From accounting to energy and maritime, Chairman of Equatorial Energy and President of NISA opens up on life, resilience, service, and legacy.
Otunba Sola Adewumi, Chairman of Equatorial Energy Company Limited, President of the Nigerian Shipowners Association (NISA) and Aquinas College Akure Old Students Association (ACAOSA), recently turned 60. Over the years, he has lived a life that blends faith, hard work, resilience, and leadership. From his humble beginnings in Ikere-Ekiti to the corridors of banking, maritime, and energy, he has consistently stood out as a man of integrity and purpose.
In this exclusive interview, he reflects on his life journey, career in accounting, banking, maritime, and energy, his Christian values, family, and the legacy he hopes to leave behind.
Congratulations on your new age. 60 is a big milestone in any man’s life. Looking back at the journey so far, how does it feel to be celebrating this landmark age?
I feel truly grateful. Attaining 60 is not by my power but by the grace of God. It’s a moment of deep reflection for me—looking back at where I started, the hurdles I’ve crossed, and the blessings I have enjoyed. I see 60 not just as a number, but as a testimony of God’s faithfulness in my life. It is also a reminder that every stage of life comes with responsibility, and mine is to continue to live a life of impact, gratitude, and service to God and humanity.
Can you tell us about your educational background?
I started at St. Thomas Aquinas College, Akure, and I left secondary school at less than 11 years old. After leaving at such a young age, my intention was to go to a polytechnic, because at that time polytechnics were still fashionable. But I remembered my late uncle had told my parents to let me go for A-Levels since I was still very young. He believed that by the time I spent two years at A-Levels, I would know the best for myself. That was how I got into Ondo State College of Arts and Science in 1981.
In 1983, I completed my A-Levels in flying colours and briefly taught in a secondary school in my hometown before proceeding to the University of Lagos to study Accounting. I graduated in 1987. My ultimate goal then was to become a chartered accountant, because as far as I was concerned, being an accountant without qualifying professionally was just a borrowed role.
Looking back on your 60 years, what legacy do you hope to leave behind, and how do you want to be remembered by your family, friends, and the wider community?
As the current National and Worldwide President of Aquinas College Old Students Association, whenever I have the opportunity to talk to students, I tell them that I want to live in such a way that people will see my impact. I want to leave, and years after, my name will still speak, and it will be sacred.
My parents believed in hard work, and that is the legacy I want to leave. I want to assist people, and I want to ensure the less privileged do not suffer. I have many children benefiting from my scholarship, but I am not the type to make noise about it. I’ve trained so many people I don’t even know personally.
To make everything easier for me, I have a supportive wife who encourages me. Even when I think something is not possible, she will say, “Let’s go ahead, we will achieve it.” I tell people she is my organiser, my prayer partner, my pastor, and my covering in everything I do. That’s Chief Mrs. Oluwakemi Adewumi.
Your career has spanned multiple sectors, from accounting to maritime and energy. What drives your passion for entrepreneurship, and how do you stay adaptable in an ever-changing business landscape?
When I was growing up, I was inspired by one of my uncles who was the first Auditor-General of Ekiti State. He introduced me to accounting, and as one of his admirers, I believed in everything he did because he was my mentor.
I did my NYSC at KPMG, Ani, Ogunde & Co. I was very useful in my department, and my manager never wanted me to leave for the new-generation banks. At one point, I was supposed to go on leave, but KPMG won an audit of a new bank, and there was no senior available to handle it, so they recalled me. I delivered excellently, and the partner commended me.
Later, when I met the MD of the bank, he asked me how much I was being paid at KPMG. When I told him, he doubled it immediately and asked me to resign. As a bachelor then, I had no choice but to leave KPMG, despite my partner advising against it. That was how I joined the then Crystal Bank of Africa, where I was immediately assigned as Head of Domestic and International Operations.
How did you transition from accounting to entrepreneurial ventures?
At the bank, politics soon came into play. I once bounced the cheque of a director’s friend, and though the man came to my office angry, he noticed how respectfully I treated him and took an interest in me.
Later, a fraud occurred at my branch, and though I was not indicted, I was held responsible as branch head. I was suspended, but this same man stood by me. He personally paid N650,000—which was a huge sum then—to clear my name. Afterward, he told me: “Sola, I don’t have a cozy office like yours, but I want you to think about joining me. In two or three years, you’ll thank your stars for making that decision.”
Chief Morakinyo Isaac Jolapamo
That man was Chief Morakinyo Isaac Jolapamo, a giant in petroleum, shipping, and trading. His invitation changed my career completely. I left banking and accounting and became a maritime person.
You’re not only a successful businessman but also a devout Christian and ordained minister. How do you balance your faith with your professional and personal responsibilities?
My background is very solid—not financially, but spiritually and morally. Both of my parents were teachers and strong in faith. My father was a deacon in the Baptist Church, while my mother was a deaconess. Before my father passed, he built a church and donated it to the Nigerian Baptist Convention.
So, discipline and faith were ingrained in me early. My father always insisted on hard work, and I carried that principle into business. That has helped me to date.
What is the state of NISA under your leadership?
Before I became president, NISA had many challenges, mostly due to personal interests. When the founders decided to resuscitate it, I was elected because they saw me as someone who could unite everyone. Since then, I’ve worked to give the association a new lease of life.
We are also reviving NIMAREX (Nigeria Maritime Expo), which had been abandoned for over 15 years. Before the end of the year, the programme will return.
What challenges are shipowners facing in Nigeria?
The major problem is startup capital. Despite Nigeria’s potential, we are lagging behind. We have no good shipyards, and we cannot compete with foreign operators because of high interest rates.
Foreigners access loans at about three percent, but here, it is much higher. The government is spending on training, but after training, there are no ships for these people to work on. Until the government involves professionals and provides real support, shipping will continue to be dominated by foreigners. If our maritime industry thrives, it can employ a lot of Nigerians.
You’ve held leadership positions in various organisations, including being President of NISA and President of Aquinas College Akure Old Students Association. What advice would you give to emerging leaders looking to make their mark?
People should not make money their major objective. Money will come. What do you even need money for? To live in a good house, send your children to school. You don’t need trillions for that.
People who chase money never truly have it. But if you focus on doing what you’re meant to do, money will chase you. Not everyone is designed to be a billionaire. Inasmuch as you can take care of your responsibilities, you are an accomplished person. That is how I see life.
As you celebrate 60 years of life, what do you believe has been the key to your success and fulfilment, and how do you plan to continue making an impact in the years to come?
I will say God has been my source. I owe everything to Him. From the moment I was born, God has always been there for me. I’ve never had to ask, “God, where is Your face?” It has been a smooth journey in everything I lay my hands on. Truly, I am just a product of grace.
Culled from Punch