Table of Contents
Key Points
- The Sijuwade Group is set to commence production at OPL 276 by 2026, further solidifying its position in Nigeria’s oil industry.
- The oil block, co-owned by Newcross Petroleum and Lekoil, holds an estimated 33 million barrels of oil and 476 Bcf of gas.
- Under Prince Adetokunbo Sijuwade, the Sijuwade Group—spanning construction, oil & gas, real estate and hospitality—has grown its valuation beyond $200 million.
The Sijuwade family, one of Africa’s wealthiest royal families, is making a major move in the oil industry, with first production from one of its key assets expected in 2026. The Sijuwade Group’s oil and gas arm, is spearheading the development of OPL 276, an oil block in the eastern Niger Delta basin. This comes as Nigeria seeks to boost crude output to strengthen its economy.
The family’s oil and gas investment vehicle holds a 10 percent stake in OPL 276, where production is set to begin within the next 12 to 18 months. The block is co-owned by Newcross Petroleum and London-listed Lekoil. Preliminary estimates from Newcross suggest recoverable volumes of 29 million barrels of oil and 333 billion cubic feet (Bcf) of gas, with potential reserves reaching 33 million barrels of oil and 476 Bcf of gas.
Expanding footprint in oil & gas
The Sijuwade Group first entered the oil and gas sector in 2008, leveraging its role as a local content partner when international oil majors, including Centrica Plc and StatoilHydro ASA (now Equinor), explored plans for an LNG project in Nigeria.
As part of a consortium evaluating the feasibility of LNG and petrochemical developments, Centrica and StatoilHydro each held a 37.5 percent stake, while Consolidated Contractors Company (CCC)—one of the Sijuwade Group’s construction partners —controlled the remaining 25 percent.
Initially, the consortium focused on developing two Oil Prospecting Leases—OPL 283 and OPL 276. However, as global energy companies streamlined their portfolios, Newcross Petroleum acquired a majority stake in both assets, while the Sijuwade Group retained a minority interest. Today, Prince Adetokunbo Sijuwade, scion of Oba Okunade Sijuwade, serves on the board as a director, overseeing the family’s stake.
OPL 283, now OML 152, yielded oil discoveries in 2013 under Newcross Petroleum’s ownership. Meanwhile, OPL 276 has yielded four oil and gas discoveries—Uda, Okposo-East, Mbo, and Davy Bank—positioning the block for production. With drilling activity set to ramp up, the Sijuwade family is poised to further solidify its presence in Nigeria’s oil industry.
Beyond oil: A legacy in infrastructure
Founded in the 1970s by Oba Okunade Sijuwade, the 50th Ooni of Ife, the Sijuwade Group has built a business empire spanning construction, oil and gas, real estate and hospitality.
The conglomerate’s long-standing partnership with Consolidated Contractors Company (CCC) has delivered critical infrastructure projects across Nigeria, including road and bridge contracts worth over $1 billion. Between 2010 and 2015, the group played a pivotal role in large-scale rail developments, securing contracts exceeding N1 trillion ($6.7 billion at the time).
Among its key partners is Eser Nigeria Limited, which has managed major road concessions, including the Ibadan-Ife dual carriageway, a vital transport link in southwestern Nigeria. The group has also been involved in railway construction, notably contributing to the Port Harcourt–Enugu section of a 463-kilometer rail corridor.
A growing fortune
In 2014, Oba Okunade Sijuwade’s wealth was estimated at $75 million by Forbes, ranking him one of Africa’s Richest Kings. Since his passing in 2015, Prince Adetokunbo Sijuwade, has expanded the family’s business empire, increasing its valuation to over $200 million.
With deeper investments in Nigeria’s energy sector and a growing construction and real estate portfolio, the family has reinforced its standing as one of Africa’s most influential families now becoming the go-to partner for international companies seeking strong local alliances to navigate Nigeria’s dynamic and promising business landscape.
As development at OPL 276 advances, the Sijuwade family is poised to further entrench itself in Nigeria’s oil and gas sector. With first oil on the horizon, its influence in shaping the country’s economic future is set to grow even further.
