‘Deal of the Year’: Another Colourful Feather to Oando’s Cap

Last week, key players in the African oil and gas industry converged on Cape Town, South Africa, to celebrate excellence and innovation by distinguished persons and corporate entities who are contributing immensely to energy security on the continent.

Emmanuel Addeh writes that the keenly contested award for ‘Deal of the Year’ won by Oando Plc, was another clear testimony to the company’s leading role, not just in the oil and gas space in Nigeria, but in Africa as a whole.

At the forefront of the gathering was Nigerian energy giant, Oando Plc, and its Group Chief Executive, Wale Tinubu, who took centre stage as the recipient of the esteemed award conferred during the week-long Africa Energy Week (AEW) which ended on November 8.

The prestigious recognition solidified Oando’s position as a leader in Africa’s energy sector and underscored Wale Tinubu’s leadership of the organisation that has just marked its 30-year anniversary of challenges and even more, successes.

At the high-profile ceremony in South Africa, the landmark achievement cemented Oando’s reputation as a trailblazer in Africa’s energy landscape and highlighted the leadership team’s tireless efforts to propel the continent’s energy development.

It was a night that celebrated innovation, resilience, and exceptional leadership by Oando Plc under its CEO, Wale Tinubu, who has been largely instrumental in shaping the company into the energy giant it is today, with operations spanning across Africa.

Indeed, the Africa Energy Chamber (AEC) recognised Oando’s pioneering efforts in promoting energy security, sustainability, and economic growth in Africa, praising it for consistently demonstrating its ability to adapt to changing market dynamics, leveraging cutting-edge technology and innovative solutions to drive growth and development.

As Africa continues to navigate the complex energy landscape, Oando’s successes serve as a beacon of hope for the continent’s emerging economies and the company’s unwavering dedication to empowering African communities through sustainable energy solutions.

The award did not come by happenstance.  In fact, it was the culmination of three decades of a focused leadership, which essentially gathered steam after the company acquired ConocoPhillips Nigeria business in 2014 .

Essentially, the “Deal of the Year” award acknowledged Oando’s transformative and impactful deal which saw its acquisition of Nigerian Agip Oil Company (NAOC) onshore assets in the energy sector, demonstrating excellence in deal-making.

Emerging winner of the ‘Deal of the Year’ award at the Africa Energy Week (AEW) 2024 in Cape Town, was not a mean feat, given that the Nigerian indigenous oil and gas firm was competing with other major counterparts in the industry, both home and abroad for the coveted crown.

Arguably, the only leading Nigeria’s energy solutions provider,  listed on the Nigerian Stock Exchange (NGX) and Johannesburg Stock Exchange (JSE), Oando fought hard to conclude the deal which was finally approved just four months ago.

The Africa Energy Chamber, the  organisers of the annual week-long oil and gas conference, which hosted and recognised different stakeholders at the Gala and Award night held at the Cape Town International Conference Centre (CITCC) where the announcement was made, said the award was a befitting crown for a company that is making waves across Africa.

The event was themed: “Invest in Africa Energies: Energy Growth Through an Enabling Environment.”

 In the category comprising other high-profile deals in the sector and across Africa, Oando won the award in recognition of the company’s recently completed landmark $783 million acquisition of NAOC from the Italian Energy firm, Eni, on August 22, 2024.

“This acquisition, 10 years in the making since Oando’s initial entry into the ConocoPhillips/NAOC/NNPC Joint Venture (JV) in 2014 when the company acquired ConocoPhillips Nigeria business, doubled the company’s stake in the JV to 40 per cent and operator of the assets,” the company said.

While receiving the award, the company’s Group Chief Executive, Wale Tinubu, remarked that the recognition was more than just an accolade for a successful deal closure.

According to him,  it represented a public acknowledgement of the culmination of 30 years of grit, hard work and resilience by the Oando team.

He said: “We are delighted and honoured to receive the ‘deal of the year’ award from Africa Energy Week. It’s been a remarkable year on many fronts.

“First, we marked our 30th anniversary as a business, then concluded our strategic plan to acquire our second International Oil Company (IOC) in a decade, Nigerian Agip Oil Company (NAOC) and step up to the role of operator.

“This award is more than just an accolade for a successful deal closure; it represents a public acknowledgement of the culmination of 30 years of grit, hard work, resilience, and sheer belief in our vision. It is a testament to my belief that with the #HumansOfOando, impossible is nothing.

“I would like to thank the dream team, the #HumansOfOando, our financiers, and partners for their belief and role in making this award a reality.”

The acquisition, the company said, was the culmination of a decade of preparation, strategic planning, and unwavering commitment to a vision of becoming Africa’s first indigenous international oil company.

Besides, the oil firm noted that it was evidence of the organisation’s three-decade journey, spanning the entire energy value chain, with consistent and deliberate actions at each stage that had led to the advancement of indigenous participation in the industry.

The Deal of the Year award recognises the most transformative and impactful deal in the energy sector – honouring excellence in negotiation, strategic alignment, innovation and collaboration – and celebrates deals that drive advancements in energy and economic growth.

With the deal, Oando Plc acquired Eni’s 100 per cent stake in NAOC, effectively doubling its interests in OML 60, 61, 62 and 63 to 40 per cent, a rarely seen achievement in any of such deals on the continent.

The acquisition includes 40 oil and gas fields (24 in production), 40 prospects, 12 production stations, 1,490 km of pipeline, three gas plants and key infrastructure. The deal further highlighted Oando’s commitment to strengthening Nigeria’s oil and gas production, according to the firm.

Besides Oando, the organisers sought to celebrate 12 outstanding individuals and companies across 10 categories, honouring their significant contributions to Africa’s oil, gas and energy sectors.

Specifically, the prestigious annual awards celebrate individuals and organisations making a lasting impact on Africa’s oil, gas and energy sectors, driving progress toward continent-wide energy security.

This prestigious award recognises a sustained, decades-long career marked by visionary leadership, groundbreaking innovation and lifelong dedication to Africa’s energy future.

For the Deal of the Year, the nominees were: Renaissance Africa: SPDC acquisition in Nigeria; Gabon Oil Company: Assala Energy acquisition in Gabon; Oando PLC: AGIP acquisition in Nigeria and Etu Energias acquisition of Galp Energias’ offshore blocks in Angola.

Notably, the evening’s highest honour went to former Secretary General of the  Organisation of Petroleum Exporting Countries (OPEC) Mohammed Barkindo, who got the Lifetime Achievement Award.

Also honoured were Benedict Oramah, President & Chairman of the Board of Directors of the African Export-Import Bank; Dr. Omar Farouk Ibrahim, Secretary General of the African Petroleum Producers’ Organisation (APPO) as well as  Nikki Martin, President and CEO of EnerGeo Alliance.

This is not the first time that under Wale Tinubu, the Group Chief Executive of Oando Plc, and a highly acclaimed business leader and lawyer with numerous awards and achievements to his name, would achieve such a major milestone.

Among several others, Wale Tinubu and Oando have garnered accolades in the past. Some of the notable awards include: Global Young Leader by the World Economic Forum, Geneva, in 2007, recognising him as one of the leading executives under the age of 41 at the time.

He has also won the Africa’s ‘Business Leader of the Year’ award, for his contributions to the development of the African Oil and Gas industry as well as African Business Leader of the Year by Africa Investor in 2011.

Beginning his career as an attorney in 1990, specialising in corporate and petroleum law assignments, Wale Tinubu co-founded Ocean & Oil Group in 1994 and guided its strategic development from an oil trading and shipping company.

 Under his leadership, Oando Plc has transformed into a formidable integrated energy group with a primary listing on the Nigerian Stock Exchange (NSE) and a cross-border listing on the Johannesburg Stock Exchange.

Tinubu holds a Bachelor of Laws (LLB) from the University of Liverpool, England, and a Master of Laws (LLM) from the London School of Economics, United Kingdom, where he specialised in International Finance and Shipping.

As the leader of sub-Saharan Africa’s foremost indigenous energy group, Today, Wale Tinubu has successfully transformed Oando from a petroleum marketing company to a formidable integrated energy group.

Tinubu’s leadership skills and achievements have been analysed in various articles, case studies, and books. Under his guidance, Oando has expanded its operations to become a leading force in the oil and gas industry, dedicated to delivering innovative energy solutions that power economies and sustain communities.

But for Wale Tinubu, a visionary who is never tired of dreaming new dreams, this is just the beginning for Oando Plc.