Encomium
By Prince Adeyemi Shonibare
In Ulsan, South Korea on August 18, 2025
Nigeria took a very bold stride in its journey toward energy independence and continental leadership as President Bola Ahmed Tinubu commissioned WAGL Energy Limited’s 40,000 cubic metres Liquefied Petroleum Gas (LPG) vessel – MT Iyaloja (Lagos) – in Ulsan, South Korea.
The vessel, jointly owned by NNPC Ltd. and Sahara Group under their joint venture WAGL Energy, expands the company’s LPG shipping fleet capacity to 162,000 CBM, joining MT Africa Gas, MT Sahara Gas, MT BaruMK, and MT Sapet. This milestone establishes WAGL as one of Africa’s most formidable indigenous LPG fleet operators.
For decades, Nigeria depended heavily on foreign-chartered LPG vessels, spending an estimated $70–80 million annually on freight charges and middleman premiums. With this commissioning, Nigeria stands to save at least $50 million each year, funds that can be redirected into domestic gas infrastructure, energy affordability, and social development.
A Break from the Past
Speaking on behalf of President Tinubu, Minister of State for Petroleum Resources (Gas), Rt. Hon. Ekperikpe Ekpo, described the commissioning as a symbol of Nigeria’s determination to rewrite its energy story.
“Nigeria is no longer content with being a raw material exporter. We will lead Africa in clean and sustainable energy solutions. This commissioning breaks barriers that kept our nation dependent and ensures our resources work for our people,” President Tinubu declared.
The vessel, named in honour of Alhaja Abibatu Mogaji, the late mother of the President, reflects both cultural symbolism and economic intent.
Industry Voices
Engr. Bashir Bayo Ojulari, Group Chief Executive Officer of NNPC Ltd., represented by Mr. Olalekan Ogunleye, EVP Gas, Power & New Energy, highlighted the vessel’s strategic impact:
“The MT is a game-changer. It strengthens our ability to deliver LPG to Nigerians at affordable rates while saving our economy millions of dollars previously lost to foreign chartering.”
Mr. Temitope Shonubi, Executive Director, Sahara Group, said the vessel proves Africa can bridge its own energy gaps:
“This commissioning is progress you can measure — in savings, in access, and in independence. It demonstrates that Africa has the capacity to take control of its energy future.”
Mr. Mohammed Sani Bello, Managing Director of WAGL Energy Ltd., revealed ambitious expansion plans:
“Within two years, we will add both a Small Gas Carrier and a Very Large Gas Carrier (VLGC). These assets will consolidate Nigeria’s position as Africa’s clean energy hub.”
10 MAJOR BENEFITS TO NIGERIA & AFRICA
1. Annual savings of $50m+ from reduced foreign-charter costs.
2. 162,000CBM LPG fleet capacity, one of Africa’s strongest.
3. Cleaner energy access, reducing kerosene and firewood reliance.
4. Affordable LPG prices for Nigerian households.
5. Nigeria as West Africa’s LPG hub for trade and distribution.
6. Forex preservation by ending excessive foreign freight payments.
7. Industrial competitiveness with cheaper gas for manufacturing.
8. Job creation across shipping, logistics, and retail networks.
9. Investor confidence in Tinubu’s energy reforms.
10. Continental progress through wider African access to cleaner fuels.
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The commissioning of MT Iyaloja (Lagos) is not merely a maritime event. It is a strategic declaration of intent — that Nigeria will not remain trapped in cycles of dependency and inefficiency.
With projected annual savings of over $50 million, Nigeria now holds the tools to drive down household gas costs, expand industrial capacity, and reposition itself as Africa’s clean energy giant.
The task ahead lies in ensuring these benefits reach the Nigerian people: lower prices in the markets, steady gas supply for industries, and clean cooking fuel for rural households.
If momentum is sustained, this vessel could be remembered as the turning point when Nigeria, long an oil giant, finally rose as Africa’s clean energy power.
