Mainland Oil sets benchmark for business excellence in Nigeria

 

By Adewale Sanyaolu

The School of Advanced International Studies (SAIS) at Johns Hopkins University, Baltimore, has lauded Dr. Chris Igwe, Executive Chairman of Mainland Oil and Gas Limited, for his exceptional insights into fostering organic business growth amid economic adversity. The accolades came from Professor Peter Lewis, Chairman of the African Focus Area at Johns Hopkins, following Dr. Igwe’s impactful lecture titled “Contemporary Issues Related to Governance, Entrepreneurship, and Energy Development in Nigeria.”

During his visit to the NLNG six-train plant, the Train 7 Project construction site, and the NLNG Shipping and Marine Services Limited (NSML) Maritime Centre for Excellence (MCOE) in Finima, Bonny Island, Rivers State, Professor Lewis expressed gratitude for Igwe’s comprehensive presentation. He noted that Igwe’s lecture offered valuable perspectives on navigating the Nigerian business environment and commended his success with the Chrisnak Group.

In his lecture, Igwe used the Chrisnak Group and Mainland Oil and Gas as case studies to illustrate how private enterprises, in collaboration with effective regulatory agencies, can thrive and contribute positively to Nigeria’s burgeoning population. He emphasized the importance of compliance and strategic partnerships with government bodies to drive mutually beneficial growth.

Igwe underscored that despite the complex challenges of the Nigerian business landscape, including policy inconsistency and inadequate investment capital, Mainland Oil & Gas Limited has not only survived but excelled. His company’s rise from a modest trading entity to a significant player in Nigeria’s downstream oil market exemplifies how strategic entrepreneurship and governance can address local obstacles.

A key to Mainland Oil’s success, according to Igwe, has been its commitment to building and investing in critical infrastructure. The company has developed state-of-the-art tank farms and automated retail outlets, ensuring reliable supply chains even amidst market volatility. This approach has set Mainland Oil apart from competitors struggling with inconsistent supply.

Igwe also highlighted the importance of agility in responding to Nigeria’s unpredictable policy landscape. By fostering a corporate culture that prioritizes adaptability and maintaining close relationships with government agencies, Mainland Oil has effectively navigated regulatory changes, ensuring compliance and minimizing disruptions.

Transparency has been a cornerstone of Mainland Oil’s operations. Igwe explained that rigorous internal controls and governance frameworks have helped the company build trust with stakeholders and establish itself as a reliable partner in an industry where trust is paramount.

On funding, Igwe revealed that Mainland Oil leverages relationships with local and international financial institutions and reinvests profits to fuel growth. This approach has allowed the company to expand without solely relying on external investment, giving it greater control over its trajectory.

He also attributed part of the company’s initial success to a $250 capital settlement received from his business mentor under the Igbo apprenticeship scheme. This seed capital was instrumental in building the Chrisnak Group and highlights the scheme’s role as a significant venture capital source.

Igwe emphasised that entrepreneurship is vital for engaging Nigeria’s growing population, particularly in Southeastern Nigeria, where it is deeply embedded in Igbo culture. The apprenticeship scheme nurtures young entrepreneurs, equipping them with skills, knowledge, and connections to build their businesses.

Regarding security and community relations, Igwe discussed Mainland Oil’s multi-layered approach, which includes partnerships with local communities, federal security agencies, and advanced technology. This strategy has significantly mitigated disruptions and safeguarded the company’s operations.