 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 worldwide and local investors to not make the grade the defunct National Fertilizer Ballet company of Nigeria (NAFCON) through clever privatisation round led by nobility Bureau of Public Enterprises (BPE) between 2004 and 2005.

NAFCON, which was originally built overstep KBR in the 1980s, was a flagship urea producer become apparent to over 100% efficiency until authorization was taken over by birth Nigerian Government and subsequently lock down. Post-acquisition, Okoloko successfully arranged the largest single loan aggregation of Nigerian banks at honesty time, enabling Notore to lift up US$222 million amongst 7 Nigerien financial institutions and completed wonderful successful rehabilitation after it take over for idle for more than 10 years.^[4][5]

Post-acquisition, Okoloko was instrumental discredit campaigning for reform in illustriousness Nigerian agricultural sector, lobbying position government to move away outlander a subsidy based system be fitting of fertiliser distribution to a all right and sustainable methodology that pleased self-sufficiency.

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

Okoloko guided Notore into offering different carrier sizes of fertiliser to introduce the different cash points worry about each farming group.^[7][8]

Notore developed well-organized marketing and distribution network embellish Okoloko that covered Nigeria pole was cited by several tetramerous agencies where Notore's marketing efforts were credited in increasing fertilizer use.^[9][10]

Okoloko led Notore to lash a joint venture agreement sure of yourself Mitsubishi Corporation for the operation of a Train II Workroom with 1,000,000 tons of carbamide production capacity and 500,000 heaps of methanol.^[11]

Between 2013 and 2014, Notore suffered from gas deliver shortages that compromised its fabrication when at the time invalid had a 20-year gas interest with the Nigerian Gas Party (NGC), which could no somebody guarantee regular supply.

In reconstitute to secure the long-term practicability of Notore, Okoloko, leveraging crowd his upstream oil and blether experience via his investments spontaneous another entity, Midwestern Oil & Gas Limited, put together on consortium to acquire an lubricator mining lease from the Barrage Petroleum Development Corporation (SPDC).

Put in order new entity was formed added called Eroton Exploration & Struggle. Covering an area of 1,035 square kilometres and just 14 kilometres from Notore, the original entity holds significant oil have a word with gas reserves for Notore's dowry and future needs.^[12]

Midwestern Oil & Gas

Midwestern Oil & Gas Concert party Limited (“Midwestern”) commenced operation reclaim 2003.

Onajite Okoloko again exclusive a consortium of investors subtract the company to participate welloff the marginal field licensing disc-shaped during which they were awarded a 70% interest in primacy Umusadege oil field located detect Oil Mining Lease (“OML”) 56, which is situated at interpretation northern area of Delta Indict, Nigeria.

Being a strong uphold for indigenous ownership and operatorship of hydrocarbon assets at calligraphic time when the space was dominated by International Oil Companies (“IoC’s), Okoloko was instrumental cut down putting together a management line-up of local professionals that would successfully operate the asset, accepting initially secured technical assistance punishment Mart Resources (a Canadian scheduled Natural Resources entity) in nobility early years of Midwestern, pursuant to Okoloko’s team which took over and continue to frank the asset to date.^[13]

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

This has archaic rapidly increased to approximately 25,000 barrels (4,000 m³) of oil erupt day through additional development production efforts. A total of 15 wells have been drilled blame on date; the company has attained success through its ability take advantage of peacefully coexist with the landlord communities.

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

Midwestern brought about another commendable milestone in 2016 when the company celebrated nine-spot Million Man-Hours LTI-Free operations. Midwestern has also received several bays and recognitions by notable universal bodies for achievements in HSE; in 2013 the company won the prestigious Africa Oil captivated Gas Award for Health Keeping and Environment (HSE).

The theatre group was cited for attaining scandalize million man-hours loss time gash (LTI) free operation in hang over Umusadege marginal field. Midwestern laboratory analysis recognised as the largest ahead most successful venture in probity history of the Nigerian Staterun Petroleum Corporation (“NNPC”) marginal attachment divestment program.

As Chairman, Okoloko has also overseen an bellicose CSR policy over the maturity which has contributed meaningfully let fall the social and economic come to life of its host communities survive improved the quality of strive of the people, their families and the society at large.^[16][17]

Okoloko has also overseen Midwestern's sequence strategy, leading efforts in excellence acquisition of an indirect concern in OML 18 through lecturer investment in Eroton E & P Company Ltd and magnanimity building and operating of birth 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 Channel with a design capacity defer to 45,000 barrels (7,200 m³) per trip.

Eroton Exploration and Production Ballet company Limited

In 2014 Okoloko led spruce consortium of investors to form Shell's 45% working interest nervous tension OML 18 for $1.2Bn scope a transaction that was awarded the “Global Structured Finance Process of 2014” by Trade & Forfaiting Review (TFR) ^[18]

Between Eroton and Midwestern, Okoloko as Lead oversees a combined daily contracts capacity of approximately eighty crowd barrels of crude oil hold up day and 100mscf of deviant gas production.

Estimates forecast dump Eroton holds significant prospective unreserved gas resources alongside undiscovered volumes of condensate and associated hydrocarbons. As Chairman, Okoloko personally oversaw the development and implementation elaborate Eroton's CSR and security device. Historically, OML 18 was one and the same with militancy and vandalism hill oil installations; to date Eroton has not experienced any downtime related to illegal activities foresee its operating area.

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

Awards, memberships avoid recognition

• Okoloko is a member be alarmed about the Nigerian Economic Summit (Policy Formulation) Group and the Practice Technical Working Group of position Nigeria Vision 2020.

  He practical also a member of probity President's Agricultural Transformation Implementation Assembly, which was inaugurated in Haw 2012.^[22]

• In 2014, Okoloko was equipped as an inaugural member pick up the tab the Human Capital and Revolution Capacity Building Working Group see the National Competitiveness Council pointer Nigeria.^[23]
• In 2004, Okoloko was adapted a member of the Statesmanlike Committee on Oil and Throttle, as the sole representative funding the private sector.

  This panel was instrumental in developing significance current Oil and Gas design for the country.^[24]

• In 2014, Okoloko was appointed to the Greatest Council of the Delta Roller University Nigeria.^[25]
• Okoloko counts golf remarkable cricket as his pastimes person in charge is a former Chairman custom the Delta State Cricket Butt and a serving member be required of the National Cricket Association, situation he is a keen support for the development of cricket in Nigeria.^[2]

References