Nigerian energy mogul with hidden $70 million oil stake in Canada

Key Points

• Ahonsi Unuigbe, CEO of Petralon Energy, has shaped Africa’s energy sector with strategic leadership and over $2 billion in capital raised for projects.
• Unuigbe holds a $70 million stake in Africa Oil Corp., highlighting his foresight in identifying profitable opportunities in global oil exploration.
• As chairman of Nigerian Exchange Group, Unuigbe leverages his expertise in governance and finance, expanding his influence across Africa’s business scene.

Ahonsi Unuigbe’s rise from a sharp, ambitious investment banker to an influential force in the African energy sector is a story of foresight, calculated risks, and strategic positioning. With a career that spans over two decades and multiple industries, Unuigbe, the CEO of Petralon Energy, has carved out a reputation as one of the top energy moguls on the continent.

While much of his fortune is tied to his leadership at Petralon, where he has turned the company into an exploration and production powerhouse, an often-overlooked asset in his portfolio is his stake in Canada’s Africa Oil Corp., which is currently valued at a cool $70 million.

Unuigbe’s role in major financing deals

A multi-layered professional with a wealth of experience across banking, finance, energy, and public policy, Unuigbe’s career trajectory is a testament to his ability to turn vision into tangible, long-term value. He began his career as an investment banker, a role that saw him working for high-profile institutions such as Citibank in both the UK and Nigeria and later at Standard Bank (Stanbic IBTC).

His expertise in investment banking proved invaluable, particularly when it came to executing complex project finance transactions. In fact, during his time as the pioneer Commissioner for Budget, Planning, and Economic Development in Edo State, Unuigbe played a key role in securing a $150 million concessional loan from the World Bank. This was just one of the many successful financing deals he orchestrated, adding up to over $2 billion in capital raised for public and private sector projects in Nigeria.

Unuigbe’s leadership shaping Africa’s energy future

After transitioning out of banking, Unuigbe took on more prominent roles in the energy sector. He became the founding executive of First Hydrocarbon Nigeria (FHN), where, as the Chief Financial Officer and Executive Director, he was instrumental in securing financing for the company’s acquisition of OML 26 from the Shell JV for $147.5 million.

This acquisition would lay the foundation for his later success in establishing Petralon Energy in 2014. Petralon, under his leadership, has thrived as an indigenous upstream oil and gas company focused on acquiring, developing, and operating energy assets across Africa.

However, it is his stake in Africa Oil Corp., a Canadian oil and gas exploration company, that adds another dimension to his business empire. Africa Oil Corp. is a key player in the oil exploration and production space, with assets spanning deep-water offshore Nigeria and a significant interest in the Orange Basin, a major opportunity set in offshore Namibia.

The company also holds assets in South Africa and Equatorial Guinea, positioning it as a robust, diverse oil and gas firm. As of the latest market updates, Unuigbe holds 10.99 percent of Africa Oil Corp., amounting to nearly 48 million shares, which, at the time of this writing, has a market value of $70 million.

This stake in Africa Oil Corp. is a prime example of Unuigbe’s knack for recognizing opportunities before they become apparent to the wider market. In fact, his foresight has not only contributed to his wealth but also to his rise as a key player in the African energy sector.

Petralon expands under Unuigbe’s leadership

Under his leadership, Petralon Energy has partnered with multiple international firms across Europe, the Middle East, and Africa, further cementing Unuigbe’s role as a key figure in the energy industry. Beyond Petralon, Unuigbe also holds significant interests in Prime Oil & Gas Coöperatief UA and BTF Oil & Gas, both of which complement his expansive business portfolio.

His prowess in leadership and finance has earned him recognition on several fronts. In 2009, he received the prestigious Archbishop Desmond Tutu Leadership Fellowship Award for Emerging Young African Leaders, an accolade that acknowledged his growing influence in African business. Today, Unuigbe’s business interests and ventures span a wide range of sectors, demonstrating his versatility as an executive.

Unuigbe expands influence across African energy

While his career thus far has been a journey marked by success and innovation, Unuigbe’s role as an Independent Non-Executive Director on the board of Nigeria’s Nigerian Exchange Group (NGX), a position he assumed in April 2021, has allowed him to lend his expertise to the wider African business landscape. He is currently the chairman of NGX.

As a lifetime member of the Institute of Directors (IoD), his commitment to governance, risk management, and financial oversight is evident across his various roles. His previous tenure at FHN, where he raised over $450 million in debt and equity financing within three years, remains a strong example of his financial stewardship and operational expertise.

While his $70 million stake in Africa Oil Corp. might not be widely known, it adds another dimension to his wealth. As his oil ventures continue to expand in key regions, this investment could bring even more significant returns in the future.

Unuigbe’s ability to diversify his investments, balancing short-term opportunities with long-term growth, has been key to his success. Whether leading Petralon Energy or making strategic international investments, Ahonsi Unuigbe’s legacy is firmly rooted in Africa’s energy sector, and its global future.