Three most successful businesses owned by Nigerian billionaire oil mogul Gabriel Ogbechie
Gabriel Ogbechie, a Nigerian billionaire businessman and philanthropist, is the founder of Rainoil Limited, one of Nigeria’s largest indigenous oil and gas companies. Born on May 28, 1966, in Idumuje Ugboko, Delta State, Ogbechie has risen from humble beginnings to become one of the most influential figures in Nigeria's oil industry.
His career began in the early 1990s, and by 1997, he established Rainoil Limited, laying the foundation for his vast business empire. This provides an in-depth look at his life, family, and the journey behind building his business empire, with a focus on three of his most successful ventures..
Early life and education
Ogbechie hails from Delta State and is the fifth of six children. His educational journey started at Queen of the Niger Primary School in Onitsha and continued at St. Patrick's College in Asaba. He went on to earn a Bachelor of Science degree in Production Engineering from the University of Benin.
Furthering his business acumen, Ogbechie attended the Lagos Business School's Owner Manager Program and completed Harvard Business School’s Owner/President Management Program. In 2016, he was awarded an Honorary Doctorate (D.Sc.) in Technology Management by Novena University, Ogume, Delta State.
His rise in business
Ogbiechie began his career working in an accounting firm before landing his first job as a sales operations manager in the oil and gas industry in the early 1990s. He worked for Ascon Oil between 1993 and 1995 on a salary of N30,000 a month.
He then decided to start his own business, inspired by his lawyer who suggested the name ‘Rain’ which stands for blessings.The following are three key businesses that have shaped his career as a businessman.
Rainoil Limited
Founded in 1997, Rainoil Limited stands as the flagship company of Ogbechie’s business ventures. The downstream oil and gas company has a strong presence in Nigeria. Over the past 24 years, Rainoil has increased its asset base to include three ultra-modern petroleum product storage depots in the Delta, Cross River and Lagos states, and an 8,000-metric-tonne liquified petroleum gas storage facility in Lagos State.Each depot has a capacity of 50 million liters, making Rainoil a leader in petroleum storage and distribution. The company also boasts a network of over 150 retail petrol stations and LPG plants across the country. With a fleet of over 250 petroleum product tank trucks, Rainoil ensures efficient delivery to its vast customer base.
Preline Limited and Eterna Plc
In 2021, through his company Preline Limited, Gabriel Ogbechie acquired a controlling stake in Eterna Plc, a publicly listed Nigerian oil and gas company. This acquisition solidified his influence in the downstream sector. Eterna Plc operates in petroleum refining, blending of lubricants, and LPG distribution. Under Ogbechie’s leadership, Eterna Plc focuses on providing products such as lubricants, aviation fuel, and domestic gas, contributing to energy security in Nigeria. His involvement as Chairman of the Board allows him to steer the company’s strategic direction.
Norsworthy Farms and Allied Industries
Through Norsworthy Farms, Ogbechie has made significant strides in the agricultural sector, especially with his investment in oil palm plantations in Delta State. Norsworthy has planted over 250,000 oil palm trees on 1,400 hectares, creating jobs and contributing to food security. The palm oil produced from this plantation is used in the manufacturing of various consumer products such as soap, cosmetics, and margarine, making the venture a key part of Nigeria’s agro-allied industry. The company is further expanding with plans to develop an additional 600 hectares.
Gabriel Ogbechie’s journey from a modest background to becoming one of Nigeria’s leading oil and gas entrepreneurs is a testament to his business acumen and resilience. Through Rainoil Limited and its subsidiaries, Ogbechie has made significant contributions to the Nigerian economy, providing employment opportunities and driving growth in the energy sector. His philanthropic efforts further highlight his commitment to giving back to the community, making him not only a successful businessman but also a respected figure in Nigerian society.