The CEOs steering Nigeria’s seven listed oil and gas companies

Nigeria’s NGX has seven listed oil and gas companies with a combined market capitalisation of about N16.7 trillion. Their chief executives carry the task of managing one of the country’s most strategic industries, from upstream exploration to gas and power.

Oil remains central to Nigeria’s economic fortunes. Commercial deposits were discovered at Oloibiri in present-day Bayelsa State in 1956. The 1970s oil boom turned the country into one of Africa’s leading petroleum producers. In the second quarter of 2026, the industry contributed 47.79% of total exports, valued at N12.91 trillion.

The market has changed over decades. Indigenous companies have taken on more prominent roles, from the listing of Mobil Oil Nigeria in 1978 to Unipetrol Nigeria, now Oando Plc, in February 1992. Thirty-four years later, the NGX has seven listed oil and gas companies.

Effiong Okon, Seplat Energy

Engr. Effiong Okon became Chief Executive Officer of Seplat Energy on August 1, 2026. He has more than 35 years of experience in the global energy industry and is an alumnus of the University of Benin.

Okon spent more than eight years with Shell. He joined in 2007 as Reservoir Engineering Discipline Lead for Shell EP Africa and rose to General Manager, Offshore Assets, in 2014 before leaving. He joined Seplat in February 2016 as Executive Director of Operations and later became Director of New Energy, helping to steer expansion into midstream gas and integrated power solutions.

Seplat listed on the NGX in April 2014. In its unaudited results for the nine months ended September 30, 2026, it reported a pre-tax profit of N1.34 trillion. The company also reported an estimated 157 billion cubic feet of natural gas and 19 million barrels of oil in place at its Aku-01 exploration well.

Adegbite Falade, Aradel Holdings

Adegbite Falade is a first-class graduate of Electrical and Electronics Engineering from the University of Ibadan. He joined Shell in 1996 as an IT/SCADA Systems Engineer and became Project Manager, IT Infrastructure, within five years.

He later moved to Oando as Executive Director of the Gas and Power Division. He also held roles including General Manager, Portfolio Development, and Chief Operating Officer at Oando Energy Resources. He was Managing Director and Group Chief Operating Officer of Oilserv Group of Companies in Port Harcourt before joining Aradel Holdings in February 2021.

Aradel listed on the NGX on October 14, 2024. Falade, who has an MBA from Warwick Business School in Coventry, United Kingdom, joined Aradel’s board as Managing Director and CEO in 2021. He was appointed Chairman of the Independent Petroleum Producers Group on November 1, 2025.

Aradel recorded a 154.3% increase in consolidated profit before tax to N764.71 billion for the nine months ended September 30, 2026. Revenue surged by 633% to N3.95 trillion.

Wale Tinubu, Oando Plc

Jubril Adewale Tinubu, known as Wale Tinubu, is Oando Plc’s CEO. Unlike some peers with engineering backgrounds, he trained in law. He obtained his West African School Certificate in 1983 and studied law at the University of Liverpool in the United Kingdom. He later earned a master’s degree from the London School of Economics and attended the Nigerian Law School. He was called to the Nigerian Bar in 1990.

Tinubu began his legal career at K.O. Tinubu & Co., his family law firm, where he specialised in corporate and petroleum law. He co-founded Ocean and Oil Limited in 1994. In May 2000, the company acquired a controlling 30% stake in Unipetrol Nigeria Plc for N1.59 billion. Unipetrol acquired Agip Nigeria Plc in 2002 in one of the largest acquisitions involving a quoted Nigerian company.

For Nigerian businesses and consumers, the performance of these companies matters because oil and gas remains a major source of foreign exchange and government revenue. Their investment and production decisions feed into the broader outlook for the naira and energy costs.