Oando Continues Strategic Growth Under Wale Tinubu
After achieving major business milestones in 2024, Wale Tinubu’s Oando Plc continues to deliver on its corporate goals in 2025, solidifying its position as a key leader in Africa’s energy sector, writes Emmanuel Addeh.
From strategic acquisitions and financial performance to operational advancements and talent development, Wale Tinubu’s Oando is not slowing down on its strategic plans to take the energy sector to the next level, whether in innovation, investment, human resource development as well as Corporate Social Responsibility (CSR).
Under a resilient leadership, Oando has evolved in the global energy landscape, becoming one of the important companies operating in the very competitive oil, gas and renewables space across Africa.
With a successful expansion into Angola’s oil and gas market, record-breaking financial achievements, and a renewed commitment to workforce development through initiatives like the Oando Graduate Acceleration Programme (OGAP), the company continues to shape the future of Africa’s energy industry.
Besides, its unprecedented shareholder reward programme underscores its dedication to delivering long-term value. Oando PLC continues to strengthen its position as a key player in Africa’s energy sector with a series of significant milestones.
In early 2025, the company announced impressive financial results, reflecting its strategic approach to growth. Under Wale Tinubu, the company reinforced its leadership by making key board appointments in January 2025, ensuring a stronger governance structure to drive its long-term vision.
That was after its landmark achievement of the successful acquisition of Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni for $783 million in August 2024. This acquisition significantly boosted Oando’s upstream assets, sealing its leadership position in Nigeria’s oil and gas industry.
Therefore, in an era of rapid transformation within the global energy sector, Oando Plc has emerged as a trailblazer, setting new benchmarks for growth, resilience, and innovation as it continues to expand its footprint, drive operational excellence, and create long-term value for stakeholders.
From strategic acquisitions that solidify its dominance in the upstream sector to record-breaking financial performance and groundbreaking initiatives, Oando, it seems, is not just keeping pace with industry changes—it is leading them.
In recent weeks, Oando’s has recorded many significant strides while shaping the oil and gas industry and fortifying its position as a powerhouse in the global energy market.
Oando Wins Bid for Trinidad Refinery
In the last few days, the news media has been abuzz on how the Nigerian multinational oil company, Oando, has been chosen as the preferred bidder for the lease of the Guaracara refinery in Trinidad and Tobago.
Acting Prime Minister Stuart Young, (also Minister of Energy) said the decision was largely based on Oando’s strong financial track record, particularly its $1.5 billion acquisition of ConocoPhillips’ assets in Nigeria in the past.
The Trinidad and Tobago evaluation committee noted that both Oando and the CRO Consortium had similar capabilities in operating refineries, but Oando’s ability to secure substantial financing in the upstream oil sector gave it an advantage.
Young also made it clear that protecting Paria Fuel Trading Company’s assets was crucial to ensuring the continued supply of domestic fuel.
“We have to protect the assets of Paria to always ensure that we can provide domestic fuel to our population,” Young said. He stressed that any potential bidder must show a commitment to restarting the refinery and not just acquiring Paria’s assets for bunkering purposes.
Besides, Young said that Oando’s proposal aligned with the government’s goals of reducing the state’s burden and creating flexibility for the future operation of the refinery, ensuring its restart would be prioritised.
Confirming the news, Oando said on Tuesday that it has been formally advised in writing of its selection as the preferred bidder for the lease of the Guaracara Refining Company Limited (GRC)’s refinery assets from Trinidad Petroleum Holdings Ltd (TPHL).
“This award underscores Oando’s track record of reliability, innovation, infrastructure development and aligns with its corporate strategic vision of expanding across the Caribbean region.
“This partnership also represents a strategic bridge between Africa and the Caribbean as Oando’s involvement in the Refinery will serve as a catalyst for deeper AfroCaribbean collaboration in the energy sector, paving the way for increased trade, investment, and knowledge exchange.
“This initiative underscores Africa’s growing influence in the global energy landscape and highlights the role of indigenous African companies in fostering economic transformation across borders,” the company stated.
Commenting on the announcement, Wale Tinubu said: “We are honored by the confidence the Trinidadian government has placed in us with this award.
“This strategic investment aligns with our long-term vision of expanding into high-potential regions and growing our operational footprint, leveraging our vast technical expertise and global partnerships to finance projects. We recognise the significance of this opportunity and look forward to working with all stakeholders to deliver maximum value for all parties involved.”
The refinery, located in Pointe-à-Pierre, Trinidad and Tobago, is a vital energy asset in the Caribbean. It was established over a century ago and historically has been the cornerstone of Trinidad and Tobago’s oil industry, the company stated.
Launch of Graduate Acceleration Programme
Oando, in a bid to take self-motivated young graduates from the job market, has inaugurated the Oando 2025 Joint Venture Graduate Acceleration Programme (OGAP) in partnership with NNPC E&P Limited (NEPL).
According to Oando, its investment in people is grounded in the belief that its employees are the company’s greatest asset, recognising that nothing is more powerful than the collective will of a people.
“Given the recent shift towards indigenous leadership in the industry, the company, as a leader, understands the imperative to move beyond passive knowledge transfer by proactively implementing strategies that ensure the next generation inherits the industry’s accumulated expertise,” the company said in a statement.
Speaking on the 2025 OGAP drive, General Manager, Human Resources & Business Support, Oando, Alero Balogun, remarked that the programme was part of plans to recruit and train the next generation of energy leaders.
“Driven by a commitment to sustainable development in the energy sector, a vital lifeline of the Nigerian economy, Oando, in partnership with NEPL, is poised to recruit and train the next generation of energy leaders through OGAP to ensure sustained capacity.
“As a proudly indigenous company, there is nothing more fulfilling than knowing we are not only identifying and grooming talent in-country but also using our platform to attract young Nigerians in the diaspora to return home to support the building of a more prosperous country,” she said.
The 2025 OGAP, the company said, is designed to be a launchpad for young, innovative, and passionate graduates ready to transform the oil and gas industry.
“Oando is seeking individuals with a Bachelor’s degree with a minimum of Second Class Upper (2.1) in Engineering, Geosciences, Business Administration, Economics or related courses.
“Applicants must not be older than 26 years as of January 1, 2025, and must have completed the National Youth Service Corps (NYSC) programme by April 2025. They should possess no more than two years of work experience and have achieved a minimum of five B’s and two C’s in SSCE, NECO, or GCE O-Level in a single sitting, which must include Mathematics and English Language.
“This is not just a job opportunity but a chance to learn from the best, grow, and make a significant impact in the industry,” the company added.
These criteria, it said, are not merely a checklist, but represent Oando’s commitment to selecting the brightest minds with the potential to lead and innovate.
Through OGAP, Oando said it is creating a structured pathway for young graduates to gain invaluable hands-on experience, mentorship from industry veterans, and exposure to cutting-edge technologies and practices.
“The programme also offers competitive remuneration, opportunities for career growth, and a chance to be part of a dynamic and innovative team. OGAP is a long-term capacity-building initiative that hopes to close the gap between academic knowledge and practical industry skills,” it stated.
Energy Deal of the Year
Oando Plc, Africa’s leading energy solutions provider, has also been awarded the ‘Energy Deal of the Year 2024’ at the recently concluded Nigeria International Energy Summit (NIES) 2025 in recognition of its transformative acquisition of NAOC.
The landmark acquisition, a culmination of a decade-long strategic journey since Oando’s initial entry into the ConocoPhillips/NAOC/NNPC Joint Venture (JV) in 2014, through the acquisition of ConocoPhillips Nigeria’s business, doubled the company’s stake to 40 per cent and established Oando as the operator of key upstream assets.
The assets include 40 discovered oil and gas fields, extensive pipeline infrastructure, three gas processing plants, the Kwale-Okpai power plant with a total nameplate capacity of 960MW, and associated infrastructure, and the Brass River Oil Terminal, significantly boosting Oando’s total 2P reserves to 1.0 billion boe.
The NIES Energy Deal of the Year 2024 award in Abuja, a prestigious recognition, celebrated transformative and impactful deals that drive advancements in energy and economic growth.
The award, which highlights excellence in negotiation, strategic alignment, innovation, and collaboration, the company said, was a testament to its leadership and strategic vision in the energy sector.
At the Gala and Industry Award ceremony in the federal capital, Dr. Ainojie ‘Alex’ Irune, Managing Director of Oando Energy Resources (OER), received the award, underscoring the company’s strategic focus to ramp up its production in a sustainable way.
Post-acquisition, the company emphasised optimising its asset portfolio, enhancing security measures, leveraging advanced technologies like data analytics and digitalisation, as well as strengthening community partnerships.
Most recently, the company rewarded its shareholders with 1.28 billion additional shares in the form of stock dividends. The shares distribution which is in two tranches was done to encourage long term value appreciation including future dividend prospects.
The sheer size of the offering, with 1.28 billion shares distributed, makes it the biggest shareholder reward in Oando’s history, the company said.
Firm Redeems Pledge to Shareholders
In a historic move, Oando announced a stock dividend of over one billion additional shares to shareholders as the company’s share price grew exponentially from N10.85 in January 2024 to N66 in December 2024, and at the end of January 2025 was still on an upward trajectory to N76.
Effective February 14, 2025, Oando shareholders received one new ordinary share for every twelve existing ordinary shares, meaning the more shares they held, the more they get. This was in compliance with the resolution reached at the Company’s 45th Annual General Meeting (AGM) on Tuesday, 17 December, 2024.
At the meeting Oando Plc shareholders had approved that: “the company may cause shares received pursuant to sub-resolution (b) above, and/or their cash equivalent to be distributed to shareholders of record at date(s) as may be determined by the Board of Directors, from time to time, on a pro-rata basis.”
The shares was distributed in a phased approach, with 641,856,301 ordinary shares of 50 kobo each being distributed to shareholders registered in the Company’s Register of Members at the close of business on 14 February, 2025, while the second phase for the distribution of 641,856,301 ordinary shares of 50 kobo each for shareholders registered in the company’s register of members will take effect at the close of business on June 30, 2025.
The phased distribution, Oando said, demonstrates the company’s commitment to market stability and preservation of shareholder value.
By executing the distribution in two tranches, Oando said it aimed to manage the impact of a significant share injection, preventing excessive downward pressure on its share price and ensuring a more orderly absorption by existing investors.
Oando Plans Solar Panels Assembly Plant
In terms of clean energy, the President and Chief Executive of Oando Clean Energy, Ademola Ogunbanjo, stated on Monday that out of the planned 1,200mw, Oando will be rolling out by this time next year, the first 600mw line.
“It will also be the first, on the African continent, solar modular assembly plant with a recycling line. So we’re building a solar modular assembly plant in Nigeria that will not only roll out solar panels, but also be able to take solar panels that are no longer working, maybe due to age or dysfunction, and recycle them into raw materials that we can then send back to those who use them for different purposes.
“A just transition cannot happen if we don’t retain value on the African continent. It’s not only about building infrastructure for energy provision. It is important that the supply chain is embedded within our environment.
“In another 10 years, Africa would have invested about, say, $50 billion on diverse PV infrastructure projects. And if present trends continue, about 85 per cent to 90 per cent of that money will find its way to China in exchange for solar modules and other components.
“And that’s why to us at Oando, it’s extremely important that we build capacity for manufacturing so that we can supply everyone else in this room who provides the infrastructure. So you buy local. And we’re competitive as well in quality and pricing,” Ogunbanjo added.
