The Evolution of Oando Under Wale Tinubu’s Transformative Leadership

Wale Tinubu has had an incredible 30-year journey with Oando Plc, transforming the company into Africa’s leading indigenous energy solutions provider, writes Emmanuel Addeh.

 As Group Chief Executive, Wale Tinubu , the Chief Executive Officer of Oando Plc, has demonstrated exceptional leadership and entrepreneurial skills, building a global business empire that spans across the energy value chain.

Tinubu’s story began in 1990 as an attorney, specialising in corporate and petroleum law. He then co-founded Ocean and Oil Group in 1994, which later became Oando Plc.

Under his guidance, the company has grown through strategic acquisitions, including Unipetrol in 2000 and Agip Nigeria PLC in 2002 and has successfully transformed Oando from a petroleum marketing company to an integrated energy group.

Throughout his career, Tinubu has received numerous awards and recognitions for his contributions to the African oil and gas industry. Some notable accolades include: “Private Sector Icon of the Year” award_ by Vanguard in 2023; “African Business Leader of the Year” by Africa Investor in 2011; “Entrepreneur of the Year” West Africa by Ernst & Young in 2015 and “Global Young Leader” by the World Economic Forum (WEF) in 2007.

Wale Tinubu’s impact extends beyond the business world. He established the Oando Foundation in 2011, which focuses on improving basic education in Nigeria through its Adopt-A-School Initiative. At the last count, the foundation has adopted 88 public primary schools, supporting over 500,000 students and training thousands of teachers.

The billionaire businessman’s remarkable leadership and vision have cemented his position as a respected figure in the African business community. His legacy continues to inspire future generations of entrepreneurs and business leaders.

His business leadership has been nothing short of remarkable. As the Group Chief Executive of Oando PLC, he has expanded Oando’s operations, pioneering innovative solutions in gas distribution and captive power and recently in the upstream oil sector.

Resulting from his astute leadership, Nigerian oil company, Oando Plc, has now been shortlisted by the Trinidadian government as one of three final contenders to take over the country’s state-owned refinery, Petrotrin.

The Trinidadian Finance Minister, Colm Imbert, speaking during a presentation of its national budget held on September 30, noted that among the initial 10 proposals, three companies had made the final shortlist including, CRO Consortium, a consortium of three Trinidadian companies, INCA Energy, an American company, and Nigeria’s Oando Plc.

The bidding process began in February 2024, when the government of Trinidad and Tobago enlisted the services of US-based Scotia Capital to oversee the refinery’s procurement by inviting “expressions of interest.”

The refinery located in Pointe-a-Pierre, Trinidad had been closed since 2018, when the country’s Prime Minister, Keith Rowley noted that the refinery was recording losses of up to $2 billion per annum. If the company’s eventually wins the bid, its footprints in the midstream oil sector would have been sealed and delivered.

This is coming after Oando Plc in August this year completed a $783 million acquisition of Nigerian Agip Oil Company (NAOC), thus increasing the company’s interest in the different joint venture assets.

With that acquisition, Oando now controls over 40 oil and gas fields, of which 24 are producing.

Wale Tinubu’s leadership style is characterised by his vision, strategic thinking, and innovative problem-solving. He has built strong subsidiary brands and businesses, specifically starting from the downstream to the midstream and upstream sectors. His ability to navigate complex business environments and make bold decisions has been instrumental in Oando’s success.

Overall, Wale Tinubu’s business leadership has been instrumental in shaping Oando into the successful company it is today.

His transformation of Oando Plc is a remarkable story of vision, strategic thinking, and bold leadership. Today, these qualities have cemented Oando Plc’s position as Africa’s privately owned oil giant.

Tinubu pioneered the development of Nigeria’s foremost natural gas distribution network and captive power solutions through Axxela Limited. He also introduced OVH Energy, which at the time boasted one of  the largest distribution footprint in Nigeria. The company has now exited the downstream.

So, there is no doubt that Oando plc has made significant strides in its 30-year history, since it was co-founded by Wale Tinubu and Omamofe Boyo as Ocean and Oil Group.

Since then, it has expanded growth massively, including listing on the Nigerian Stock Exchange (NSE) in 2002 and ramping up its upstream operations through Oando Energy Resources as well as developing Nigeria’s foremost natural gas distribution network.

From a meagre  crude oil production of 4,000 bbl/day, it has now grown to the production of about 50,000 bbl/day, expanding reserves from 100 mmboe to roughly 500 mmboe in the first instance to over 1 billion barrels reserves currently.

The company has launched the Oando Clean Energy Limited for renewable energy solutions and has implemented cutting-edge technology for improved efficiency.

Oando’s remarkable journey demonstrates Wale Tinubu’s commitment to growth, innovation, and community development, solidifying its position as a leader in Africa’s energy industry.

It has had a revenue growth from about N134 billion (2010) to N659 billion (2020), with improved investor confidence and capacity to attract international investors.

With its operations now outside the shores of Nigeria, around the Sao Tome and Principe Exclusive Economic Zone (EEZ), Oando Plc has attained the status of Nigeria’s first indigenous International Oil Company (IOC).

This, no doubt, attests to the enormous hard work put in by the forward-looking team at the company led by its Chief Executive Officer, Wale Tinubu, who decades ago, seized the gauntlet and dived into the oil and gas business in Nigeria.

A leading African exploration and production company, with world-class operations, Oando prides itself as being at the cutting edge of Africa’s upstream sector, with significant investments in a robust portfolio of oil and gas fields, as well as participating interests in onshore and offshore producing assets.

Its asset base covers exploration, development, and production for both oil and gas and holds interests in over 16 licenses for the exploration, development, and production of oil and gas assets located onshore, swamp, and offshore.

Today, it has a Certified Professional Reserves Report (CPR) from D&M, the second largest in the world, which has also been auditing ENI/NAOC, Chevron, Shell  and other oil Majors for decades, all thanks to Wale Tinubu’s leadership.

Recently, under the able headship of Wale Tinubu, the company has recently hit a new milestone of $4 billion valuation, giving him the bragging rights as one of Nigeria’s foremost entrepreneurs.

He has navigated complex regulatory environments and economic challenges, demonstrating his ability to adapt and thrive in uncertain situations. 

Overall, Wale Tinubu’s leadership qualities have enabled him to build a successful and sustainable business, while also contributing to Nigeria’s economic growth and development and substantially expanding Oando’s operations.

In terms of cost optimisation, Wale Tinubu pioneered and implemented cost-reduction strategies to enhance profitability, enhanced process automation and led the company to invest heavily in technology to streamline operations and improve efficiency.

As for talent development, the chief executive of Oando Plc has fostered a culture of innovation and employee growth, diversified revenue streams, such that the crash of one economy does not mean the end of Oando.

At Oando, Wale Tinubu’s strategic hedging has ensured the excellent management of price volatility through hedging mechanisms and in terms of compliance has ensured regulatory adherence and maintained high governance standards.

Having begin his career as an attorney in 1990, specialising in corporate and petroleum law assignments, Wale Tinubu holds a Master of Laws degree from the London School of Economics and also attended the University of Liverpool for his law degree.

Overall, Wale Tinubu’s career has been a testament to his dedication, innovative spirit, and leadership excellence in the energy industry.

People close to him praise his ability to navigate complex business environments and his relentless pursuit of excellence, which have driven Oando’s success even in the face of adversity.

Under his leadership, Oando broke impressive records, showcasing his understanding of the volatile oil and gas industry.

Those who know him describe Tinubu as a resilient and adaptable leader, able to thrive in uncertain situations. His commitment to innovation and excellence have inspired a culture of innovation within Oando.

His achievements and leadership abilities speak for themselves, solidifying his position as a respected figure in the African business community.

With Wale Tinubu leading Oando Plc, there is no doubt that Nigeria’s foremost energy company is fully set for another decade of exploits in the dynamic Nigerian energy space and even far beyond these shores.