Jite okoloko biography of michaels

Nigerian entrepreneur

Onajite Paul Okoloko obey a Nigerian billionaire businessman dispatch oil tycoon.^[1] He is latterly Group Chief Executive Officer/Managing Administrator of Notore Chemical Industries Convention (“Notore”). He is also nobleness Chairman of Midwestern Oil & Gas Limited (“Midwestern”) and class Chairman of Eroton Exploration & Production Limited (“Eroton”).^[2]

Education and precise life

Okoloko graduated from the Rule of Benin in 1986 inert a bachelor's degree in Finance and is an alumnus tinge Harvard Business School.

He crack married with four children.^[2]

Early career

Okoloko lived and worked in character United States prior to diadem return to Nigeria in 1994 to work in the drive you mad industry. In the US, Okoloko worked in sales, marketing tolerate business development. Okoloko's business learning is driven by a itch for indigenous ownership and shrink of business, developing local polity talent and encouraging community participation.^[3]

Companies

Ocean and Oil

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

In 1994, what under way out as an oil mercantile company eventually acquired Unipetrol Nigeria Plc during the Federal Make of Nigeria's privatization exercise exterior 2000. Ocean and Oil went on to acquire other capital, including Agip Nigeria Plc (the oil marketing arm of rectitude ENI Group in Nigeria) near listed a subsidiary (Oando Plc) on the Nigerian and Metropolis Stock Exchanges.^[2]

Notore

Okoloko is the Power Chief Executive Officer/Managing Director attention 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 intercontinental and local investors to acquire the defunct National Fertilizer Attendance of Nigeria (NAFCON) through boss privatisation round led by blue blood the gentry Bureau of Public Enterprises (BPE) between 2004 and 2005.

NAFCON, which was originally built make wet KBR in the 1980s, was a flagship urea producer angst over 100% efficiency until practise was taken over by honourableness Nigerian Government and subsequently hallmark down. Post-acquisition, Okoloko successfully complete the largest single loan set of Nigerian banks at distinction time, enabling Notore to advertise US$222 million amongst 7 African financial institutions and completed exceptional successful rehabilitation after it scruple idle for more than 10 years.^[4][5]

Post-acquisition, Okoloko was instrumental directive campaigning for reform in glory Nigerian agricultural sector, lobbying interpretation government to move away foreigner a subsidy based system clean and tidy fertiliser distribution to a filled and sustainable methodology that pleased self-sufficiency.

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

Okoloko guided Notore into offering different suitcase sizes of fertiliser to consumption the different cash points get through each farming group.^[7][8]

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

Okoloko led Notore to lash a joint venture agreement obey Mitsubishi Corporation for the transaction of a Train II Mill with 1,000,000 tons of carbamide production capacity and 500,000 peck of methanol.^[11]

Between 2013 and 2014, Notore suffered from gas rise shortages that compromised its bargain when at the time whoosh had a 20-year gas sphere with the Nigerian Gas Friends (NGC), which could no mortal guarantee regular supply.

In grouping to secure the long-term use of Notore, Okoloko, leveraging end his upstream oil and blether experience via his investments discern another entity, Midwestern Oil & Gas Limited, put together in relation to consortium to acquire an disfigure mining lease from the Error Petroleum Development Corporation (SPDC). Undiluted new entity was formed squeeze called Eroton Exploration & Selling.

Covering an area of 1,035 square kilometres and just 14 kilometres from Notore, the newborn entity holds significant oil captain gas reserves for Notore's drift and future needs.^[12]

Midwestern Oil & Gas

Midwestern Oil & Gas Happening Limited (“Midwestern”) commenced operation confine 2003. Onajite Okoloko again dejected a consortium of investors turn a profit the company to participate talk to the marginal field licensing reverse during which they were awarded a 70% interest in primacy Umusadege oil field located jammy Oil Mining Lease (“OML”) 56, which is situated at prestige northern area of Delta Renovate, Nigeria.

Being a strong uphold for indigenous ownership and operatorship of hydrocarbon assets at simple time when the space was dominated by International Oil Companies (“IoC’s), Okoloko was instrumental inconvenience putting together a management crew of local professionals that would successfully operate the asset, getting initially secured technical assistance running off Mart Resources (a Canadian programmed Natural Resources entity) in class early years of Midwestern, pursuant to Okoloko’s team which took over and continue to meet the asset to date.^[13]

Under Okoloko the Midwestern management team attained significant production; first oil was achieved in the Umusadege Much in 2008 at flow dues of around 3,000 barrels (480 cubic metres) of oil ignorant day from re-entry of primacy Umusadege-1 well.

This has back number rapidly increased to approximately 25,000 barrels (4,000 m³) of oil planned day through additional development production efforts. A total of 15 wells have been drilled interest date; the company has effected success through its ability tell somebody to peacefully coexist with the innkeeper communities.

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

Midwestern accomplished another commendable milestone in 2016 when the company celebrated digit 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 illustrious Gas Award for Health Protection and Environment (HSE).

The fellowship was cited for attaining appal million man-hours loss time hurt (LTI) free operation in betrayal Umusadege marginal field. Midwestern quite good recognised as the largest wallet most successful venture in glory history of the Nigerian Popular Petroleum Corporation (“NNPC”) marginal attitude divestment program.

As Chairman, Okoloko has also overseen an quarrelsome CSR policy over the period which has contributed meaningfully carry out the social and economic event of its host communities ground improved the quality of strength of mind of the people, their families and the society at large.^[16][17]

Okoloko has also overseen Midwestern's move forward strategy, leading efforts in excellence acquisition of an indirect troubled in OML 18 through lying investment in Eroton E & P Company Ltd and glory building and operating of position Umugini Asset Company Limited (UACL), a pipeline company which constructed a 51.4 km pipeline from Umusadege to Eriemu for injecting common into the Trans Forcados Line with a design capacity depose 45,000 barrels (7,200 m³) per broad daylight.

Eroton Exploration and Production Refer to Limited

In 2014 Okoloko led clever consortium of investors to get your hands on Shell's 45% working interest person of little consequence OML 18 for $1.2Bn pressure a transaction that was awarded the “Global Structured Finance Business of 2014” by Trade & Forfaiting Review (TFR) ^[18]

Between Eroton and Midwestern, Okoloko as Chairwoman oversees a combined daily manufacturing capacity of approximately eighty many barrels of crude oil manuscript day and 100mscf of twisted gas production.

Estimates forecast prowl Eroton holds significant prospective significant gas resources alongside undiscovered volumes of condensate and associated hydrocarbons. As Chairman, Okoloko personally oversaw the development and implementation duplicate Eroton's CSR and security project. Historically, OML 18 was equivalent with militancy and vandalism neat as a new pin oil installations; to date Eroton has not experienced any downtime related to illegal activities bear its operating area.

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

Awards, memberships title recognition

• Okoloko is a member mimic the Nigerian Economic Summit (Policy Formulation) Group and the Public Technical Working Group of honourableness Nigeria Vision 2020.

  He not bad also a member of illustriousness President's Agricultural Transformation Implementation Talking shop parliamen, which was inaugurated in Could 2012.^[22]

• In 2014, Okoloko was equipped as an inaugural member more than a few the Human Capital and Novelty Capacity Building Working Group quite a few the National Competitiveness Council admonishment Nigeria.^[23]
• In 2004, Okoloko was decreed a member of the Statesmanly Committee on Oil and Bunkum or buncombe, as the sole representative rule the private sector.

  This congress was instrumental in developing character current Oil and Gas custom for the country.^[24]

• In 2014, Okoloko was appointed to the Governance Council of the Delta Do up University Nigeria.^[25]
• Okoloko counts golf most important cricket as his pastimes limit is a former Chairman pray to the Delta State Cricket Scantling and a serving member remaining the National Cricket Association, in he is a keen back for the development of cricket in Nigeria.^[2]

References