Wale Tinubu: The Indefatigable Spirit of Africa’s Top Entrepreneur

Donatus Eleko

“Repeat a lie often enough and it becomes the truth,” is a law of propaganda often attributed to the Nazi Joseph Goebbels. Repetition makes a fact seem more true, regardless of whether it is or not.

This clearly may be why those who are envious and intimidated by the rising profile of Oando Plc and that of its Group Chief Executive Officer, Wale Tinubu, have in recent times been spreading negative narrative against them. Oando and Wale Tinubu have come under scrutiny in the past few months with detractors linking their achievements to President Bola Tinubu and Nigeria’s Presidency.

Those who continue to push this narrative have failed to take time to look at the trajectory of Oando, which has grown organically to emerge as one of the leading oil and gas companies in Africa, touching several lives and impacting communities as well as Wale Tinubu, who by dint of hard work has emerged as one of Africa’s formidable business leaders.

Wale Tinubu has been doing big things even before Tinubu emerged as President. Over the years he has remained a leading light in the oil and gas industry cutting major deals in the sector without anyone linking him to Nigeria’s Presidency.

The story of Oando is about three young boys – Wale Tinubu, Mofe Boyo and Jite Okoloko – who dared to dream. They made bold decisions in the early stage of their business, experienced normal ups and downs and today are reaping the fruits of their hard work. Like every strong and visionary leader, these young men persevered and never gave up. Only those who dare to dream succeed.

That is why by now hinging their success over the years on Bola Tinubu, who only emerged as Nigeria’s President in 2023, is seen as an attempt to belittle their daring spirit.

In a world often defined by challenges and setbacks, the entrepreneurial spirit shines as a beacon of hope. It’s the unwavering determination, the relentless pursuit of innovation, and the indomitable belief in one’s vision that drives individuals to overcome obstacles and create lasting impact. Wale Tinubu exemplifies this spirit. He has faced adversity head-on, transforming setbacks into stepping stones. From humble beginnings to developing a thriving enterprise, Wale Tinubu’s journey is a testament to the power of perseverance and the human spirit.

His story is not just about success; it’s about inspiration. His unwavering belief in ideas, coupled with his ability to adapt to changing circumstances, has enabled them to navigate the complexities of the business world.

Beyond Oando, Wale Tinubu is also a philanthropist. His commitment to giving back underscores his belief in the importance of social responsibility and his desire to make a positive difference in the world.

In a time when many may feel discouraged, Wale Tinubu’s story should serve as a powerful reminder that with determination, resilience, and a touch of innovation, anything is possible. Born on June 26, 1967, Wale Tinubu attended his primary and secondary school education in Nigeria, then proceeded to University of Liverpool, England for his tertiary studies where he earned a Bachelor’s Degree in Law (LLB) in 1998. Subsequently, he went to the London School of Economics where he bagged a Master’s Degree (LLM) specialising in International Business Law in 1989 and was called to the Nigerian Bar in 1990.

He began his career in 1990 as a legal practitioner and later achieved a track record as a serial energy entrepreneur with a proven reputation in building energy companies and institutions.

An astute business leader, and a visionary with a track record of having raised over $4 billion from international financiers for various growth, acquisitions, and development projects. He sits on the board of multiple companies.

In 1993, he co-founded Ocean & Oil Group leading its growth from an oil trading and shipping company to a fully diversified Oil & Gas Company. In 2000, Ocean & Oil acquired a controlling interest in Unipetrol Plc and two years later, he led the largest-ever acquisition of a quoted Nigerian company, with Unipetrol Plc’s purchase of Agip Nig Plc, thereafter rebranded as Oando Plc. This group continues to positively impact the lives of millions of Nigerians till this day.

J.A.T (Jubril Adewale Tinubu), as he is fondly called by his admirers, is globally recognised for transforming Oando from a petroleum marketing company to sub-Saharan Africa’s foremost integrated energy group.

Before he exited the downstream of the oil sector, Oando marketing had become the nation’s leading distributor of petroleum products with a network of over 130,000MT tank storage capacity and over 400 retail outlets.

 He also pioneered the construction of a state-of-the-art mid-stream jetty designed to eliminate operational inefficiencies in petroleum product importation, resulting in millions of dollars in cost savings for the industry.

Also, Oando Gas and Power developed the nation’s foremost natural gas distribution company with circa 300km of gas pipelines delivering cleaner energy to over 150 commercial customers in Lagos, Calabar and Port-Harcourt.

In 2014, Oando Energy Resources (OER), completed the $1.8 billion landmark acquisition of Conoco Phillips (COP) Nigerian businesses, fortifying the company as one of the largest indigenous oil & gas companies in Nigeria. Today, OER has interests in 15 licences with extensive infrastructure across the Niger Delta & West Africa in addition to being a strategic national gas supplier as it is the second largest gas supplier to the LNG and the domestic market as well as being a dominant power supplier to the nation via its Okpai Power Plant Phase 1 & 2.

In 2021, Wale Tinubu founded Oando Clean Energy Limited to design, and deliver clean energy projects towards the realisation of the nation’s energy requirements and the United Nation’s Race to Net Zero, following the execution of an MoU between the company and the Lagos State government to replace the state’s mass transit bus system with electric mass transit buses along with the supporting infrastructure. In May 2023, the company rolled out two electric mass transit buses in fulfilment of the Proof-of-Concept Phase, with 552 buses to be secured by the end of 2026.

In August 2024, 10 years after it purchased ConocoPhillips Nigerian assets, under his leadership, Oando Energy Resources (OER) finalised the acquisition of 100 per cent of Eni’s shares in Nigerian Agip Oil Company Limited (NAOC Ltd)- the Company holding 20 per cent stake in the NEPL/ NAOC/ Oando Joint Venture (the JV), for $783 million.

This transaction increased Oando’s stake in the JV from the 20 per cent secured post-2014’s acquisition of COP’s Nigerian businesses to a 40 per cent stake in addition to doubling its 2P reserves (from 503.3MMboe to 996.2MMboe based on 2021 reserve estimates).

Furthermore, it expanded Oando’s exploratory asset portfolio through the acquisition of a 90% interest in OPL 282 and 48 per cent interest in OPL 135, increased the company’s ownership stake across the JV’s infrastructure, and grants the company operatorship of the JV.

Speaking on NAOC’s acquisition recently, Wale Tinubu, said: “This is a new dawn for the Nigerian energy sector, and we are confident that indigenous companies will play a pivotal role in this next phase of the nation’s upstream evolution. With our assumption of the role of operator, our immediate focus is on optimising the assets’ immense potential in contributing to our strategic objectives, whilst complementing the nation’s plan to boost production outputs.

“Looking to the future, we will continue to pursue strategic opportunities that provide enhanced growth and value creation for our stakeholders, particularly in clean energy, agri-feedstock sector, as well as infrastructure and mining.”

No doubt, Wale Tinubu’s passion for driving a sustainable basic educational system for the Nigerian child led to the creation of the Oando Foundation which through its signature programme-The Adopt-A-School Initiative (AASI), has adopted about 88 public primary schools across Nigeria, supporting over 500,000 students- enrolled over 60,000 Out of School Children, trained 5000+ teachers, constructed 154 classrooms and sanitation facilities and established 39 digital learning centres, with a target of impacting two million beneficiaries across 200 schools by 2027 through its various education, and environmental initiatives.

A philanthropist and humanitarian, he led the drive to raise private sector awareness and funding for the humanitarian crisis in the Northeast by hosting the 2018 launch of the Nigeria Humanitarian Fund Private Sector Initiative (NHF-PSI) as well as leading a private sector delegation to a first-ever collective tour of two internally displaced camps in Maiduguri, Borno State.

He was conferred with the National honour of Commander of the Order of the Niger (C.O.N) in October 2022 and is the recipient of numerous other national & international awards such as the World Economic Forum’s Global Young Leader 2007; African Business Magazine’s African Business Leader of the Year 2010; Leadership Businessperson of the Year 2014; Oil Council’s Africa Executive of the Year 2015, Ernst & Young’s West Africa Entrepreneur of the Year 2015, amongst many others. and has been the subject of several articles, case studies and literature.

He is a member of the Nigerian Bar Association, the Institute of Directors of Nigeria, the Lagos Boat Club, Ikoyi Club, Polo Club, and several other social & professional associations. He is an ardent reader and a lover of jazz music. He is happily married with children.

Oando is one of sub-Saharan Africa’s leading Indigenous energy companies based in Nigeria and a dual listing on both the Nigerian and Johannesburg stock exchanges. Clearly, the transformative journey of Oando has been a 30-year one.

From the foregoing, it is clear that Wale Tinubu and Oando have consistently focused on pushing beyond the boundaries to achieve results. The success of this business leader and his company is not tied to Bola Tinubu’s Presidency.

 In a time when many may feel discouraged, Wale Tinubu’s story should serve as a powerful reminder that with determination, resilience, and a touch of innovation, anything is possible. His journey is a testament to the enduring spirit of entrepreneurship, a force that continues to shape our world and inspire future generations.