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Global Oceon Engineers Nigeria Limited (OCEON), an onshore, offshore and subsea engineering design firm, has been named the third fastest growing private company in the West African country

OCEONOCEON was founded as a result of the Nigerian government’s effort to develop in-country engineering capabilities in the oil & gas industry. (Image source: OCEON)

Promoted by Petrolog Group — a pioneer in mudlogging, drilling and oil services in Nigeria — OCEON’s rate of growth has been 2,304 per cent over three years of its operation, from 2009 to 2011, and its revenues grew at an average rate of 100 per cent a year.

The announcement was made during the inaugural ceremony of Nigeria 50 Award.

According to the Nigeria 50 organisers, “The Nigeria 50 winners broke world records, with each company growing at an average 100 per cent a year and have earned a combined revenue of US$9mn and as a group they have created 6,600 jobs.

“The Nigeria 50 offer a glimpse into the country’s vast potential for entrepreneurs, and the impact entrepreneurs are having in addressing the country’s problems from malnutrition to job creation and employee training.”

Michael Porter, a management guru, said, “It is entrepreneurs who are going to change the developing world, not governments. The Nigeria 50 companies represent the leading edge of a new approach to the region’s competitiveness.”

The three companies that topped Nigeria 50 list have growth rates exceeding 2,000 per cent for the period 2009-2011 representing beverage production, healthcare and energy.