The Chief Executive Officer of SEPLAT, Mr. Austin Avuru, weekend, said that the “Nigerian economy which is presently growing at 7 percent will leapfrog to 15 percent per annum if we get the power situation right.”
He spoke in Monte Carlo, France, where he was participating as a finalist in the Ernst and Young World Entrepreneur of the year 2014. Avuru was named winner in the Master Category for the Nigeria and West African sub-region on November 9, 2013.
He also spoke about the emergence of SEPLAT as the leading indigenous oil and gas player. He said: “For 50 years, the oil and gas industry in Nigeria was dominated by oil and gas multinationals. If it was that easy, it wouldn’t have been a 50-year dominance. In the past 20 years, there have been several regulatory attempts to introduce indigenous participation. It didn’t work. It looks easy because we walked in, did a landmark transaction, led the way and we have shown how it can be done, built a world class company, took it to the stock exchange and raised half a billion dollars.
“It looks easy because we did it right. One of the most difficult industries to operate in is the oil and gas industry.”