How Rejecting a N10 Billion Deal Built One of Nigeria’s Largest Haulage Companies

IronHeadMiner · 2026-03-05T15:59:47+00:00

Elvis Okonji, CEO of GPC Energy and Logistics, shares how rejecting a 10 billion naira offer in 2019 propelled his business's growth. After restructuring and professionalizing, GPC entered the capital market, raising $40 million to expand, making it one of Nigeria’s largest haulage companies.

IronHeadMiner

2026-03-05 15:59:47

Abstract generation in progress

In this insightful episode of the Coffee Table with Ugodre on Nairametrics TV, Elvis Okonji, Managing Director and Chief Executive Officer of GPC Energy and Logistics Limited, shared a defining moment in his entrepreneurial journey, one that completely reshaped how he viewed his business and its future.

Elvis recalled how, in 2019, a company interested in GPC Energy and Logistics Limited approached him after conducting due diligence and a professional valuation. The company had offered Okonji 10 billion naira for a portion of the business. The deal was structured to provide 5 billion naira directly to Okonji and inject the remaining 5 billion naira into the company’s operations. Even with the mouth-watering personal payout on the table, Okonji rejected the deal. He concluded that it was not yet time to sell, believing he had the ability to grow the business significantly more on his own.

After rejecting the offer, Okonji doubled the size of his business. He used the momentum to professionalize the company, replacing his former external accountants with a top-tier firm, establishing a formal board of directors, and implementing rigorous corporate governance. This restructuring enabled GPC to enter the capital market in 2021, where it successfully raised a $40 million bond to expand its fleet to nearly 1,000 trucks. That strategic move laid the foundation for its growth, and today, GPC stands as one of Nigeria’s largest haulage companies.

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Tags: Investment in NigeriaLogistics in Nigeria

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