Eyes on the Horizon: Wale Tinubu’s Blueprint for Oando’s Rebirth

Given the dramatic restoration of Oando Plc from the abyss of failure to the pinnacle of performance, it won’t be out of place to describe the legacy of Wale Tinubu, the architect of the transformation, to include that of a company-restored, a brand reborn, and a future reimagined, writes Festus Akanbi

Given the current ascendancy of Oando Plc in the Nigerian oil industry, it is easy to see Wale Tinubu’s journey with the company as a testament to the resilience of vision, the force of audacity, and the healing power of strategic restoration. In an industry often fraught with volatility, where giants have stumbled and empires crumbled, Wale Tinubu has not only kept Oando on the curve; he has sculpted a new one.

This is because apart from a mouth-watering surge in revenue, Oando Plc has continued to be the investors’ first choice as it expands seamlessly in an ambitious effort that has continued reverberating beyond Nigeria’s shores.

Under Wale Tinubu’s watch, Oando has grown its revenue from N134 billion in 2010 to N4.1 trillion in 2024.  Also, as of early 2025, Oando Plc’s oil reserves have surpassed one billion barrels. This significant increase is primarily due to the company’s $783 million acquisition of the Nigerian Agip Oil Company (NAOC) in August 2024, which doubled Oando’s stake to 40% and established it as the operator of key upstream assets. These assets include forty discovered oil and gas fields, extensive pipeline infrastructure, and the Brass River Oil Terminal, significantly boosting Oando’s total proved plus probable (2P) reserves to 1.0 billion barrels of oil equivalent (boe).

Certainly, oil industry watchers will not forget in a hurry that when dark clouds gathered and the company stood at the precipice of a crisis and many had thought Oando would fade into corporate obscurity, Tinubu, with the instincts of a seasoned general and the heart of a revivalist, chose not to retreat. Instead, he stepped boldly into the storm—not with trembling hands, but with a map of reinvention etched in his mind and courage burning in his chest.

He wielded bold decisions like a sculptor’s chisel, chipping away the debris of doubt and debt, and uncovering a leaner, smarter, and more agile Oando. He restructured. He realigned. He negotiated with the precision of a tactician and the tenacity of a warrior refusing to surrender his citadel. Under his leadership, the company didn’t merely survive — it was reborn.

Wale Tinubu turned the crisis into a catalyst. The ashes of yesterday’s turmoil became the fertile ground for today’s triumphs. He dared where others dithered, reimagining Oando’s role in a dynamic energy landscape, and placing it firmly back into the conversation of Africa’s oil and gas vanguards.

Now, Oando stands not as a symbol of recovery, but of renaissance — a living monument to a leader who refused to let failure write the final chapter. In Wale Tinubu, we witness a masterclass in staying ahead of the curve, not by luck or chance, but by the sheer force of will, clarity of vision, and an unflinching embrace of audacious action.

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 oil giant.

Making Bold Statement with Huge Revenue Growth

For a company that has been consistent with an improvement in its performance indicators, the rising shareholders’ appetite for Oando Plc’s shares cannot be misplaced. For instance, the company recently announced a strong financial performance for the full year 2024 with N4.1 trillion in revenue, about 45 per cent growth from N2.9 trillion reported in its 2023 results.  From this performance, it shows that Oando has had revenue growth from about N134 billion (2010) to N4.1 trillion (2024).
The company also announced N65.5 billion as profit after tax, about 9 per cent growth from N60.28 billion reported in 2023.

Tinubu described 2024 as a year of transformation for Oando, pointing out that the key highlight included the successful acquisition and subsequent integration of NAOC Ltd, which significantly enhanced the company’s production capacity, attaining peak operated production of 103,206 boepd and net entitlements of 45,000 boepd.

“Despite a challenging operating environment, we achieved a 45 per cent increase in revenue to N4.1 trillion, reflecting the strength of our business model, and 9 per cent rise in profit after tax to N65.5 billion, notwithstanding the costs associated with the onboarding of NAOC,” Tinubu had said in a statement.

Rising Oil Reserves

At the recent World Economic Forum (WEF) 2025 in Davos, Switzerland,  Oando highlighted that it currently has over 1 billion in oil reserves,  300,000 barrels a day of oil processing capacity, 2 billion cubic feet a day of gas capacity, with the net present value of the oil in its facilities put at over $10 billion.
The company said that Nigerians have the skills and the capability to secure funding to thrive in onshore operations.

At the event attended by world leaders, top executives of the 1,000 foremost global companies, leaders of international organisations, and relevant non-governmental organisations, Wale Tinubu underscored the immense prospects of indigenous energy companies taking over the divested assets by International Oil Companies (IOCs) in Nigeria.

“As a company, we have over a billion barrels of reserves, 300,000 barrels a day of oil processing capacity, and over 2 billion cubic feet a day of gas capacity. Effectively, the net present value of the oil we have in our facilities is well over $10 billion,” remarked Wale Tinubu.

Acquisition of Agip Oil, a Done Deal

Under Wale Tinubu’s watch, Oando Plc announced the completion of the landmark acquisition of a 100 per cent stake in the Nigerian Agip Oil Company from Italian energy firm, Eni, in a deal valued at $783m.

 In a corporate notice filed on the Nigerian Exchange Limited, Oando noted the acquisition aligned with its strategy to bolster its upstream operations in the country’s oil and gas industry.

 According to the firm, the transaction significantly increases its participating interest in key oil mining leases  60, 61, 62, and 63 from 20 per cent to 40 per cent, effectively doubling its stake in the NEPL/NAOC/OOL Joint Venture.

“We are pleased to announce the successful completion of the acquisition of 100 per cent of the shareholding interest in the Nigerian Agip Oil Company from the Italian energy company, Eni, for a total consideration of US$783m comprised of consideration for the asset and reimbursement.”

The newly acquired assets include 40 oil and gas fields, with 24 currently producing, as well as 1,490 kilometres of pipelines; 12 production stations; three gas processing plants; the Brass River Oil Terminal; and the Kwale-Okpai power plants, with a combined capacity of 960MW.

Oando stated that, as a result of the acquisition, its total reserves had surged by 98 per cent, from 505.6 million barrels of oil equivalent to one billion barrels of oil equivalent, based on 2022 estimates.

“Based on 2022 reserves estimates, Oando’s total reserves stand at 505.6MMboe and the transaction will deliver a 98 per cent increase of 493.6MMboe, bringing the total reserves to 1.0Bnboe,” It stated.

 Wale Tinubu described the transaction as a culmination of a decade-long journey that began with the company’s 2014 entry into the Joint Venture through the acquisition of ConocoPhillips’ Nigerian assets.

“This is a major win for Oando and the entire indigenous energy sector. With full control of these assets, we are in a stronger position to drive Nigeria’s upstream growth while ensuring sustainable practices in our host communities,” Tinubu stated.

He added that Oando’s immediate focus would be on maximising the potential of the acquired assets, increasing production, and maintaining a balance between operational efficiency and environmental stewardship.

It would be recalled that Oando Plc, recently completed and won the bid for the operatorship of oil block KON 13 in Angola, a feat seen as major among industry operators.
After acquiring Eni of Italy’s oil assets in Nigeria, the company, undeterred, left the shores of Nigeria, going straight to take over the oil block located in Angola’s onshore Kwanza Basin, following a competitive bidding process by the country’s oil and gas sector regulator.

The asset,  through its upstream subsidiary, Oando Energy Resources (OER), has estimated prospective resources of 770 to 1,100 million barrels of oil.
Last year, Oando announced the successful completion of the acquisition of 100% of the shareholding interest in the Nigerian Agip Oil Company (NAOC) from the Italian energy company, Eni, for a total consideration of US$783 million, comprised of consideration for the asset and reimbursement. This acquisition is a significant milestone in Oando’s long-term strategy to expand its upstream operations and strengthen its position in the Nigerian oil and gas sector.

Pursuing Ambitious Plan in 2025

Like a man who has set a definite goal for the company, Tinubu already has a plan for Oando in 2025. He said, “In 2025, our priority shall be to drive cost optimisation, operational efficiency, streamline processes, enhance procurement, and leverage technology to improve productivity across our operations. In parallel, we will intensify efforts to boost production through the dual approach of rig-less and workover initiatives while executing an aggressive drilling program across three rig lines.

Simultaneously, in collaboration with other stakeholders, we are proactively tackling above-ground security challenges by implementing a revamped security framework that integrates advanced surveillance technology and intelligence-driven initiatives to curb the perennial, unnecessary, and unjustifiable theft of oil to ensure the long-term integrity of our vast network.

“As we look ahead to an exciting and successful 2025, we recognise that achieving our goals requires the unwavering support of our host communities and partners. Through extensive engagement, we will foster a collaborative ecosystem that not only secures our operations but also drives shared prosperity and sustainable development for all.”