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The Nigerian companies leading historic shift in oil wealth ownership

Local producers are stepping in to fill the gap vacated by foreign majors retreating from Africa’s largest producer

Oil executive Osayande Igiehon grew up in an area of Nigeria intersected with pipelines — part of the extensive infrastructure established by foreign energy companies to tap his country’s rich reserves.

Igiehon believes this first-hand knowledge of the country gives Heirs Energies, the company he leads, a distinct advantage as it steps in to fill the gap left by the majors pulling back from Africa’s largest oil producer.

Heirs is among the domestic companies at the forefront of a historic shift in ownership of Nigeria’s oil wealth, as the international groups retreat and ambitious local companies step up to replace them.

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