Feb. 2, 2022


Florence Okoli

Nigeria

Florence Okoli

Group Managing Director, Eraskorp Nigeria Limited

Eraskorp Nigeria Limited is a diversified conglomerate with interests and operating assets in energy and natural resources seeking to be an enabler of the energy transition in Nigeria.

BIO

Florence Okoli has over 20 years varied, cross-functional, and multi-industry experience spanning energy, telecommunications, and advisory services with a strong focus on energy and infrastructural development. She holds a bachelor's degree in accounting from the University of Lagos and an MBA from Harvard Business School. She is also a fellow of the Institute of Chartered Accountants of Nigeria. She commenced her professional experience in Arthur Andersen (now KPMG) and has worked in other organizations such as MTN Nigeria Communications, ExxonMobil, and Shell. As the chief investment officer of All On, a start-up impact investment entity, she drove its investment mandate and led the deployment of its initial investments in key renewable energy companies.


How did Eraskorp Nigeria Limited start, and what are the most prominent projects that you have worked on?

Eraskorp Nigeria Limited is an indigenous engineering, procurement, construction, and installation (EPCI) company with a strong track record of delivery and performance, currently focused on deploying key and strategic energy and infrastructure projects. Eraskorp Nigeria started out offering EPC-type services in the energy industry and providing security for energy assets in areas where security is an issue. We have a unique offering in our security business leveraging our knowledge of these areas and relationships with the local communities, and we work with both indigenous oil companies and IOCs. We are transitioning from being an energy services company to developing our own assets and projects. Where others see challenges in the industry, we see opportunities, because we see ourselves as solution providers. We want to participate in the energy transition to gas, not only from an environmentally sustainable perspective but to also utilize resources to drive positive change in the country. We are currently reorganizing for efficiency and to align our activities with our vision and strategy. The restructuring that we are going through will allow us to be better positioned to leverage and harness opportunities effectively. Our main subsidiaries include FPSL (our security and logistics business), Erasko Energy (our energy and infrastructure business, and Eraskon Nigeria Limited (our lubricants and chemicals business). Our strategic drive is to be an enabler of energy transition in Nigeria. One of the ways we are doing this is through gas projects (in Erasko Energy) focused on increasing LPG penetration in the domestic market through unlocking infrastructural and logistical bottlenecks. Through Eraskon, we are developing a lubricants blending plant in partnership with the Nigerian Content Development and Monitoring Board (NCDMB). We are also looking at other opportunities in the upstream sector in power, such as in the area of meters assembly and supply as well as developing other infrastructure projects—for example, ports and terminal facilities. Overall, we are addressing and unlocking structural limitations. We are primarily focused on the energy and infrastructure but have interests in other natural resources sectors such as agriculture, although our venture into agriculture is still in its early stages.

How are your clients distributed between local and international companies?

Some 80% of our clients are international companies, while 20% are local. We are careful and intentional about selecting the right companies to work with in line with our corporate objectives, partners who are well resourced with projects that fit with our strategic focus. We are mindful that a number of the international players are divesting. As the dynamics and the structure of the energy sector change, we will adapt. Our focus is to ensure that our business has long-term sustainability.

What overall effect have local content laws had on the quality of service of indigenous oil services companies?

The objective of the local content laws is not to completely exclude international players from participation in the industry, but to level the playing field for local companies and enable skills transfer and local capacity development. We acknowledge that these ongoing efforts are work in progress. The standards for the projects in the sector are extremely high and require the participation of the big, international players. The local content laws will not stop the awarding of such contracts to the international players. However, there are still subcontracting opportunities for local players; they may not win major parts of the work, but they have a seat at the table. The process is more of a hand-holding exercise to increase local capacity and transfer skills. The process essentially ensures that local companies are not excluded. Nigeria is still not there yet. It is still a process, and the key focus is to ensure that things are done in a way that satisfies the needs of the industry completely.

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