On October 8, 2025, President Bola Ahmed Tinubu will mark Nigeria’s 65th Independence Day celebrations in Rivers State by officially inaugurating the nation’s first homegrown crude oil export terminal in half a century, located in Ikuku Town, Andoni Local Government Area. This milestone signals a significant advancement in Nigeria’s oil industry.
Green Energy International Limited, a Nigerian-owned company, has successfully developed an onshore crude oil export terminal at Otakikpo, Rivers State. This facility is designed to streamline crude oil evacuation processes and alleviate longstanding logistical challenges that have impeded Nigeria’s oil production ambitions. The President’s commissioning of this terminal represents the second major achievement this year by Professor Anthony Olusegun Adegbulugbe, a scholar-turned-strategic investor in the oil and gas sector.
Earlier in the year, on March 18, 2025-the same day emergency rule was declared in Rivers State-the Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, commissioned the Otakikpo LPG Extraction Plant and a 20MW Gas-to-Power Project on behalf of President Tinubu. This pioneering energy initiative, developed by First Otakikpo Midstream Limited under the leadership of Professor Adegbulugbe, harnesses associated gas from the Otakikpo field to produce Liquefied Petroleum Gas (LPG) products such as propane and butane. Additionally, the plant extracts condensate, a light hydrocarbon liquid found in natural gas. The 12 million standard cubic feet per day LPG plant and the 20MW power facility, created through a joint venture between Green Energy International Limited and Lekoil, have been hailed as transformative projects that will bring electricity to previously underserved communities in the region.
The upcoming crude oil terminal holds strategic importance for Nigeria’s oil sector. Industry experts have long identified crude evacuation as a critical bottleneck preventing the country from reaching its target of three million barrels per day. The new terminal, with an initial storage capacity of 750,000 barrels-expandable to three million barrels-and a loading capacity of 360,000 barrels daily, is expected to bolster the government’s goal of achieving 2.06 million barrels per day production. This $400 million infrastructure investment aims to reduce Nigeria’s high production costs, which currently range between $25 and $40 per barrel, compared to approximately $10 per barrel in countries like Saudi Arabia.
During a recent trial operation, the managing director of Otakikpo Oil Terminal, who preferred to remain anonymous, described the facility as a cost-efficient solution, especially for marginal field operators whose wells have remained inactive due to inadequate evacuation infrastructure. He likened the savings to the benefits of carpooling: “Driving alone every day is expensive, but sharing a ride cuts costs significantly. This terminal offers a similar advantage by providing local crude storage and eliminating evacuation hurdles.” The CEO emphasized that the terminal would reduce both capital and operational expenses by enabling producers to store crude onshore rather than relying on costly and distant floating production storage and offloading units. He projected that production costs could decrease by at least 40% thanks to this homegrown alternative.
Professor Anthony Adegbulugbe, Chairman of Green Energy, highlighted that this is Nigeria’s first onshore crude oil terminal developed by an indigenous operator. He underscored its logistical versatility, with access via truck, barge, sea, and pipeline. “This facility is more than just storage; it is a transformative national asset that unlocks the potential of around 40 stranded oil fields, allowing them to contribute meaningfully to the economy,” he stated. He also commended the Okama of Ikuru, the traditional ruler of Ikuru Town, for mobilizing local craftsmen who played a vital role in the civil works, and praised West African Ventures, a Nigerian marine company, for their offshore technical expertise.
Professor Adegbulugbe acknowledged the challenges faced during the terminal’s construction, noting that adverse weather caused significant delays and increased costs. “We encountered setbacks such as sinking barges and extended timelines, turning a planned 14-day operation into six months. Despite these obstacles, our contractors remained committed, and together we persevered to complete the project. Our local knowledge and adaptability set this terminal apart from others in Nigeria,” he remarked.
On April 2, 2025, Professor Adegbulugbe celebrated his 70th birthday, prompting reflections on his remarkable journey from academia to industry leadership. Few scholars have transitioned as successfully into investment as he has, drawing parallels to the late Jim Simons, the renowned mathematician and hedge fund pioneer. Simons, who earned his degrees from MIT and UC Berkeley, made groundbreaking contributions to mathematics and physics before founding Renaissance Technologies and amassing a fortune estimated at $31.4 billion at his passing in 2024. Like Simons, Adegbulugbe combines deep academic expertise with strategic investment acumen, having earned his D.Sc. in Nuclear Materials Engineering from MIT.
Professor Adegbulugbe’s career reflects a blend of scholarly excellence and practical impact. He contributed to the United Nations Intergovernmental Panel on Climate Change (IPCC) reports, which were awarded the Nobel Peace Prize in 2007 alongside former U.S. Vice President Al Gore. Born in Ibadan on April 2, 1955, and hailing from Ondo State, he excelled academically from his secondary education at Loyola College, Ibadan, through his first-class honors degree in Electrical Engineering from the University of Ife (now Obafemi Awolowo University), where he graduated with a perfect GPA of 5.0 in 1976.
After earning a scholarship to MIT, he completed his doctorate in Nuclear Materials Engineering with a minor in Energy Planning and Management in 1981. His early career included a stint as a Pupil Engineer at NEPA (now PHCN) before transitioning to academia at Obafemi Awolowo University’s Centre for Energy Research & Development. There, he rose to become a professor and served as Director/Chief Executive for 13 years, gaining international recognition for his expertise in energy policy, planning, and climate change.
Professor Adegbulugbe has held numerous influential roles, including membership on the Governing Councils of Obafemi Awolowo University and the University of Abuja, as well as the Board of Trustees of Joseph Ayo Babalola University. In 2005, President Olusegun Obasanjo appointed him as Presidential Adviser on Energy Matters and Chairman of the Gas-to-Power Project, a World Bank initiative aimed at integrating Nigeria’s gas and power sectors. His policy leadership was instrumental in advancing gas availability for power generation, a critical step toward resolving Nigeria’s energy challenges.
His portfolio also includes membership in the Economic Management Team, the Presidential Council on the Mambilla Hydro Project, Alternate Chairmanship of the Nigerian Nuclear Regulatory Authority, and Chairmanship of the National Multi-sectoral Energy Access Committee. Notably, he championed the revival of the Nigeria Atomic Energy Commission, advocating for nuclear power as a viable energy source despite public concerns. He led Nigeria’s delegation to the International Atomic Energy Agency conference in 2006, facilitating the country’s re-admission into the global nuclear community.
Beyond his professional achievements, Professor Adegbulugbe is known for his humility, generosity, and commitment to community service. He actively engages in philanthropy and serves as a full-time pastor in the Christ Apostolic Church, balancing his spiritual and professional lives with grace.
Professor Adegbulugbe’s journey exemplifies how intellectual rigor combined with visionary entrepreneurship can drive transformative innovation. His work stands as a testament to the potential of Nigerian scholars to lead impactful change in both academia and industry.