Ownership Without Capability Is Zero: Sahara Power Boss Warns As Indigenous Firms Grab Oil Assets

Ownership of oil and gas assets alone will not drive growth in Nigeria’s energy sector.

That was the stark warning from the Group Managing Director, Sahara Power Enterprise Group, Mr. Kola Adesina, at the 2026 Energy Conference of the Nigerian Association of Energy Correspondents in Lagos.

Adesina, who chaired the conference themed ‘Access to Assets: Empowering Players and Driving Growth’, said technical capacity, financing and innovation are needed to translate assets into economic value.

He was represented at the conference by Bethel Obioma.

According to him, the ongoing restructuring of ownership across parts of Nigeria’s energy industry, with indigenous companies taking on greater responsibilities, presents huge opportunities that must be matched with capacity.

“Ownership without capability creates little value. Ownership without financing limits potential. Ownership without innovation eventually loses relevance,” he declared.

He argued that the focus should not be on asset ownership alone but on how assets can be deployed to create value, strengthen local capacity, attract investment, create jobs and improve energy security.

Adesina noted that Nigeria is at a critical point in its energy history, with new investors and indigenous companies assuming bigger roles while technology is changing how energy is produced, distributed and consumed.

Therefore, he said, the central question should be how to create conditions that will allow more people and businesses to benefit from opportunities in the sector.

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“Access to assets should not be viewed as an end in itself,” he stressed.

The Sahara Power boss said Nigeria has significant energy resources, with over 37 billion barrels of proven crude oil reserves and more than 200 trillion cubic feet of natural gas reserves, but its greatest resource remains its people.

“If we can unlock the full potential of our people while expanding access to opportunity across the energy value chain, the possibilities for our country are immense,” he said, citing the ingenuity, resilience and entrepreneurial spirit of Nigerians.

He identified four key enablers for growth: government, financial institutions, industry players and the media, saying government must provide enabling policies and regulatory certainty.

Financial institutions, he added, should develop innovative solutions to unlock capital, while industry leaders must invest in talent, governance and operational excellence, and the media must sustain platforms for informed dialogue and accountability.

He said Nigeria has professionals capable of solving complex energy challenges, entrepreneurs willing to invest and innovate, and young people bringing fresh perspectives and technological expertise, but what they need is an enabling environment.

While acknowledging Federal Government reforms and progress in recent years, Adesina said the ultimate objective should be lives impacted, not just assets acquired.

“The true measure of success will not be how many assets change hands, but how many lives are transformed because those assets were put to productive use,” he said, urging stakeholders to focus on practical solutions that translate asset access into prosperity for millions of Nigerians.

NOP NIGERIA