Nigerian Oil Mogul Jite Okoloko Exits Eroton Following Major Board Shake-up

Jite Okoloko, a Nigerian oil businessman and key figure in the countrys oil and gas industry, has stepped down as Chairman of Eroton Exploration Production E P after two decades in leadership. His exit comes amid a major board reshuffle led by political and business heavyweight James Ibori, signaling a new chapter for the company.

Taking over as Chairman is Henry Imasekha, a seasoned chartered accountant and banking executive. His appointment brings financial expertise and strategic oversight as Eroton moves to stabilize its operations and strengthen its position in Nigerias upstream oil sector. The leadership transition, overseen by Ibori, marks a deliberate effort to realign the companys governance and future direction.

Okoloko has played a pivotal role in shaping Nigerias oil and gas landscape. He was a founding member of the Ocean and Oil now Oando Group before venturing into Midwestern Oil Gas, where he helped secure the Umusadege field in the 2002 Marginal Field Bid Round. Under his leadership, Midwesterns production peaked at over 30,000 barrels per day.

At Eroton, he was instrumental in the companys 1 billion acquisition of a 45 percent stake in Oil Mining Lease OML 18 from Shell, TOTAL, and Agip in 2015, a deal that positioned Eroton as a major independent producer. His influence extended beyond oil, leading Notore Chemical Industries to acquire NAFCON for 152 million and securing a landmark 222 million loan syndication from Nigerian banks.

From 2005 to 2021, Okoloko served as Notores CEO before transitioning to a Non-Executive Director role. With over 25 years in sales, marketing, and business development, he also chaired Midwestern Oil Gas and played a key role in Nigerias Presidential Committee on Oil Gas 20042005, shaping national energy policy. His track record cements his place as a key figure in Nigerias energy sector.