Dumo Lulu-Briggs’ journey into Nigeria’s oil and gas sector was anything but planned. Born into the influential Lulu-Briggs family of Rivers State, he pursued an academic path far removed from the energy industry. After earning a Law degree from Ahmadu Bello University and a Master’s from the University of London, he attended the Nigerian Law School and briefly practiced law in Lagos. Drawn to politics, he relocated to Port Harcourt, where he dabbled in local politics and even ran a pub—a venture that displeased his father, High Chief O.B. Lulu-Briggs, a prominent businessman and founder of Moni Pulo Limited.
To appease his father, Dumo co-founded a law firm. However, his father had grander ambitions for him. In the late 1990s, he insisted Dumo join Moni Pulo, the family’s oil business. Despite having no prior industry experience, Dumo reluctantly agreed under one condition: he would not be assigned a serious role so he could focus on his personal interests. To his surprise, during his interview for a legal adviser position, he was appointed General Manager (GM) instead.
“I had no knowledge of the industry at the time, but I had to learn quickly,” Dumo recalled. His baptism into the oil sector was abrupt. He immersed himself in negotiations with foreign partners, scrutinizing contracts that often disadvantaged Nigerian firms. It was during this period that he connected with Austin Avuru, a seasoned geologist and industry strategist, who became a pivotal mentor. Avuru’s insights exposed systemic inequities in partnerships between indigenous companies and foreign operators, igniting Dumo’s resolve to build a self-reliant Nigerian oil enterprise.
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The Birth of Platform Petroleum
In 2002, Dumo co-founded Platform Petroleum alongside Austin Avuru and other Nigerian professionals, driven by a vision to create a wholly indigenous company free from foreign dependency. The board initially included His Royal Highness (HRH) Edmund Daukoru, a former Shell executive and traditional ruler, as Chairman, and Prof. Sylvester Adegoke, a renowned geologist, as Vice Chairman. Dumo joined as a shareholder, focusing on strategic partnerships and governance.
The company’s trajectory shifted in 2004 when Daukoru was appointed Special Adviser on Petroleum and Energy to former President Olusegun Obasanjo, later becoming Minister of State for Petroleum Resources. This departure led to Prof. Adegoke assuming the role of Chairman, with Dumo stepping in as Vice Chairman. By 2011/2012, Dumo ascended to Chairman, a position he holds to this day.
Platform Petroleum began with minimal resources but leveraged innovative financial strategies and renegotiated agreements to secure funding. In 2007, the company achieved a historic milestone: becoming the first indigenous firm among its peers to bring its Egbaoma Field onstream, producing 2,000 barrels per day (bpd). “We started small, but we proved that Nigerians could run this business without foreign hand-holding,” Dumo emphasized.
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Strategic Collaboration with NewCross: A Game Changer
A defining moment in Platform’s growth was its partnership with NewCross Petroleum. Unlike typical joint ventures (JVs) structured as 60/40 partnerships, Platform proposed a 50/50 equity split, fostering unprecedented trust. “We operated with 100% transparency, which earned NewCross’s confidence,” Dumo explained.
The collaboration birthed critical infrastructure, including the 24-kilometer Ase River crude evacuation pipeline to the Brass Terminal, co-funded and co-developed by both firms. This pipeline not only served Platform but also generated tariff revenue from cluster partners. The partnership extended into midstream ventures, notably PNG Gas Limited, a leading Liquefied Petroleum Gas (LPG) producer in Nigeria. Today, PNG Gas produces 30,000 tons of LPG and 30,000 million standard cubic feet (SCF) of gas annually, supporting domestic energy needs.
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Challenges, Milestones, and Ambitions
Platform’s journey was marked by humble beginnings and audacious goals. “In 2004, we were the smallest player, but we were the first to start production,” Dumo noted. Over time, the company:
– Increased oil production from 2,000 to over 3,000 bpd.
– Extracted 12.3 million barrels of oil and 118 billion SCF of gas from its flagship asset.
– Acquired three marginal fields, targeting 10,000 bpd and 50 billion SCF of gas daily by 2025.
A cornerstone of Platform’s success is its “family-first” ethos. “We treat every employee, stakeholder, and host community as part of our family,” Dumo stated. The company exceeds statutory obligations in community development, investing heavily in education, healthcare, and infrastructure.
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Diversification and Expansion
To hedge against oil market volatility, Platform diversified into:
– Real Estate: Constructing a 19-storey commercial tower in a prime location.
– Logistics & Leasing: Expanding services to support energy operations.
– Downstream Operations: Launching fuel service stations in Lagos, Warri, and Port Harcourt, with plans to explore modular refining.
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Road to Tier-1 Status: $1 Billion Investment Drive
Platform aims to join the ranks of industry giants like Seplat, a company co-founded by Austin Avuru, who was seconded from Platform during its inception. “Seplat’s success proves our model works,” Dumo asserted. To accelerate growth, Platform is:
– Organizing a London roadshow in June 2024 to attract equity partners and secure $1 billion in funding.
– Developing three additional fields set to commence production by 2025.
– Targeting zero gas flaring by Q4 2024, aligning with global sustainability goals.
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OTC 2024 and Nigeria’s Energy Future
At the 2024 Offshore Technology Conference (OTC) in Houston, Platform showcased Nigeria’s potential alongside PETAN. “With IOCs divesting onshore assets, indigenous firms must step up,” Dumo urged. He emphasized balancing net-zero commitments with Nigeria’s energy needs, advocating for investor confidence and innovative financing.
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Legacy and Vision
Dumo’s journey—from reluctant oil executive to industry titan—reflects resilience and visionary leadership. “My father’s faith in me, despite my initial reluctance, shaped this path,” he acknowledged. Today, Platform Petroleum stands as a testament to indigenous capability, ready to leverage divestment opportunities and government initiatives like the Lagos-Calabar coastal railway to drive national energy security.
“Nigeria is a massive market. We must think big,” Dumo declared. With strategic partnerships, disciplined expansion, and an unyielding commitment to excellence, Platform Petroleum is poised to redefine Nigeria’s oil and gas landscape—one barrel at a time.
