For some decades now, Nigerian energy tycoon and one of Britain’s most successful black businessmen, Michael J. Prest has been very prominent and successful in international oil development trade. He has carved a name for himself in the hardest of arenas as a number one trader at global trading behemoths, Phibro Energy, Vitol and then as Chief Executive at Marc Rich Investments. Prest —former protégé of commodities trader and “King of Oil” Marc Rich— founded Petrodel, an African oil exploration and trading firm, in 2001. With the Petrodel brand, he has left an indelible impression on the oil and gas trading by understanding and sanitizing risk in Sub-Saharan Africa and also executing legendary deals in Nigeria, Ghana, DRC, Tanzania, Sudan and Zambia thus establishing trading templates still used today across Africa. Now, Prest, 61, is making a strong foray into the renewable energy sector. Sources say that Prest’s commitment to renewable energy transition is anchored on his long held conviction that affordable renewable energy is transformational and will bring about positive outcomes for those currently disenfranchised due to the unattainable or unaffordable energy in the markets. In achieving that, Prest’s energy firm has partnered with Canadian solar firm Skypower to develop utility-scale solar energy projects in Africa, Turks and Caicos, and the wider Caribbean. Prest’s new venture is gaining strong traction in Zambia, where it has aligned itself with new Zambian President Hakainde Hichilema’s vision to increase the use of renewable energy.
Prest’s Petrodel Resources has oil exploration licences in Tanzania, where it hopes to drill East Africa’s first black oil discovery in the next two years. Prest is also the founder of Bank of Nevis International (BONI), an international bank offering private and wealth management services and is the second largest shareholder in Investrust Bank Plc of Zambia.
Prest’s father was Alhaji Mikael Godwin Edward Prest, President Shagari’s Chief of Staff while his grandfather was an ambassador, minister, and a judge, and in 1950, founded the Midwest Party with Anthony Enaharo.