Oti Ikomi Lands Juicy Deal With Proton Energy

The Founder and Chief Executive Officer of Keystone Bank, now founder and Vice Chairman of Proton Energy Ltd, a leading Nigerian based Independent Power Plant (IPP) developer with a focus to develop and operate power plants across Nigeria and subsequently in Sub Saharan Africa, has recorded a major win with his energy company. He recently signed a $250 million gas supply deal with some heavyweights for the long-term supply of gas for the production of 500mw of power. These heavyweights include Nigerian National Petroleum Company Limited (NNPC), Shell Petroleum Development Company (SPDC), Total Energies, the Nigerian Agip Oil Company Limited (NAOC) and the Gas Aggregation Company Nigeria Limited (GACN).

The agreement was for Proton Energy to supply natural gas for the 150 MW first phase of the Proton Delta Sunrise project located in Sapele, Delta State. Proton Energy is sponsoring the development of three new gas powered power plants in support of the development of the Nigeria power sector and to assist in meeting the growing energy needs of the citizens of Nigeria. In the next five years it hopes to have an installed capacity of 1,500 MW.

Apart from the first phase of 150mw supply of electrons to the national grid, the second phase is expected to add a further 350 MW and if all goes well, the first phase will reach commercial operation in 2025 and deliver the much-needed reliable incremental power megawatts to the national grid. The project is expected to enhance industrialisation, business and job growth in the country as well as the host communities. This would in the long run, help to lay the foundations, in the medium term, for an era characterised by the supply of reliable and affordable electricity to the general populace and dramatically improve standards of living, catalyse economic growth and help transition Nigeria into an upper middle-income economy.

Nigeria currently scores low on major indices tracking the supply of reliable electricity to its population and the agreement is in line with the government’s twin objectives of accelerating the development of a robust electricity sector and better utilising its gas endowment.

Ikomi who is married to socialite and popular fashion designer, Abby Ikomi, has a record of performance and experience covering over 30 African countries and dating back to his days in banking, retail and IT and spanning Citibank, Standard Bank of South Africa, Ecobank Transnational Inc, Eastman Kodak, Unilever. He holds a master’s degree in industrial engineering from State University of New York and is a member of Tau Beta Pi – American National Engineering Honor Society and Omega Rho – International Operations Research Honor Society.