Table of Contents
Key Points
- Jite Okoloko steps down as Eroton Chairman after nearly two decades, marking a major leadership transition in Nigeria’s oil and gas sector.
- James Ibori orchestrates a board shake-up, appointing Henry Imasekha as Chairman and driving a strategic shift to stabilize Eroton’s operations.
- Eroton’s leadership revamp aims at financial restructuring and sustaining production at OML 18 amid Nigeria’s evolving upstream oil sector dynamics.
Jite Okoloko, a Nigerian oil businessman and key figure in the country’s oil and gas industry, has stepped down as Chairman of Eroton Exploration & Production (E&P) after two decades in leadership. His exit comes amid a major board reshuffle led by political and business heavyweight James Ibori, signaling a new chapter for the company.
Taking over as Chairman is Henry Imasekha, a seasoned chartered accountant and banking executive. His appointment brings financial expertise and strategic oversight as Eroton moves to stabilize its operations and strengthen its position in Nigeria’s upstream oil sector. The leadership transition, overseen by Ibori, marks a deliberate effort to realign the company’s governance and future direction.
Okoloko’s legacy in the oil and gas industry
Okoloko has played a pivotal role in shaping Nigeria’s oil and gas landscape. He was a founding member of the Ocean and Oil (now Oando) Group before venturing into Midwestern Oil & Gas, where he helped secure the Umusadege field in the 2002 Marginal Field Bid Round. Under his leadership, Midwestern’s production peaked at over 30,000 barrels per day.
At Eroton, he was instrumental in the company’s $1 billion acquisition of a 45 percent stake in Oil Mining Lease (OML) 18 from Shell, TOTAL, and Agip in 2015, a deal that positioned Eroton as a major independent producer. His influence extended beyond oil, leading Notore Chemical Industries to acquire NAFCON for $152 million and securing a landmark $222 million loan syndication from Nigerian banks.
From 2005 to 2021, Okoloko served as Notore’s CEO before transitioning to a Non-Executive Director role. With over 25 years in sales, marketing, and business development, he also chaired Midwestern Oil & Gas and played a key role in Nigeria’s Presidential Committee on Oil & Gas (2004–2005), shaping national energy policy. His track record cements his place as a key figure in Nigeria’s energy sector.
Eroton’s future under new leadership
Founded in 2013, Eroton was established to take advantage of asset divestments by major oil companies in Nigeria. Its acquisition of OML 18 in 2015 was largely financed through funds and loans from Midwestern Oil & Gas, a company partially owned by the Delta State government.
With Imasekha at the helm, Eroton will focus on financial restructuring and operational stability. As part of the transition, Midwestern Oil & Gas has appointed Oboden Ibru as CEO, while Emeka Onyeka will serve as Acting CEO and Executive Director (Technical) at Eroton.
The company now faces the challenge of sustaining production at OML 18, meeting financial obligations, and remaining competitive in a shifting industry. The leadership shake-up marks both the end of an era and the beginning of a new strategic direction for one of Nigeria’s prominent independent oil producers.
