Vanguard awards

May 9, 2024

Why Ogbechie is Businessman of the Year

Why Ogbechie is Businessman of the Year

By Emeka Anaeto, Business Editor

Dr. Gabriel Ogbechie, Officer of the Order of the Niger, OON, is the Founder and Group Managing Director of Rainoil Limited.

The Group has business operations across the entire downstream value chain, as well as in agro-allied and real estate sectors. 

Vanguard Newspapers Board of Editors tracked the successes the Group has recorded across the sectors it operated and in particular the downstream of the oil and gas industry in Nigeria and came up with findings that the Group may have become the most successful and fastest growing operator in the industry in the last three years. 

This position has been aided by the 2021 strategic acquisition of one of its major competitors, Eterna Oil and Gas Plc, quoted on the Nigerian Exchange Limited. 

The acquisition was in alignment with the targeted expansion strategy of the Group across the oil and gas value chain, and with the intent of positioning the Company for sustainable growth and superior value creation for all the stakeholders. 

These targets have now been achieved, a development which earned Dr. Ogbechie the first choice for Vanguard Businessman of the Year, 2023. 

Beyond the success of the Group in the industry competitiveness, the development also underlines its commitment to Nigeria at this critical evolution point of the Energy Sector. 

Over the past 26 years, Rainoil Limited has increased its asset base to include: 

•Three ultra-modern petroleum product storage depots (i.e. 50 million litre capacity multi-product depots in Oghara, Delta State; Calabar, Cross River State; and Ijegun EgbaLagos State) 

•An 8,000 metric tonne LPG bulk storage facility in Ijegun, Lagos State 

•Over 180 retail petrol stations and LPG plants spread across the country 

•A fleet of over 300 petroleum product tank trucks for efficient delivery of products to its network of stations and customers across the country. 

In his capacity as the Group Managing Director, Dr. Ogbechie oversees a staff strength of over 2,000 employees. 

Dr. Ogbechie hails from Idumuje Ugboko in Aniocha North Local Government Area of Delta State. 

He is a graduate of Production Engineering from the University of Benin, Nigeria and holds an Honorary Doctorate Degree of Technology Management from Novena University, Nigeria. 

He is an alumnus of the Harvard Business School’s 57th Owner President Management Programme

and a pioneer member of the Lagos Business School Owner Management Programme. 

He has always led from the frontline with a hands-on involvement in operations.

At a time of limited indigenous participation, he identified opportunities in the oil and gas space which led to the founding of Rainoil Limited. 

He pioneered the petroleum product bulk storage investment in the Oghara axis of Delta State, which today, is a critical hub for petroleum products supply in the country. 

Dr. Ogbechie seats on the board of a number of companies operating in the financial services, oil and gas, agro-allied and real estate sectors.