Nigerian energy tycoon Wale Tinubu, the CEO of Oando Plc and chairman of Oando Energy Resources (OER), took center stage at the ongoing Guyana Energy Conference, showcasing Africa’s prowess in the global energy arena.
Addressing industry leaders and stakeholders, Tinubu spoke on the theme “Upstream Activities Required for a Resilient Oil and Gas Value Chain,” emphasizing the imperative of fostering conducive environments for the oil and gas industry’s growth.
Reflecting on his keynote address, Tinubu remarked, “At the Energy Guyana Conference and Supply Chain Expo, I welcomed esteemed dignitaries including President Dr. Mohamed Irfaan Ali of Guyana, Prime Minister Dr. Keith Rowley of Trinidad and Tobago, and Minister of Petroleum Stuart R. Young from Trinidad and Tobago to our exhibition booth. We discussed Oando’s pivotal role in shaping Nigeria’s energy landscape and the collaborative potential for successful ventures in Guyana.”
From local powerhouse to global player: Wale Tinubu’s impact on Oando’s market presence
Tinubu, one of Nigeria’s richest individuals, has played a key role in steering Oando to become a multinational energy giant operating across upstream, midstream, and downstream sectors. The company’s listing on both the Nigerian Exchange and Johannesburg Stock Exchange highlights its regional and global reach.
Tinubu’s impact extends beyond Oando’s operations, with his indirect ownership stake through Ocean and Oil Development Partners (OODP), jointly owned with Omamofe Boyo. OODP holds a sizable 66.67-percent interest in Oando, solidifying Tinubu’s significant influence in Nigeria’s energy industry.
Oando’s path to elevating Nigeria’s oil and gas landscape through innovative deals and partnerships
In a strategic move to bolster renewable power in Nigeria, Tinubu led Oando’s groundbreaking memorandum of understanding (MoU) with U.S.-based FuelCell Energy last October.
The collaboration, inked during a roadshow hosted by USAID Mission in Nigeria and backed by U.S. government initiatives Prosper Africa and Power Africa, marks a significant leap forward in advancing renewable power solutions in Nigeria.
Furthermore, Oando’s recent acquisition of Italian-owned Nigerian Agip Oil Company (NAOC) positions the company to transform Nigeria’s oil and gas landscape. Pending ministerial consent and regulatory approvals, this move will elevate Oando’s stake in OMLs 60, 61, 62, and 63 from 20 percent to an impressive 40 percent.
In a landmark move at the Intra-African Trade Fair (IATF) in Cairo, Oando led by Tinubu, finalized a groundbreaking $800-million deal with the African Export-Import Bank (Afreximbank).
As Tinubu guides Oando through innovative partnerships and strategic investments, his advocacy for Africa’s energy potential resonates prominently on the global stage, shaping narratives of growth and sustainability in the sector.
