…as He Wins Sun Newspaper’s Investor of the Year

Julius Rone, Chief Executive Officer of UTM Offshore, has announced that construction of Nigeria’s first Floating Liquefied Natural Gas (FLNG) facility will commence in 2026, marking a major milestone in the country’s gas industry.

Rone made the disclosure while receiving The Sun Newspaper’s Investor of the Year 2026 award, an honour that coincided with what industry observers describe as a pivotal moment for Nigeria’s gas development ambitions.

Speaking at the award ceremony, Rone confirmed that the long-anticipated UTM Offshore FLNG project has entered its construction phase, positioning Nigeria to join the league of countries with offshore LNG production capacity.

“This year, we are moving into the construction phase,” Rone said, describing the development as a decisive step toward unlocking Nigeria’s vast gas potential.

He attributed the project’s progress to the policy environment created by the administration of President Bola Ahmed Tinubu, noting that recent reforms and incentives under the Renewed Hope Agenda have encouraged investor confidence in the gas sector.

“The administration of President Bola Ahmed Tinubu has continued to create an enabling environment to encourage investors to tap into the Renewed Hope Agenda,” Rone said. “The President has given lots of incentives to investors who want to develop the gas industry.”

Rone described the recognition by The Sun Newspaper as both an honour and a motivation to do more for the country’s economic development.

“We are quite pleased that our efforts are being recognised tonight. For me, it is an encouragement to do more,” he said. “Receiving this award will spur us to move the country forward from an investor’s point of view.”

The UTM Offshore FLNG project is located at the Yoho Field within Oil Mining Lease (OML) 104, approximately 60 kilometres offshore in the Niger Delta. The facility is designed to produce 1.5 million tonnes of LNG annually for export and 300,000 tonnes of liquefied petroleum gas (LPG) for domestic consumption.

The project is supported by an estimated 2.2 trillion cubic feet of proven gas reserves, projected to sustain operations for about 20 years.

Beyond export earnings, Rone emphasised the project’s importance to Nigeria’s domestic energy needs, particularly in reducing reliance on imported cooking gas.

“The project will improve domestic LPG supply in Nigeria. Instead of importing, we will be self-sufficient as a nation,” he said. “From this project alone, at least 300,000 metric tonnes of LPG per annum will be supplied to support the domestic market.”

He added that the FLNG facility is expected to boost the economy through job creation and increased revenue generation.

The project’s financing structure underscores strong investor confidence. UTM Offshore has secured Afreximbank as lead financier, raising $2 billion for Phase One, with an additional $3 billion earmarked for Phase Two. The total investment commitment of $5 billion represents one of the largest single Nigerian-led energy investments in recent years.

Ownership of the project is shared among Nigerian National Petroleum Company Limited (NNPCL) with 20 percent equity, the Delta State Government with 8 percent, and UTM FLNG holding the remaining 72 percent.

The project has also engaged international engineering and technology partners, including JGC Holdings, Technip Energies, and KBR, and has completed environmental and social impact assessments in line with global standards.

Rone, whose career spans roles at OMPADEC, the Niger Delta Development Commission (NDDC), and leadership of the UTM Group since 2008, said discipline and consistency have guided his approach to business.

“The key principles for success are to be focused, hardworking, and consistent,” he said.

Industry analysts view the FLNG project as a critical test of Nigeria’s ability to translate long-held energy ambitions into execution. For many, the Investor of the Year award is not only a recognition of Rone’s past achievements, but also an early endorsement of a project that could redefine Nigeria’s gas sector if delivered as planned.