The Sijuwade family, one of Africa’s wealthiest royal dynasties, is making a bold move in Nigeria’s oil sector as first production from OPL 276 is expected within the next 12 to 18 months.
The Sijuwade Group’s oil and gas arm holds a 10% stake in OPL 276, a strategic asset in the eastern Niger Delta basin, co-owned by Newcross Petroleum and London-listed Lekoil. With recoverable reserves estimated at 29 million barrels of oil and 333 billion cubic feet of gas, the block is primed for significant commercial activity. Production is expected to commence in 2026, marking a major milestone in the royal family’s expansion into the energy sector.
This development comes as Nigeria ramps up crude output to strengthen its economy, with the Sijuwades positioning themselves as key players in the nation’s oil industry.
The Sijuwade Family’s Oil & Gas Journey
The Sijuwade Group first entered the oil and gas industry in 2008, leveraging its role as a local content partner for global energy majors such as Centrica Plc and StatoilHydro ASA (now Equinor).
At the time, the family was part of a consortium exploring LNG and petrochemical projects in Nigeria, with Centrica and StatoilHydro each holding 37.5% stakes, and Consolidated Contractors Company (CCC)—one of the Sijuwade Group’s key construction allies—controlling 25%.
As international firms streamlined their portfolios, Newcross Petroleum acquired a majority stake in OPL 276 and OPL 283 (now OML 152). The Sijuwades retained a minority interest, solidifying their long-term presence in Nigeria’s upstream oil sector.
Today, Prince Adetokunbo Sijuwade, son of the late Oba Okunade Sijuwade, serves as a director on the board of OPL 276, overseeing the family’s stake as the asset moves into the production phase.
A Royal Dynasty Turned Business Empire
Founded in the 1970s by the 50th Ooni of Ife, Oba Okunade Sijuwade, the Sijuwade Group has evolved into a multi-industry powerhouse, spanning:
•Oil & Gas – Investments in upstream and midstream projects
•Construction & Infrastructure – Over $1 billion in road and bridge contracts
•Real Estate & Hospitality – A growing portfolio of high-value properties
•Railway Development – Key projects, including the Port Harcourt–Enugu rail corridor
Between 2010 and 2015, the group played a pivotal role in Nigeria’s railway expansion, securing contracts worth over N1 trillion ($6.7 billion at the time). The company’s partnership with Eser Nigeria Limited further cemented its influence in road infrastructure, including the Ibadan-Ife dual carriageway.
Wealth & Influence: From a $75M Valuation to $200M+
In 2014, Oba Okunade Sijuwade’s net worth was estimated at $75 million by Forbes, ranking him among Africa’s Richest Kings. Since his passing in 2015, Prince Adetokunbo Sijuwade has significantly expanded the family’s wealth, pushing its valuation beyond $200 million.
With deeper investments in Nigeria’s oil industry and a rapidly growing construction and real estate empire, the Sijuwade family is now a go-to partner for global corporations seeking local expertise.
As development at OPL 276 accelerates, the royal dynasty’s influence in Nigeria’s economic future is set to grow further, positioning the Sijuwades as one of Africa’s most powerful business families.
