By Funsho Arogundade
Despite the current economic headwinds affecting businesses in Nigeria, it’s not just nature that is focused on growth. There are some business leaders across multiple industries including the energy sector who are showing improved optimism for growth in the current year and coming ones. Serial investor and UTM FLNG Limited Boss, Julius Rone is one of the few. With an uncertainty hovering over the oil and gas terrain around the world, Rone is a huge testament to having faith in oneself. The Delta State-born business mogul has remained focused and committed to his vision of championing the LNG in the country. Surely, 2024 has been an eventful one for Rone and he is ending the year a happy man with strings of success stories to his credit.
Spotlight learnt in 2019, UTM Offshore was authorised to construct a facility with a capacity of 1.2 million tons per annum, but this was later enhanced to 2.8 million tons due to rising demand for LNG in the market. Given his uncommon daring spirit and survival instinct which have made him overcome the teething challenges, in September this year, Rone was granted a construction licence by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to build Nigeria’s inaugural floating liquefied natural gas (LNG) facility. The project, expected to produce 2.8 million metric tons of LNG annually, aligns with the government’s objectives for gas expansion and utilization of Nigeria’s proven gas reserves. The project represents a pivotal achievement and is in harmony with the government’s objectives for gas expansion. Already, in a groundbreaking fashion, Rone’s UTM has secured a first level approval for a $350 million loan deal from the African Export-Import Bank for the finance of the project considered as the first and most remarkable in the gas industry.
Rone has established himself as a businessman of note that holds a special place among the class of businessmen in Africa. He is blessed with unparalleled disposition, unequalled business wisdom and ingenuity to see opportunities where others see failure.