Sahara Group, the leading power producer in Nigeria has revealed plans to go public soon.
The company’s Executive Director and co-founder, Tope Shonubi, disclosed this to journalists at the recently concluded OPEC International Seminar, in Vienna, Austria. He stated further that the company has invested about $3 billion in Nigeria and is planning to expand its investments in the country.
According to him, going public is part of the expansion strategy of the company.
Shonubi, whose firm operates in 29 countries, commended the National Assembly for passing the Petroleum Industry Governance Bill (PIGB) and urged the government to consider engaging more of the ex-private sector participants as policy makers.
According to him, such people understood the sentiments of the private sector and would contribute more with the experience they have in the market.
Shonubi also said innovations were the key driver of his group’s operation and as a result of which they are rapidly expanding globally.
“If you come as a solution provider rather than a follower in the industry, you will easily make impact and expand quickly,” he also said.
He said the OPEC seminar was very timely due to the challenges the oil and gas industry was facing, especially with the coming up of some distruptive technologies such as electric car and the emergence of shale oil and gas.
Sahara Group acquired majority shareholding stakes in two of the Power Holding Company of Nigeria (PHCN) assets under the privatization initiative of the Federal Government, namely Egbin Power Plc and Ikeja Electric Plc.
The company also owns some oil blocks and farm tanks in the downstream oil sector.