By Lateef Adegbite
Tony Elumemu, Chairman, Heirs Holdings and Heirs Energies, who incidentally is the Chairman of several other blue chips companies across Nigeria, is a happy man. This is because Heirs Energies, described in industry circles, as Africa’s fastest indigenous oil company, could successfully host the inaugural Petroleum industry Leadership dialogue, in Abuja, the Federal Capital Territory, FCT.
The high-profile event was said to have attracted industry operators from both within and outside the country. The Nigerian National Petroleum Corporation, NNPC, now baptized Nigerian National Petroleum Company Limited, NNPCL, with the passage of the Petroleum Industry Bill, PIB, by the National Assembly and signed into Law by former President Muhammadu Buhari, in August, Dialogue 2021 was said to have thrown its weight behind the dialogue to make it a success.
The Heirs Holding subsidiary, Heirs Energies, was said to have convened the all-important forum, moderated by Osayande Igiehon, the company’s Chief Executive Officer, CEO, with ‘’ a new administration and ambitious targets of oil production critical for the country’s economic growth’’.
Given the importance attached to the petroleum dialogue and the wide publicity given to it both within and outside the country may have informed why Senenator Heinekan Lokpobiri, minister of State, ministry of Petroleum Resources, Oil, and other top government officials including Engr. Gbenga Komolafe, CEO, Nigerian Upstream Regulatory Commission, NURC, , Wale -Aseyemo -Bero, CEO, First E&E, and who incidentally is the Chairman, Organistation of Petroleum Exporting Countries, OPEC, Board of Governors, Udobong Ntia, Executive Vice President, , Upstream, NNPCL, and Robert Brown, Seplat Energy plc and other operators from the country’s petroleum sector had showed up at the event.
The forum for the petroleum dialogue in Nigeria was said to have provided a time opportunity for the public and private sector industry Leaders to continue ‘’the successful interaction that had seen the country’s oil production level grow by 25% since May 29, 2023, when Bola Ahmed Tinubu, who incidentally was a former Lagos state governor and Chieftain of the All progressive Congress, APC, mounted the saddle of Leadership as The President and Commander -In-Chief, C-In-C, of the Nigerian Armed Forces.
The various speakers at the Heirs Energies organized forum, were said to have highlighted how a series of ‘’Presidential Executive Orders’’ had radically shaped the country’s petroleum industry operating environment and catalyzed economic growth. It was not surprising why the indigenous oil producing companies, like Heirs Energies were now responsible for producing more than 60% of the nation’s Crude Oil output.
The good news was that the former Lagos state governor policy thrusts for the oil sector had successfully indigenized the country’s oil sector which had started delivering ‘’a bold new chapter in the country’s natural resources history’’.
Elumelu, a multi-billionaire business mogul and investor, was said to kick-started the energy dialogue in his opening remarks where he had paid glowing tribute to the catalystic role that present President Tinubu’s Administration had played in reinvigorating the country’s oil and gas sectors of the economy.
In setting out the Heirs Holdings vision, which is the transformation of the African Continent’s energy landscape, through indigenous leadership and sustainable development drive, he had said that Heirs Energies in four years of its operations in Nigeria had rapidly grown its daily production level from 21,000 to over 50,000b/d, of hydrocarbon.
Emphasizing ‘’the spirit of collaboration’’, at the Abuja energy dialogue forum, the multi-billionaire business mogul, who had welcomed the guests to the event had underscored the importance of the indigenization policy of the country’s oil and gas sector by President Tinubu’s Administration.
Elumelu, described as the most celebrated philanthropist and huge investor in the oil and gas sectors in the African Continent may have taken advantage of the Abuja Energy dialogue, to repeat that Heirs Energies production growth, though ambitious, had been sustained over the last four years because it aligns with the national vision’’.
An elated Elumelu, who enjoys being in the midst of industry operators, and who could not hide his feelings may have spoken out: I an honoured that Heirs Energies is bringing together distinguished peers from the country’s petroleum industry and the public sector, including the partners in government’’.
He was said to have also alluded to the Group’s investment in the country’s power production and distribution sectors of the economy. Hear him: As an investor not just in resources but in Nigerian’s power production and distribution sectors of the economy’’, he had stressed the need for them to come together ‘’to ensure that Nigerians get the benefits of our resources’’ He did not stop there.
He asserted that Nigerian investors like him and others, need to come together ‘’to build the African’s largest integrated energy business’’, stating that innovation and collaboration remains central to their execution’’. The Heirs Energies organized Abuja dialogue, was said to have reaffirmed Nigeria’s commitment ‘’to increasing Crude Ol production level while sustaining environmental responsibility and leveraging gas as a transition’’, a participant had said.
Speaking in his capacity as the minister of State, Petroleum Resources, Oil, Senator Lokpobiri, and Bayelsa state born politician, had applauded Elumelu and Heirs Energies, for hosting this inaugural Energy Forum. ‘’Le me express the Government ‘s gratitude to Heirs Energies for providing this platform for meaningful industry engagement ‘’, he had remarked.
Given an insider information of the activities in the petroleum industry, he had said that the nation’s oil production level had reached 1.8 million b/d as at January, 2025 and set to hit the ambitious target of 2.5 million b/d, for 2025. He was said to have also reaffirmed ‘’President Tinubu’s administration’s drill or drop policy to accelerate production growth’’.
The minister may have gladdened the heart of participants at the Heirs Energies petroleum dialogue, when he gave his words that ‘’it is going to be an annual event’’ , an indications that the Federal Government has cued into it.
industry Leaders , that were said to have participated at the 2025 , petroleum Industry Forum, in Abuja, were CEO, of Shell Petroleum Development Company, SPDC, and other Multi-national oil Companies ,CEOs, including Adegbite Falade, Aradel Holdings and founder of Platform Petroleum, and AA Holdings , Managing Director, Austin Duru, among others.
CEO, NUPRC. commends Heirs Energies for putting together the Petroleum Dialogue
Also speaking at the event, Engr. Komolafe, Chairman, NURC, had emphasized the significance in advancing the nation’s oil sector objectives, thanking Heirs Energies for this beautiful initiative of putting together the Petroleum Industry Dialogue as a commitment to achieving the country’s objective in the upstream sector. He had alluded to the surge in active drilling rigs ‘’to 38 with projections to reach 50 by March, 2025’’.
Adeyemi-Bero, the Chairman, OPEC, Board of Governors for Nigeria and CEO, First E&P, appears to have joined other speakers to Commend Heirs Energies for the timing of the petroleum forum, noting that ‘’it is apt’’.
He is optimistic that in the next one year, going by the minister’s pronouncement, industry operators who are desirous to grow the country’s oil production level, will gather in Abuja, to dialogue and share their experiences. For a start, he had shared how indigenous operator, like First E&P, has successfully increased its production level, citing the company’s achievement of 57,000b/d. from previous untapped fields.
Igiehon, CEO, Heirs Energies, was said to have reinforced this perspective, of crude oil production, showcasing the company’s impact in the country’s offshore sector. ‘’Our success at Heirs Energies demonstrates what’s possible in Nigeria’s onshore sector’’, through ‘’its Brownfield Excellence Strategy, robust security measures and genuine community partnership’’.
He averred that by tripling its production level to over 100,000b/d. Heirs Energies had shown how an indigenous industry operator can ‘’efficiently unlock value’’ while ensuring sustainable development of host communities.
Speaking as an energy expert, he had said that the Abuja forum, he had said that ‘’it has simplified Heirs Energies commitment to Elumelu’s Africanism, the private sector’s transformative role in the African Continent’s economic and social development through strategic, long-term investments hinged on partnership and collaboration’’. Vintage Elumelu.
