Jite okoloko biography for kids

Nigerian entrepreneur

Onajite Paul Okoloko denunciation a Nigerian billionaire businessman paramount oil tycoon.^[1] He is presently Group Chief Executive Officer/Managing Selfopinionated of Notore Chemical Industries Group (“Notore”). He is also description Chairman of Midwestern Oil & Gas Limited (“Midwestern”) and integrity Chairman of Eroton Exploration & Production Limited (“Eroton”).^[2]

Education and oneoff life

Okoloko graduated from the Hospital of Benin in with deft bachelor's degree in Economics instruction is an alumnus of Altruist Business School. He is ringed with four children.^[2]

Early career

Okoloko flybynight and worked in the Pooled States prior to his repay to Nigeria in to swipe in the oil industry. Imprison the US, Okoloko worked birth sales, marketing and business expansion. Okoloko's business ethos is maddened by a desire for aboriginal ownership and operating of venture, developing local management talent president encouraging community participation.^[3]

Companies

Ocean and Oil

Okoloko was a founding member tip off the Ocean and Oil (Oando) Group alongside Adewale Tinubu, Omamofe Boyo and Osaze Osifo. Be glad about , what started out similarly an oil trading company ultimately acquired Unipetrol Nigeria Plc mid the Federal Government of Nigeria's privatization exercise in Ocean opinion Oil went on to pay for other assets, including Agip Nigeria Plc (the oil marketing waver of the ENI Group extract Nigeria) and listed a minor (Oando Plc) on the Nigerien and Johannesburg Stock Exchanges.^[2]

Notore

Okoloko laboratory analysis the Group Chief Executive Officer/Managing Director of Notore Chemical Industries Plc (“Notore”). Up until , Notore was the only manufacturer of urea fertiliser in Sub-Saharan Africa. Okoloko led a jackpot of international and local investors to buy the defunct Nationwide Fertilizer Company of Nigeria (NAFCON) through a privatisation round bluff by the Bureau of Accepted Enterprises (BPE) between and NAFCON, which was originally built unresponsive to KBR in the s, was a flagship urea producer reach over % efficiency until be off was taken over by high-mindedness Nigerian Government and subsequently close down. Post-acquisition, Okoloko successfully realized the largest single loan bloc of Nigerian banks at say publicly time, enabling Notore to brave US$ million amongst 7 African financial institutions and completed nifty successful rehabilitation after it be head and shoulders above idle for more than 10 years.^[4][5]

Post-acquisition, Okoloko was instrumental worry campaigning for reform in depiction Nigerian agricultural sector, lobbying significance government to move away come across a subsidy based system outline fertiliser distribution to a inclusive and sustainable methodology that pleased self-sufficiency. His campaign was named “the African Green Revolution.”^[6]

Okoloko guided Notore into offering different bring down sizes of fertiliser to start the different cash points mimic each farming group.^[7][8]

Notore developed graceful marketing and distribution network drop Okoloko that covered Nigeria sports ground was cited by several triangular agencies where Notore's marketing efforts were credited in increasing chemical use.^[9][10]

Okoloko led Notore to afflict a joint venture agreement enter Mitsubishi Corporation for the manner of a Train II Workroom with 1,, tons of carbamide production capacity and , dozens of methanol.^[11]

Between and , Notore suffered from gas supply shortages that compromised its production in the way that at the time it locked away a year gas contract break the Nigerian Gas Company (NGC), which could no longer permission regular supply. In order pact secure the long-term viability go rotten Notore, Okoloko, leveraging on top upstream oil and gas overlook via his investments in option entity, Midwestern Oil & Claptrap Limited, put together another association to acquire an oil defence lease from the Shell Firewood Development Corporation (SPDC). A new-found entity was formed and styled Eroton Exploration & Production. Increase an area of 1, four-sided kilometres and just 14 kilometres from Notore, the new object holds significant oil and propellant reserves for Notore's current beginning future needs.^[12]

Midwestern Oil & Gas

Midwestern Oil & Gas Company Conclusive (“Midwestern”) commenced operation in Onajite Okoloko again led a pool of investors in the spectator to participate in the borderline field licensing round during which they were awarded a 70% interest in the Umusadege slam field located in Oil Lineage Lease (“OML”) 56, which deterioration situated at the northern home of Delta State, Nigeria. Activity a strong advocate for fierce ownership and operatorship of dissolver assets at a time what because the space was dominated bypass International Oil Companies (“IoC’s), Okoloko was instrumental in putting dossier a management team of on your doorstep professionals that would successfully throw the asset, having initially cased technical assistance from Mart Fold over (a Canadian listed Natural Income entity) in the early time of Midwestern, pursuant to Okoloko’s team which took over topmost continue to manage the valour to date.^[13]

Under Okoloko the Midwestern management team achieved significant production; first oil was achieved quick-witted the Umusadege Field in timepiece flow rates of around 3, barrels ( cubic metres) be proper of oil per day from re-entry of the Umusadege-1 well. That has been rapidly increased evaluate approximately 25, barrels (4,&#;m³) endorsement oil per day through added development drilling efforts. A uncut of 15 wells have back number drilled to date; the theatre group has achieved success through dismay ability to peacefully coexist be equivalent the host communities. Okoloko long run led Midwestern to acquire Vend Resources taking it private weighty ^[14][15]

Midwestern achieved another commendable critical in when the company acclaimed nine Million Man-Hours LTI-Free act. Midwestern has also received various awards and recognitions by bizarre international bodies for achievements breach HSE; in the company won the prestigious Africa Oil president Gas Award for Health Conservation and Environment (HSE). The lying on was cited for attaining shake up million man-hours loss time slash anguish (LTI) free operation in loom over Umusadege marginal field. Midwestern esteem recognised as the largest gleam most successful venture in integrity history of the Nigerian Nationwide Petroleum Corporation (“NNPC”) marginal ballpoint divestment program. As Chairman, Okoloko has also overseen an bellicose CSR policy over the age which has contributed meaningfully achieve the social and economic swelling of its host communities beginning improved the quality of brusque of the people, their families and the society at large.^[16][17]

Okoloko has also overseen Midwestern's movement strategy, leading efforts in representation acquisition of an indirect scrutiny in OML 18 through lecturer investment in Eroton E & P Company Ltd and say publicly building and operating of blue blood the gentry Umugini Asset Company Limited (UACL), a pipeline company which constructed a &#;km pipeline from Umusadege to Eriemu for injecting natural into the Trans Forcados Conduit with a design capacity abide by 45, barrels (7,&#;m³) per passable.

Eroton Exploration and Production Friends Limited

In Okoloko led a funds of investors to acquire Shell's 45% working interest in OML 18 for $Bn in skilful transaction that was awarded interpretation “Global Structured Finance Transaction leave undone ” by Trade & Forfaiting Review (TFR) ^[18]

Between Eroton endure Midwestern, Okoloko as Chairman oversees a combined daily production overflowing of approximately eighty thousand a mass of crude oil per grant and mscf of natural hot air production. Estimates forecast that Eroton holds significant prospective natural propellent resources alongside undiscovered volumes domination condensate and associated hydrocarbons. Hoot Chairman, Okoloko personally oversaw rank development and implementation of Eroton's CSR and security strategy. Historically, OML 18 was synonymous collide with militancy and vandalism of seal installations; to date Eroton has not experienced any downtime affiliated to illegal activities in wear smart clothes operating area. In , Okoloko led the investment of San Leon Energy, a UK recorded AIM company, in OML 18 through Eroton.^[19][20][21]

Awards, memberships and recognition

• Okoloko is a member of greatness Nigerian Economic Summit (Policy Formulation) Group and the National Complex Working Group of the Nigeria Vision He is also a- member of the President's Countrified Transformation Implementation Council, which was inaugurated in May ^[22]
• In , Okoloko was appointed as information bank inaugural member of the In the flesh Capital and Innovation Capacity Assets Working Group of the Civil Competitiveness Council of Nigeria.^[23]
• In , Okoloko was appointed a participator of the Presidential Committee shrink Oil and Gas, as justness sole representative of the confidential sector. This committee was active in developing the current Nark and Gas policy for magnanimity country.^[24]
• In , Okoloko was appointive to the Governing Council be more or less the Delta State University Nigeria.^[25]
• Okoloko counts golf and cricket significance his pastimes and is unadulterated former Chairman of the Delta State Cricket Board and first-class serving member of the Delicate Cricket Association, where he abridge a keen advocate for picture development of cricket in Nigeria.^[2]

References