Today’s conferment of the Royal Order of Iwere on Mr. Oti Ikomi, the founder, CEO and Executive Vice-Chairman of Proton Energy by His Majesty, Ogiame Atuwatse III, the Olu of Warri, is more than a personal honor. It is a recognition of decades of professional excellence, integrity, and service. The Royal Order of Iwere, regarded as one of the most prestigious honours within the Warri Kingdom, is reserved for individuals whose accomplishments reflect the highest ideals of the Itsekiri nation and contribute meaningfully to society. For Ikomi, a former /CEO of Keystone Bank, who has built a career spanning over four decades across manufacturing, banking, and now energy, the investiture represents both a celebration of his heritage and a renewed call to service. As founder and CEO of Proton Energy, he continues to drive investment and innovation in Nigeria’s power sector, while also spearheading socio-cultural initiatives such as the Itsekiri Renaissance Group, which focuses on youth empowerment and community development. Ikomi, in this conversation, reflects on the personal significance of the award, the deep cultural heritage of the Iwere Kingdom, and his ongoing commitment to excellence in both professional and communal life. Obinna Chima provides the excerpts:
T
he Olu of Warri, Ogiame Atuwatse III has described the Royal Order of Iwere (ROI) as being reserved for individuals whose achievements reflect the highest ideals of excellence, integrity, and service. How does your personal and professional journey align with these core values?
It is a high privilege and esteemed honour for our King, Ogiame Atuwatse III, to confer the investiture on me at the Aghofen (the Palace of the Olu of Warri). I have had a professional career of over four decades, starting from manufacturing, to banking, where I excelled at the most senior level as a Chief Executive Officer (CEO), and into industry and business presently, where I am the founder, promoter, and CEO of Proton Energy. It is a pleasure that our king deemed it worthwhile to invite me to the investiture of the ROI, which is a member of the Royal Iwere Society. In the Itsekiri nation and Warri kingdom, we have only one king, we speak one language, and we are one people. Our King is the one who appoints the Chiefs. So, we only have one set of Chiefs, called the Ojoyes. They are known as the Warri Council of Chiefs. So, next to the Warri Council of Chiefs is the Royal Iwere Society. It is for those who have exhibited extreme competence and professionalism and the values of the Warri kingdom and Itsekiri nation that the King is conferring this investiture on. So, I am quite elated.
The ROI is described as the most prestigious honor, what does this recognition mean to you on a personal level, particularly given its deep cultural significance?
I will like to link it up with our people. If you look at Iwere land, it is what was corrupted and became Warri. The Europeans could not pronounce it properly, that was how it became Warri. It is a huge land mass and we are an ethnic group of over 500 years. We were one of the first to associate with the then missionaries, and so we were exposed. It is blessed with abundant natural resources, and our crude oil contributes significantly to the Nigerian economy. So, for me, this will encourage me. It is a recognition and appreciation of the work we have been doing over the past decades. It is not like I went out to seek for it. I should also mention that in addition to my professional work, I am also the chairman of a group called the Itsekiri Renaissance Group (IRG). This is a socio-cultural group that lives for the advancement of the Itsekiri nation. So, we support the progress of the Itsekiri people, and one of the projects we are working on is the construction of an Information Technology (IT) centre for youth development in Itsekiri. So, I am quite elated and this is a call to duty for me to do more and I look forward to doing more.
The Iwere Kingdom has a rich history and culture. Can you share any personal connections or stories you have with the Itsekiri people or Warri specifically that have shaped your understanding and appreciation of the kingdom?
We are in the Westernmost part of the Niger Delta region. So, we have a vibrant cultural heritage. One of the things I would like to say is that I give a lot of credence and tribute to our King, Ogiame Atuwatse III, because he has now brought in a new sense of dynamism and progressiveness to the Itsekiri nation and the Warri Kingdom. My interest in cultural affairs and the progress of my people has increased significantly since the coming of our current King. In my earlier years, I was more involved in my profession and professional excellence. So, with the King coming in now, I have been more involved in communal activities. For example, when we wanted to set up the ICT centre, the IRG met with him and he gave us four plots of land as his support for the project to take off. We have commenced, and we are almost approaching the roofing stage. That is the kind of person he is. In addition to the Royal Iwerre Society which I will belong, there is also the Royal Iwerre Foundation, which Ogiame Atuwatse III has been involved in since he came into office. They are involved in many areas, which include healthcare, educational development and all kinds of social impact across the over 200 communities. He also travels to several countries, from the United Kingdom to Canada, and others, as an Ambassador of Nigeria and the Itsekiri Kingdom.
As a recipient, you are now an esteemed member of the Royal Iwere Society, a body devoted to fostering excellence. What is your vision for your role within this society, and how do you plan to contribute to its mission?
I will continue to support the Kingdom. Also, there will be a mix and interplay of my professional journey. As we speak, my company, Proton Energy, will start construction next year. We are located in Sapele, which is very close to the Warri Kingdom. We are sure that this will bring in employment to the region and I look to further contributing with employment supporting the Kingdom and I will continue to be an obedient servant to Ogiame Atuwatse III, and in any area he wants my assistance, I won’t hesitate to do so.
What role should culture play in shaping society’s values and identity?
It is interesting because I see the younger generation, not just in Iwere Kingdom, but all over the country, as not fully appreciating some of the cultures in our great country. Culture is important, but I think it has not been fully appreciated. We are doing very well in the creative business – from Hollywood, to fashion, and other areas of arts and culture, but there is need for more synchronisation, domestication, awareness and sensitization. So, to the extent that an individual like myself who schooled in the United States, I have worked in several industries in Nigeria, Kenya, Johannesburg and people seeing someone like myself being involved in activities like this, it will be a good model for others to begin to associate with us. So, I will proudly wear our wrapper and the Itsekiri top, which is called Kemeje on the day of the investiture. So, I think we all need to be proud of our various cultures as Nigerians.
Do you think there a clash between culture and religion and how can this be addressed?
There is potentially a clash between culture and religion. But people should begin to see things from the positive aspects. I will give you an example. This Royal Iwere Society, there are seven individuals that are going to receive this award from His Majesty, Ogiame Atuwatse III, the Olu of Warri. Do you who is number one on the list? Pastor Ayo Oritsejafor, a respected religious leader. That is the wisdom of His Majesty, Ogiame Atuwatse III, the Olu of Warri. He has transcended the domain of religion. Even His Majesty, Ogiame Atuwatse III, the Olu of Warri, he comes from a very rich Christian background. I have seen him attending Pastor Jerry Eze’s programmes. We must ensure that culture and religion do not clash. The government also needs to do more to support culture and the arts. In addition, the process of appointing kings and traditional rulers should be free from politics.
Many people know you for your work in the energy and banking sectors. How do you reconcile your professional life in the corporate world with your new role as a cultural custodian and recipient of a royal honor?
We are already involved in philanthropy and other activities in Warri Kingdom. But more importantly my focus as a power generator, what we are looking at now, with the Proton Energy project. It will provide 10,000 direct and indirect jobs. This is something that will assist Delta State, Iwere nation and the larger Nigeria. Also, importantly, for Lagos, we are looking at the opportunity of turbining up to 25 per cent of the on-grid power generation in Lagos. This is something that we think will be very useful and contribute to the Nigerian society. We support power generation, energy independence and energy access, and also support job and wealth creation.
For young people in Nigeria who look up to you, what message would you have for them about integrity, excellence, and service, which are the virtues this award celebrates?
Integrity and hard work are very important. Sometimes I see some young people who say they want to retire in their 30s, and I just wonder, if they retire at 30, what are they going to be doing for the rest of their lives? There has to be some dimensioning of the values on social media. Sometimes there is an extreme understanding of social media. I would like to see a situation where people see the real world. Young people must embrace hard work, integrity, and resilience. For example, the power project we are involved in, we have been on it for close to a decade. These things come with hard work. About a year ago, one of our senior contemporaries in the business, Barth Nnaji, who started Geometrics, went live with Geometrics Power in Aba. Do you know how long he was on that project? Over 20 years. So, hard work, resilience, integrity and of course, a trust in God. Overall, we have high hopes for Nigeria as a nation. We believe that some of the challenges we are seeing now would bottom out. Some of micro issues around exchange rate liberalisation, subsidy removal are very painful, but I believe we are beginning to see the positive effects. Also, the international community is now beginning to look at us much more positively. So, I think we need to be proud of our country Nigeria, support the administration and of course lets criticise them where we feel they are not doing well. But lets not just run Nigeria down as some people like to do.
Talk to us about Proton Energy, few weeks ago you got support from Afreximbank, where are you now on your Sapele project?
Like I mentioned, this project is a total of 500 megawatts power plant. The first phase is 150 megawatts, located in Sapele. The reason we are located in Sapele is that we are close to the gas hub in the Niger Delta. This project was conceived by my partner and I. Running power projects requires a lot of capital. We have seen also the fact that the Electricity Act of 2023, updated in 2024, has enabled power generation within the States for generation, transmission and distribution. There is some expectation management. Most people just think that because the States are now licenced they are going to see plants coming up in the States. Yes, you will see some of the smaller plants, maybe a solar plant, a renewable plant, or a gas-powered plant. But power is a very expensive business and it must be priced adequately. So, my stakeholders are quite pleased with Afreximbank, which is a leading development finance institution in Africa and we congratulate their management led by Prof. Benedict Oramah, who is the outgoing president, as well as their incoming President, George Elombi and the Executive Vice President, Kanayo Awani and other members of their team. My partners and stakeholders are all very excited and we hope that early next year, construction will start and there would be a lot of economic activities in Sapele, Delta State and Nigeria. I must also say that we are very pleased to support the Renewed Hope Agenda of the federal government and we are very pleased to support them.
What do you think is the challenge with the power sector and how can it be addressed?
The major challenge that we face is liquidity, which is a mix of improper pricing. We have been investing in that sector for close to a decade and even though it is not something nice to say, we haven’t gotten our investment back. So, we are patient. But the main issue is liquidity. Now, they have introduced cost-reflective tariffs, which is the Band A and I know that there is plan in place for even Band B and C to gradually move into cost-reflective tariffs. You have to be able to sell your product for a higher landing cost. That is the fundamental. So, I must commend the current administration for pushing us towards a cost-reflective tariff. So, we have gotten to a point now where the industry is getting more liquid and bankable. There are still some challenges. Of course, we still have the technical loses. The Aggregate Technical Transmission and Collection losses in our industry is close to 40 per percent, which is the national average is unacceptable. People like Eko Disco and other have about 20 per cent loss. That means if you generate N100, you only get N60, while N40 is lost. But one of the key things is this recent challenge with Enugu Disco. You will need to be able to price adequately. I think there was some form of misunderstanding by the Enugu regulators in their ability to price power that they receive from the national grid. I hope that better judgement will come in. That is because what we have in Nigeria is that while you have State generation and licensing in Nigeria, we are not asking for a fragmentation of the system. So, it is expected that Enugu regulators would do the right price model. Already, because of the mismatch, Enugu Band A, which was getting over 20 hours, now gets less than 50 percent power supply. They are now redirecting that power to Band A customers in Ebonyi and other States who are going to pay. So, you cannot have a price that is below the cost. We must not be sentimental about this, and we must be very careful not to reverse the gains we have made. I would like this issue addressed within the next few weeks. The other that is a very important, from the Enugu experience, is that as States are getting their licensing independence, they have to know that there should not be any recklessness. It has taken the National Electricity Regulatory Commission and its predecessors close to 20 years to develop the expertise to regulate the power industry. So, we need to have bankable cost-reflective tariffs, bankable agreements and at the same time there must be a bit of the large on-grid projects like Proton Energy and of course smaller projects. Overall, once you get that right, it will be good for the industry.
Leave a comment