At a Glance
- The Sijuwade Group is advancing development at OPL 276, aiming for first oil in 2026, strengthening its influence in Nigeria’s energy sector.
- The family’s wealth, rooted in infrastructure, includes $1 billion in road projects and a key role in Nigeria’s $6.7 billion rail modernization.
- Under Prince Adetokunbo Sijuwade, the family’s fortune surged from $75 million to over $200 million, cementing its role in Nigeria’s economy.
The Sijuwade royal family, one of Africa’s wealthiest families, is preparing to make a major leap in the oil industry, marking a new chapter in its decades-long business empire.
The family’s oil and gas arm, part of the sprawling Sijuwade Group, is accelerating development at OPL 276, a promising oil block in Nigeria’s eastern Niger Delta basin. With first production expected in 2026, this move cements the family’s growing footprint in Nigeria’s energy sector and further entrenches its role in shaping the country’s economic trajectory.
Expanding a legacy of power and wealth
The Sijuwade name is synonymous with power, wealth, and influence in Nigeria. The Sijuwade Group, founded by the Oba Okunade Sijuwade, the 50th Ooni of Ife, is a family empire spanning construction, oil and gas, real estate, and hospitality. Now led by Prince Adetokunbo Sijuwade, the group is leveraging its reach to tap into Nigeria’s lucrative energy sector, reinforcing its status as a major player in the country’s economic development.
The family’s venture into oil and gas dates back to 2008 when it positioned itself as a local content partner for international energy giants, including Centrica Plc and StatoilHydro ASA (now Equinor). At the time, the Sijuwade Group was part of a consortium evaluating the feasibility of LNG and petrochemical projects in Nigeria. 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.
The strategic bet on OPL 276
Today, the Sijuwade Group holds a 10 percent stake in OPL 276, an asset that is poised to begin production within the next 12 to 18 months. The block is co-owned by Newcross Petroleum and London-listed Lekoil. According to estimates from Newcross, OPL 276 holds recoverable volumes of 29 million barrels of oil and 333 billion cubic feet (Bcf) of gas, with potential reserves reaching as high as 33 million barrels of oil and 476 Bcf of gas.
Under Newcross Petroleum’s leadership, OPL 276 has already yielded four oil and gas discoveries—Uda, Okposo-East, Mbo, and Davy Bank—paving the way for imminent production. With the Sijuwade family deeply invested in the project, Prince Adetokunbo Sijuwade serves as a key director on the board, overseeing the family’s strategic interests.
The push for production aligns with Nigeria’s broader efforts to boost crude output, which remains a cornerstone of the country’s economic stability. As Africa’s largest oil producer, Nigeria is keen to revitalize its energy sector, and the involvement of established local business leaders like the Sijuwade family is crucial to ensuring sustainable growth.
A business empire rooted in infrastructure
While oil and gas have become a critical pillar of the Sijuwade Group’s operations, the family’s fortune was built on a foundation of infrastructure and construction. Since the 1970s, the group has been instrumental in delivering large-scale projects across Nigeria. Through its partnership with CCC, the Sijuwade Group has executed road and bridge contracts worth over $1 billion, playing a vital role in the country’s transportation network.
Between 2010 and 2015, the group was a major force behind Nigeria’s railway modernization efforts, securing contracts exceeding N1 trillion ($6.7 billion at the time). Among its notable projects is the development of the Port Harcourt–Enugu rail corridor, a key segment of the country’s ambitious rail expansion strategy. Additionally, the Sijuwade Group has maintained strategic partnerships with leading infrastructure firms, including Eser Nigeria Limited, which has managed major road concessions such as the Ibadan-Ife dual carriageway—one of the busiest transport links in southwestern Nigeria.
From a $75 million fortune to a $200 million empire
In 2014, Forbes estimated Oba Okunade Sijuwade’s fortune at $75 million, ranking him among Africa’s richest traditional rulers. Since his passing in 2015, Prince Adetokunbo Sijuwade has aggressively expanded the family’s wealth, growing the empire’s valuation to over $200 million.
With a diverse portfolio spanning energy, infrastructure, and real estate, the Sijuwade family has solidified its reputation as one of Africa’s most influential business dynasties. Its ability to forge strong partnerships with international companies has made it a trusted local partner for firms seeking to navigate Nigeria’s evolving business landscape.
As the family prepares for first oil at OPL 276, its influence in the country’s oil and gas sector is set to grow even further. The Sijuwade name, once primarily associated with royalty and tradition, is now firmly entrenched in Nigeria’s business elite, shaping the nation’s economic future with every strategic move it makes.
