Hotel building owned by Nigerian oil magnate Gabriel Ogbechie collapses

A 20-story hotel under construction in Asaba, Delta State, owned by Nigerian magnate Gabriel Ogbechie, founder of Rain Oil Group, collapsed Thursday evening.

The hotel, valued at several millions of dollars, is located directly across from Delta Mall Asaba. The cause of the collapse remains unknown.

State Emergency Management officials and security have cordoned off the scene.

Rain Oil, established by Ogbechie in 1997, is a major entity in Nigeria’s oil sector, covering the downstream value chain. The company’s operations include petroleum product storage, haulage, distribution, and retail. Rain Oil has three depots with a 50 million storage capacity each in Oghara, Delta State; Calabar, Cross Rivers State; and Ijegun, Lagos State.

Under Ogbechie’s leadership, Rainoil has grown over its 26-year history. The company boasts three state-of-the-art petroleum storage depots, operates over 100 retail outlets nationwide, and manages a fleet of more than 140 tank trucks.

In 2021, Rainoil furthered its expansion plans by acquiring Eterna Plc, a Nigerian lubricant and chemical manufacturer, in a deal worth $26.1 million through Preline Limited, an investment firm owned by Ogbechie.

Yusuf Abdulfatai
Yusuf Abdulfatai
Yusuf Abdulfatai Adekunle is a finance and economics reporter at Billioniares.Africa. He is also a lecturer at Kwara State Polytechnic University. Previously, he worked as an economic analyst for Bulwark Intelligence. Abdulfatai is a trained economist with an expert knowledge of business and economics. He has a master's degree in economics and holds a Chartered Management Accountant certification from the Institute of Chartered Management Accounting.

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