For Abdulwasiu Sowami, No More Noise

HighLife

It is truly the turning of the tide in Nigeria as more individuals climb into the rank of the overlord wealthy. Despite hiding under the corners for donkey years, the man behind Prudent Energy, Abdulwasiu Sowami, cannot hide it anymore. He is one of the top-shelf moneyed Nigerians currently building on a foundation of hard work and smart investing. Even so, he continues to be low-key and far from the ringing plains of vaunted veterans.

It came as a shock to Nigerians when prominent businessman and philanthropist, Femi Otedola, decided to cut down his shares at Forte Oil Plc by 75 per cent. But what came later was even more astonishing: Sowami acquired Otedola’s shares and went ahead to focus on building these shares in the now-established Ardova Plc (formerly Forte Oil). Sowami’s status renewed in the public’s eye, showing him as more than the average Joe with regard to business management and growth.

Even though his status and assets have grown significantly due to his recent business dealings, he remains one of the least known oil moguls in the country. It was reported that he had lost around N700 million after acquiring Enyo Retail and Supply Limited. The loss came from fluctuating market prices, none of which favoured Sowami despite his rich experience.

But, as Wole Soyinka wrote in one of his poems, all trading leads to bankruptcy or wealth, and there, an end. So, Sowami has probably recovered his purported loss and even added more to it. After all, over his 20 years of active business in Nigeria’s oil and gas sector, he has had many opportunities to rise and fall, sink and float, suffer and strive.

Nevertheless, Sowami has grown quiet yet again with no news of his travails, triumphs, and failures. Maybe he is crouching so that he can spring even bigger surprises on the public. Time will tell.