In the ever-evolving landscape of Nigerian business, few couples exemplify the synergy of mutual support and strategic growth as profoundly as Winifred Akpani and her husband, Walter Akpani. Their journey from humble beginnings to establishing formidable presences in the oil & gas and banking sectors, respectively, paints a compelling picture of interdependency, vision, and remarkable success. This power couple not only built their individual empires but also strategically invested in each other’s ventures, creating a formidable financial ecosystem that stands as a testament to their collaborative spirit.
Winifred Akpani, a driven and academically accomplished individual, holds a Bachelor of Science in Mathematics from the University of Benin and a Postgraduate Diploma in Computer Science from the University of Lagos. Her foundational career began in accounting, first as a Trainee Accountant at Oni Lasebikan & Co. (now Ernst & Young) and later qualifying as a Chartered Accountant at Arthur Andersen & Co. (now KPMG Professional Services) in 1990, where she served as an Audit Senior until 1992. Her entry into the oil and gas sector came in 1992 as Finance Controller at Flame Petroleum & Gas Company Limited, rising to Executive Director by 1997. This rich background in finance and oil & gas laid the groundwork for her entrepreneurial leap.
On the other hand, Walter Akpani, seasoned finance professional with over three decades of experience in the banking sector, boasts a Master of Science degree in Finance from the University of Strathclyde, Scotland. His extensive career saw him as a pioneer staff of ICON Stockbrokers, a key member of the restructuring team at Commercial Trust Bank, and a pioneer staff at prominent institutions like Standard Trust Bank Plc (now UBA) and Platinum Bank Ltd (now Keystone Bank). He notably led Treasury departments before disengaging from Platinum Bank Ltd as Vice President, Institutional Banking, to establish his own venture, United Mortgage Bank Limited. Walter Akpani hails from Ibusa in Oshimili North Local Government Area of Delta State, Nigeria.
NWP: Winifred’s Visionary Empire
The story of Northwest Petroleum & Gas Company Limited (NWP) is a testament to Winifred Akpani’s entrepreneurial spirit and perseverance. In 1998, with a modest startup capital of just N200,000, a sum to which her husband, Walter, significantly contributed - Winifred, then a chartered accountant who had just resigned from an oil and gas company, embarked on her venture.
Her early days involved the small-scale supply of diesel in 200-liter drums to local homes, churches, and neighborhood establishments. Her meticulous approach and dedication quickly saw her clientele expand to include hotels and factories. This consistent growth enabled Northwest Petroleum to evolve from a small supplier to a bulk buyer, leading to the leasing of petrol stations and the distribution of other refined petroleum products.
Today, nearly two and a half decades later, Northwest Petroleum & Gas Company Ltd. is a leading force in the Nigerian oil and gas industry. The company has a substantial footprint in international oil trading and services, handling multi-million dollar deals. Its investments span the midstream and upstream sectors, showcasing a vertically integrated approach to the energy business. Northwest Petroleum operates two ultra-modern mega petroleum products storage terminals with a combined capacity of 96.8 million liters, forming part of its over 100 million liter storage capacity nationwide. These facilities, certified by the Department of Petroleum Resources (DPR), include an ultra-modern berthing facility in the Calabar Free Trade Zone, renowned for its state-of-the-art firefighting and safety equipment. Furthermore, NWP owns and operates numerous 24- and 26-nozzle ultra-modern mega filling stations across the country. With vast experience in importation, supply, distribution, and storage, Northwest Petroleum is now approved by the Nigerian National Petroleum Corporation (NNPC) for the allocation and export of Nigerian crude oil.
Providus Bank: Walter’s Foray into Commercial Banking
While Winifred was building her oil and gas empire, Walter Akpani was making significant strides in the finance sector. After successfully establishing and running United Mortgage Bank Limited for over a decade, Walter harbored the ambition to transition into commercial banking. This vision led to the conceptualization of Providus Bank.
Recognizing the burgeoning success of Northwest Petroleum and the strong financial standing of his wife, Walter sought investment for his new banking venture. True to the spirit of their interdependent relationship, Winifred, through her company Northwest Petroleum, stepped in as a major investor. This strategic investment was pivotal in the licensing and establishment of Providus Bank by the Central Bank of Nigeria (CBN) in 2015 as a commercial bank with regional authorization. Walter Akpani assumed the role of the pioneer Managing Director and CEO, steering the bank to achieve numerous milestones and significant profit growth since its inception. Providus Bank currently serves over 100,000 customers, reaching the national market through robust e-channel platforms and an extensive agency banking network. The bank maintains a strategic focus on Small and Medium-sized Enterprises (SMEs), with this segment constituting 55% of its loan portfolio.
Certainly, the Akpanis exemplify a rare model of mutual empowerment in business. The initial capital support provided by Walter to Winifred for Northwest Petroleum’s inception laid the foundation for her success. In turn, when Walter sought to establish Providus Bank, Winifred’s company, Northwest Petroleum & Gas Company Limited, became the largest ultimate shareholder, holding a significant stake of over 34% (specifically, 34.8% as per IFC disclosures, with Northwest Petroleum & Gas Limited holding 25.64% and Maria Katrina Investment Ltd. holding 7.90% as per Providus Bank’s 2023 financial statements, indicating a consolidated family or related entity stake). This circular flow of capital and trust underscores their unique partnership.
This strategic inter-company shareholding highlights a powerful business philosophy: instead of competing, they leveraged each other’s strengths and financial prowess to expand their collective influence across critical sectors of the Nigerian economy.
Beyond their primary ventures, both Winifred and Walter Akpani have other business interests. Winifred is also a Director of Millennium Oil and Gas Company Limited, Northwest Energy Nigeria Limited, and Fleet Travels and Tours Nigeria Limited, further diversifying her portfolio within and beyond the energy sector.
The Akpanis are recognized for their leadership and contributions to the Nigerian business landscape.
Winifred Akpani’s influence extends beyond Northwest Petroleum. She was the Chairperson of the Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN) in 2019, a testament to her standing in the industry. Her accolades include honorary doctorate degrees in Gender Development and Social Policy. She is also a recipient of the prestigious Officer of the Order of the Federal Republic (OFR), a national honor. In 2009, Pope Benedict XVI awarded her “The Pro Ecclesia et Pontifice medal or Cross of Honour,” recognizing her commitment to the Catholic Church. She also received the Cross River Positive Impact Award in 2016. Winifred is known for her humanitarian work, including advocacy for HPV vaccinations and a significant donation of ₦500 million to victims of communal clashes in Plateau State.
Walter Akpani was named the “Banker of the Year” by This Day/Arise in 2024, acknowledging his transformative leadership at Providus Bank. He is noted for his dedication to philanthropic activities in his community (Ibusa) and active involvement in youth development across Nigeria. Under his leadership, Providus Bank has also demonstrated strong Corporate Social Responsibility (CSR), including partnerships with the African Cleanup Initiative (ACI) for environmental sustainability initiatives like tree planting and sponsoring the “Providus Bank World Poetry Day” since 2020.
While specific personal hobbies are not widely publicized, their extensive professional and philanthropic engagements clearly demonstrate a dedication to national development and societal well-being.
The story of Winifred and Walter Akpani is more than just a narrative of individual success; it is a compelling blueprint for how collaborative effort, mutual trust, and strategic interdependence can forge a powerful and enduring legacy. They have not only built successful enterprises but have also exemplified how a couple can uplift each other, proving that shining brightly together leads to a far greater illumination of success for all. Their journey continues to inspire, reminding us that true power lies not in individual dominance but in shared vision and unwavering support.