Leemon Ikpea: The Industrialist Betting on Nigeria’s Rebirth Under Tinubu 

Tinubu’s Economic Reforms Need the Support and Sacrifice of All Nigerians

For more than three decades, Founder of Lee Engineering, Chief Leemon Ikpea CON, has built his reputation around an idea that Nigerians could build and own businesses capable of competing in some of the most technically demanding sectors of the economy. Under the Bola Tinubu administration, he believes that the country has never had a better chance of thriving and progressing significantly, writes Emmanuel Addeh.

At a time the oil and gas industry was largely defined by the dominance of multinational corporations and foreign technical expertise, Leemon Ikpea chose to invest in indigenous engineering capacity, gradually building what has become a formidable Nigerian business presence across engineering, construction, fabrication, oil and gas services and other allied interests.

That journey, from entrepreneur to industrialist and from businessman to philanthropist, provides perhaps the clearest context for understanding Ikpea’s outlook on Nigeria and his strong support for the economic reform programme being pursued by President Bola Tinubu. 

Today, aside from Lee Engineering & Construction Company, he also runs Lee International Machinery & Services Limited; Tribet Aviation as well as Tribet Travels and Tours; Lee Oasis, among others.

To Ikpea, the ongoing restructuring of the Nigerian economy is not simply a political project to be judged through the prism of immediate popularity. Rather, it represents a difficult but necessary attempt to confront structural weaknesses that have accumulated over decades and which, in his view, could no longer be ignored without placing the country’s long-term economic future in even greater jeopardy.

“We must begin to look at Nigeria beyond the convenience of today and ask ourselves what kind of country we are preparing for the generations coming behind us. No serious businessman builds an organisation by spending everything on immediate comfort and leaving nothing for investment,” he insists.

His support for the administration’s direction, he says, is therefore rooted substantially in his experience as an investor who has spent much of his professional life confronting the realities of doing business in Nigeria: Unreliable infrastructure, policy uncertainty, foreign exchange volatility, inadequate technical manpower and the enormous costs associated with operating in an environment where businesses are frequently compelled to provide for deficiencies that more developed economies take for granted.

For a man whose business philosophy has revolved around building capacity and investing for the long term, the central question confronting Nigeria today, the businessman believes, is not whether reform will be difficult. It is whether the country can afford to continue postponing the difficult decisions required to build a more sustainable economy.

“In the same way, no serious nation can continue postponing difficult decisions indefinitely and expect a different outcome. Nigeria has enormous potential, but potential alone does not build roads, factories, industries or prosperous societies. 

“Somebody must take the responsibility of building, investing and creating the foundations upon which the future will stand. That, fundamentally, is why I believe we must support every sincere effort by the Bola Tinubu administration to reposition this country for sustainable growth,” Ikpea mentions.

Indigenous Ambition to Industrial Capacity

For Ikpea, the establishment of Lee Engineering and Construction Company Limited in 1991 represented an important personal and professional statement of intent.

Nigeria’s petroleum industry was already a major source of national revenue, but much of the sophisticated engineering, technical expertise and specialised services required to sustain the industry remained substantially dependent on foreign companies.

For Nigerian entrepreneurs seeking to participate meaningfully in the sector, the barriers were formidable. Capital requirements were high, technical standards were demanding and the industry itself was structured around companies with decades of international experience.

Yet, Ikpea believed that Nigerian businesses had to begin somewhere.

Over the years, Lee Engineering developed from its early foundations into an indigenous organisation with capabilities across engineering, procurement, construction, operations and maintenance, establishing a reputation within the energy industry while participating in the gradual expansion of Nigerian capacity in sectors that had traditionally been dominated by foreign expertise.

The importance of that journey extends beyond the success of an individual company. It speaks directly to the broader question of how Nigeria can retain more of the value generated from its enormous natural resources.

For decades, the country exported crude oil while importing substantial quantities of equipment, technology and technical services. Even where Nigerian resources generated enormous wealth, a significant proportion of the economic activity associated with developing those resources took place outside the country.

The emergence and growth of indigenous companies represented an attempt to change that reality.

Ikpea has consistently maintained that Nigerians cannot afford to remain spectators in the development of their own economy, particularly in sectors where the country possesses substantial natural advantages.

“Local content, to me, is much more than giving contracts to Nigerians because they are Nigerians. That is not the essence of it. The real objective is to build genuine Nigerian capacity, develop our people, transfer knowledge, create industries and ensure that when major projects are taking place in our country, Nigerian companies have the competence to participate meaningfully. 

“We cannot continue to be a country blessed with resources while other people do all the technical work and retain most of the value. Nigerian companies must be able to engineer, fabricate, construct, operate and maintain critical facilities. That is how you build a strong economy and that is the philosophy that has guided our journey,” he told THISDAY.

That philosophy has increasingly become relevant as Nigeria attempts to reposition its oil and gas industry for a new phase of investment and growth.

The federal government’s efforts to improve the investment environment, increase crude oil production, unlock gas resources and attract capital into the petroleum sector have created fresh opportunities, but they have also reinforced the importance of indigenous companies possessing the capacity to participate in the expanding value chain.

For Ikpea, attracting foreign investment and strengthening Nigerian enterprise should not be competing objectives. Nigeria requires international capital, technology and partnerships, but it must also develop domestic companies capable of standing alongside their global counterparts.

“Foreign investors are welcome and Nigeria needs them. We need partnerships, technology, capital and international expertise, but we must never forget that the ultimate strength of any economy lies in the capacity of its own people. 

“We must build Nigerian companies that can sit at the table with international organisations as partners, not merely as spectators waiting for crumbs. The future I want to see is one in which indigenous companies are strong enough, competent enough and sufficiently capitalised to compete anywhere in the world,” he maintains.

FG’s Oil Reforms Transforming the Sector 

According to Chief Ikpea, Tinubu’s reforms in the oil and gas industry represent a deliberate attempt to reverse years of declining investment, regulatory uncertainty and rising operational costs that weakened Nigeria’s competitiveness as an energy destination.

As the founder of Lee Engineering Group and an industrialist with more than three decades of experience in Nigeria’s petroleum industry, Ikpea particularly supports the series of presidential directives and executive orders designed to make the country’s oil and gas sector more attractive to both international and indigenous investors.

Central to these reforms, he enunciates, is the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order, 2024, also known as Presidential Directive 40, which introduced fiscal incentives for non-associated gas developments, midstream projects and deep offshore investments. 

He recalled the administration also issuing the Presidential Directive on Reduction of Petroleum Sector Contracting Costs and Timelines, 2024, aimed at simplifying contracting procedures, reducing costs and shortening project execution cycles.

The third major intervention, he mentioned, is the Presidential Directive on Local Content Compliance Requirements, 2024, sought to address the high-cost implications of local content implementation while preserving the broader objective of building genuine Nigerian capacity.

 The reforms, according to him, were designed to ensure that local content requirements promote indigenous participation without unnecessarily discouraging investment or making Nigerian projects uncompetitive.

Ikpea also supports the administration’s subsequent Upstream Petroleum Operations Cost Efficiency Incentives Order, 2025, which introduced performance-based incentives for operators able to achieve verifiable cost savings and improve operational efficiency. Under the framework, the NUPRC, he stresses, is expected to establish cost benchmarks across different terrains, while qualifying operators can receive incentives linked to improved efficiency.

For Ikpea, these measures, alongside the renewed implementation of the Petroleum Industry Act (PIA) efforts to clarify regulatory responsibilities between the NUPRC and the NMDPRA, the push to increase crude oil production and the administration’s growing emphasis on gas development, demonstrate a more coordinated approach to rebuilding the sector.

He points out: “What is particularly encouraging is that the government has recognised that Nigeria must compete for investment. We cannot simply sit on enormous oil and gas reserves and assume that investors will automatically come.

“The fiscal incentives, the reduction of contracting timelines, the reforms in local content implementation and the new cost-efficiency framework are all sending an important message that Nigeria is serious about making its petroleum industry globally competitive.

“As somebody who has spent decades building an indigenous company in this sector, I strongly believe that these reforms can create a new era for Nigerian oil and gas. But we must sustain them. Policy consistency is critical. 

“We need to attract international capital, but we must simultaneously build strong Nigerian companies with the capacity to participate in the industry’s future. President Tinubu’s reforms have created an opportunity to do both, and that is why I believe they deserve the support of everyone who genuinely wants to see Nigeria’s energy industry grow.”

Tinubu’s Brave Subsidy Removal 

Ikpea says that President Tinubu’s decision to remove the decades-long fuel subsidy remains one of the boldest and most courageous economic decisions ever taken by a Nigerian leader. In his view, the policy required an uncommon measure of political will, particularly because successive administrations had recognised the enormous burden of the subsidy regime but lacked the courage to confront its consequences.

Ikpea believes that Tinubu took a decision that many leaders would have avoided because of its immediate political cost and the hardship it was bound to create in the short term. According to him, the President chose the difficult path of economic restructuring over the easier option of preserving a system that had become increasingly unsustainable and vulnerable to abuse.

He argues that although the transition has been painful for millions of Nigerians, the removal of the subsidy has created an opportunity to redirect scarce public resources towards critical sectors of the economy, including infrastructure, education, healthcare and social development. For Ikpea, the courage displayed by Tinubu in taking the decision is inimitable, insisting that few, if any, Nigerian leaders would have been willing to take such a politically risky step. ” On this, he has my unwavering support,” the businessman enthuses.

“It is for tomorrow’s prosperity, there is a determination to move the country in a new direction. So, it is incumbent on us all to make this sacrifice for the sake of our tomorrow. Any country that wants to grow its economy must be will to make sacrifice, Ikpea further explained. 

Beyond his support for economic reforms, Ikpea has continued to demonstrate his faith in Nigeria’s industrial future through investments designed to deepen local capacity in the oil and gas industry. One of such investments is his fabrication yard in Warri, Delta State, which is expected to play an important role in strengthening indigenous participation in the energy value chain.

To him, the facility represents more than a business investment. It is a platform for technology transfer, skills development and the gradual localisation of technical capabilities that have historically been sourced from outside Nigeria. By providing an environment where Nigerian engineers, technicians and other skilled workers can participate in sophisticated fabrication activities, the yard is expected to help build a stronger domestic industrial base.

For Ikpea, Nigeria’s economic transformation must go beyond policy reforms to the deliberate development of productive capacity. His investments in fabrication and related energy infrastructure reflect a belief that the country must not only consume technology but increasingly acquire, adapt and deploy it locally, creating jobs and transferring knowledge to a new generation of Nigerian professionals.

Why FG’s Reforms Cannot Wait

Ikpea’s support for President Tinubu’s economic agenda, he says, is shaped significantly by the realities of enterprise.

For businesses operating in Nigeria, economic policy is never an abstract matter discussed only in boardrooms and government offices. Exchange rates affect the cost of machinery and raw materials. Energy costs influence production and logistics. Infrastructure determines the efficiency with which goods and equipment can be moved. Policy uncertainty can delay investment decisions worth billions of naira.

The reforms introduced since Tinubu assumed office, according to him, have undoubtedly imposed significant hardship on businesses and households. The removal of petrol subsidy and the restructuring of the foreign exchange market have contributed to one of the most difficult economic periods experienced by many Nigerians in recent years.

Ikpea does not dismiss that reality. Rather, his argument is that the hardship must be understood alongside the structural problems that made reform unavoidable.

“We must be honest enough to acknowledge that Nigerians have gone through difficult times and the government must never become insensitive to the pain people are experiencing. The welfare of ordinary citizens must always remain at the centre of governance. But we must also ask ourselves whether the old system was truly sustainable. 

“Were we going to continue borrowing and spending scarce resources to maintain distortions forever? Were we going to continue pretending that problems would disappear simply because difficult decisions were postponed? At some point, leadership requires the courage to confront realities,” the Edo-born entrepreneur insists.

For Ikpea, one of the most important benefits expected from reform is the creation of a more predictable environment for investment. Businesses, particularly those involved in capital-intensive industries, he stresses, cannot make serious long-term commitments in an atmosphere of perpetual uncertainty.

“The private sector can survive many challenges, but uncertainty is one of the greatest enemies of investment. An investor can assess risk and make a decision, but when nobody knows what the policy direction will be tomorrow, capital becomes afraid. What Nigeria needs is consistency. We need an environment where businesses can plan, where investors understand the rules and where people who are prepared to commit their money for ten or twenty years can have confidence that the country is moving in a clear direction,” he adds.

That, he believes, is one of the central objectives that must guide the Tinubu administration as it continues its reform programme.

Thumbs Up for NELFUND, Security & Economic Reforms

Beyond his support for reforms in the oil and gas sector and infrastructure development, Chief  Ikpea has also identified several social and economic initiatives of the President Tinubu administration as important indicators of a government attempting to build a stronger foundation for Nigeria’s future.

Prominent among these, in his view, is the Nigerian Education Loan Fund (NELFUND), which he considers a potentially transformative intervention for young Nigerians who have the ambition and intellectual capacity to acquire higher education but lack the financial means to do so. 

Having himself invested substantially in education through scholarships and other interventions, Ikpea sees the student loan scheme as complementing the efforts of individuals and philanthropists by institutionalising access to education on a broader national scale.

He is also encouraged by efforts to strengthen Nigeria’s foreign exchange position and improve confidence in the economy which has now exceeded $54 billion, arguing that a healthier external reserve position and a more stable foreign exchange environment are critical to attracting investment and enabling businesses to plan effectively.

The industrialist equally supports the improvement in the remuneration and welfare of military personnel, maintaining that a country confronting significant security challenges must adequately motivate the men and women entrusted with protecting its territorial integrity and citizens.

According to him, the broader reform programme must be viewed as an interconnected effort spanning education, security, infrastructure and economic management.

“I believe we must begin to look at these reforms as parts of a larger national rebuilding process. NELFUND gives hope to young Nigerians who may otherwise be denied education because of poverty, while stronger foreign exchange fundamentals can restore investor confidence and give businesses greater certainty. 

“Our military personnel, who put their lives on the line for the country, also deserve improved welfare and motivation. These are not isolated policies. They are investments in Nigeria’s human capital, economic stability and national security. What President Tinubu is attempting, in my view, is to confront long-standing weaknesses simultaneously and lay a foundation upon which a stronger and more prosperous Nigeria can be built,” he emphasises.

Building Roads to Economic Prosperity

As an industrialist whose business interests have been closely connected with engineering and major projects, Ikpea has little difficulty explaining why infrastructure occupies such an important place in his thinking about Nigeria’s future.

The country’s infrastructure deficit has imposed enormous costs on businesses for decades.

Poor roads increase transportation expenses and damage equipment. Inadequate port infrastructure delays imports and exports. Weak electricity supply forces companies to spend heavily on alternative energy. Inefficient logistics networks make it more expensive to move people, goods and industrial materials across a country of more than 200 million people.

The renewed emphasis on strategic infrastructure, including major road corridors such as the Lagos-Calabar Coastal Highway and other legacy projects, rehabilitation of the ports, among others, is therefore viewed by Ikpea as an important component of the administration’s broader effort to unlock economic activity.

He believes that Nigeria cannot aspire to become a major global economy while continuing to operate with infrastructure that falls far below the requirements of its population and industrial ambitions.

He says: “When people look at infrastructure, they sometimes see only the cost of construction. But infrastructure is much bigger than concrete and asphalt. A good road connects farmers to markets, manufacturers to consumers, businesses to ports and communities to opportunities. 

“It reduces costs, saves time and makes investment more attractive. The same thing applies to power, railways, ports and other strategic facilities. These are not luxuries. They are the foundations upon which modern economies are built.”

The benefits, he argues, will extend far beyond the immediate construction period if projects are properly planned, executed and maintained.

Philosophy & Human Capital

While his name is most closely associated with industry and enterprise, Ikpea’s contribution to national development has also extended into education and philanthropy.

Through the Agbonjagwe Leemon Ikpea Foundation, educational support, scholarships and other interventions have become an important part of his broader philosophy of giving back to society.

The connection between his commitment to education and his business experience is not difficult to understand: Technical industries depend on skilled people.

Engineering companies require competent engineers, technicians, project managers and specialists. Manufacturers need trained workers. Modern economies require scientists, innovators and entrepreneurs capable of responding to rapidly changing technologies.

Nigeria may possess abundant natural resources, but Ikpea believes that no country can transform those resources into lasting prosperity without investing in its people.

“You can have oil, gas, minerals and every natural resource imaginable, but without educated and skilled people, you will remain dependent on others to develop them for you. Human beings are the greatest resource of any nation. 

“That is why education is so important to me. When you educate a young person, you are not simply helping one individual. You are potentially changing the future of a family, a community and even an entire generation,” he argues.