A degree in geology from a university presents one with the prospect of making a decent living working in a wide range of sectors such as oil and gas, waste management, and construction. Many geologists in Nigeria have gotten rich through practicing geology, delving into other types of business, or combining their geology practice with their businesses. In this article, we will discuss which geologist in Nigeria is the richest. Read on to find out who that is, the source of the wealth, and how rich the person is.
The richest geologist in Nigeria would be discussed below:
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Who is the Richest Geologist in Nigeria?
Many trained geologists in Nigeria have gotten rich from practicing geology or from engaging in other types of businesses or combining geology practice and business. Of all the geologists in Nigeria at the moment, the richest of them all is Igho Charles Sanomi. He studied geology and mining at the University of Jos in Plateau State. Keep on reading to get the facts about how Igho Sanomi became the richest geologist in Nigeria today.
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Early Life of Igho Charles Sanomi
Igho Charles Sanomi was born on May 17, 1975, to Dickens Ogheneruemu Late Patrick Sanomi, and Mabel Iyabo Sanomi, in Agbor, Delta State. His father was a retired Assistant Inspector General of the Police (AIG) in the Nigerian Police Force before he passed on, while his mother, a former nurse, is a tribal chief of the Isotun Ijesha Kingdom of Osun State.
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Education History of Igho Charles Sanomi
Igho Sanomi received his early education in Delta State. After completing his secondary school education, Sanomi proceeded to the University of Jos for his tertiary education. At the University of Jos, he studied and graduated with a bachelor’s degree in Geology and Mining.
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Career of Igho Sanomi to Date
As a final year student of Geology and Mining nearing the completion of his studies at the University of Jos, Igho Sanomi became interested in the oil industry after a friend of his who worked as an intern with First Fuels, an indigenous oil trading company, would always share things he learnt from his IT placement. The things that his friend always spoke of concerning his experiences at First Fuel were oil prices, fixing ships, hedging, and other things relating to the oil industry.
With the piqued interest in oil trading, Igho Sanomi began learning all he could about physical oil trading by reading books on the subject. As he researched oil trading, he also sought opportunities for getting into the business. At that time, it was commonplace for Nigerian businessmen who won fuel import contracts to resell the contracts to foreign oil trading companies for a hefty sum. Igho Sanomi saw this as the silver lining he’s been looking for and decided to approach some of those local businessmen who had won those contracts by offering them a joint venture deal. He was barely 23 years old at that time.
Luckily, some of the businessmen whom Igho Sanomi had approached gave him a chance. To make it work, Sanomi then approached a mid-sized Swiss trading firm called Masefield, through his friend who worked with the company, with an offer that he would source fuel import contracts from Nigerian businessmen who successfully bid for those contracts, so they could fulfill them. The partnership with Masefield was a success as the company was able to deliver its part of the deal. At the end of the deal, Igho Sanomi got a share of the profits, albeit the least, as Masefield was responsible for financing the contracts, chartering the ships, and heavy lifting, among other things.
In the course of the partnership with Masefield, Igho Sanomi learnt a lot about the oil and gas industry from a downstream perspective. The things he learnt about the business include hedging, risk management, and shipping. Then, around 1998/99, Igho Sanomi decided to go into a long-term venture with Masefield. Shortly after this partnership, the CEO of Masefield made Sanomi a generous offer to join the company. However, Sanomi decided it was time to start his company as he had gained the experience to be on his own.
After parting ways with Masefield, with the money saved up and experience gained, Sanomi put together a small team and opened his own company which he named Sarian Oil. With time, the company gained expertise in the downstream oil and gas industry. By 2004, at the age of 28, Sonami merged various segments of his trading business to form Taleveras. The following year, in 2005, Taleveras won 2 oil blocks during the bidding round organized by the Ministry of Petroleum Resources. Soon after, Taleveras had a crude swap arrangement with Duke Oil Incorporated. The company continued to record positive strides and by 2008, it had recorded a turnover exceeding $2 billion.
Sanomi’s Taleveras has continued to expand its assets in other sectors of the economy, such as in 2013, when the company acquired a stake in the 900MW Afam Power Plant in Rivers State, as well as investing a minority stake in the Aiteo Consortium, the current operator of the OML 29. In addition to the oil and gas sector, Igho Sanomi has interests in shipping, telecommunication, aviation, and real estate.
At the moment, that is 2022, Taleveras has expanded its operations outside the shores of Nigeria. The company now has a base for financial, operational, and risk management functions in Asia, the Middle East, Europe and Africa.
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Personal Life of Igho Sanomi
Igho Sanomi married his university sweetheart, Eghonghon, and had four children together. However, the couple separated in 2018 over irreconcilable differences.
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Net Worth of Igho Sanomi’s Wealth
Igho Sanomi, at the age of 47, is one the youngest Nigerian billionaires in Nigeria. According to multiple financial publications of his net worth, Igho Sonami is estimated to be worth at least $1 billion as of 2022. His income streams include oil and gas, aviation, real estate, telecommunication, and shipping.