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JUBRIL ADEWALE TINUBU: CHAMPION EXTRAORDINAIRE

Published

5 years ago

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OLA KING

For Wale Tinubu, the head honcho of leading Oil and Gas company, Oando Plc, getting positive result that will position Oando as a world class brand to reckon with remains his top priority. Despite the recent face off with Security Exchange Commission, SEC, the oil magnate had remained unruffled and unperturbed. He is hellbent on proving naysayers wrong that; he knows the Oil and Gas business like the back of his hands.

The very brilliant businessman is proving to the world that he is definitely a master in the art of making money.

To say that the Lagos State born is a big player in the oil and gas industry is stating the obvious, in fact, he has emerged a glittering
star in the business firmament. The trained lawyer plies his trade in such a way that makes many of his competitors green with envy. Indeed, he enjoys uncommon grace so much that he now sits atop a multi-billion naira conglomerate with various subsidiaries in oil & gas, properties and so many other businesses scattered around the world.

It’s no longer a hidden fact that the Oando boss, had always displayed his unrivalled wizardry and Midas touch with his wealth of experience in business. This has helped him weathered all typhoon storm surfacing.
Wale Tinubu is still standing tall like the proverbial iroko tree.

Away from the recent faceoff between the Security Exchange Commission, SEC and Oando; the czar and his team had yet again proved their worth by keeping Oando afloat and also put smiles on the face of investors by
recording a revenue of N315.4 billion for the half year ended June 30, 2019, showing an increase of six per cent from N297.3 billion in the corresponding period of 2018. Oando ended the period with a profit-after-tax of N7.168 billion, down from N8.5 billion in 2018.

As gathered the trained lawyer’s watch, had also continued to reduce its total borrowings after its acquisition of ConocoPhillips Nigeria in 2014, following a proactive drive to significantly reduce its debt and liabilities.

According to information gathered, the total borrowings reduced drastically for the period by five per cent to N200.7 billion at the end
of June 30, 2019, from N210.9 billion at the end of 2018, indicating a 58 per cent reduction in debt since 2014 from N473.3 billion.

With this growth as revealed by a source, the man has been described as a champion extraordinaire whose magic wand is forever potent even when least expected.

Wale Tinubu’s success may not come as a surprise to those close to him
because he has over the years, shown evidence that he’s well versed in
oil and gas business; and like a business cognoscente, he knows when to
throw the dice and even reinvent in a shaky business environment. The
words of a former British Prime Minister, Winston Churchill; “The
empires of the future are empires of the mind” gives credence to Tinubu’s evident ability to successfully overcome challenges.

The story started 25 years ago, precisely December 1994, from a relatively small and unknown company, Ocean and Oil Services Limited with his friends, Omamofe Boyo and Onajite Okoloko to supply diesel and
Low Pour Fuel Oil (LPFO) to various industries, shipping firms and exploration.

Tinubu has grown into perhaps one of the biggest players in world oil business. To those with discerning minds, his success, whichranks him as not one of your run-off-the-mill businessmen, is rooted in his uncommon brilliance and business acumen.

Interestingly, more than two decades after they sowed in pains, the investment has grown, before their eyes, to become a multinational
conglomerate worth millions of dollars spread across five West Africancountries. At the outset, they bought their first vessel, MT Carolina, in the mid-90s to supply diesel to off-shore companies from the Port-Harcourt Refinery.

Within seven years, the fleet had grown to seven ships; and by 2000, when the government wanted to sell its controlling stake in the defunct Unipetrol Plc, a downstream oil marketing company, they bid for it. When
the former Managing Director of the old Unipetrol Plc at that time, Mallam Yusuf Ali was a seasoned technocrat who once served in the NNPC received word that Ocean and Oil Services had made a bid for his oil firm, he laughed them to scorn and waved it off as a bad joke, because Unipetrol at that time was already a top quoted company on the Lagos
Stock Exchange, while Ocean and Oil was just an upstart trying to find its feet in the downstream sector. His former aides recall that the bid reminded them of a tilapia fish trying to swallow up a whole whale! To
their surprise, Ocean and Oil Services successfully paid for the shares
and took over the company, with the help of its foreign technical partners, Compagnia Espanola De Petroleos (CEPSA), the second largestoil group in Spain.

Two years later Tinubu led the largest ever acquisition of a quoted Nigerian company, with the purchase of Agip by Unipetrol. The group was rebranded as Oando PLC and has grown to become the leading oil and gas retailer in Nigeria, ensuring one in five cars on Nigerian roads drive on its fuels.

By 2005, Oando Plc became the first African company to secure a cross-border listing on the Johannesburg stock of exchange (JSE) in
South Africa and in the same year Oando Energy Services wasincorporated.

In 2010, Oando through its subsidiary Oando Gas and Power built thefirst 12.5MW IPP Power plant for Lagos State government and in 2011,Tinubu concluded a $3billion gas facility contract with the Federal Government. Two years later, he led the listing of the company’s
upstream subsidiary, Oando Energy Resources on the Toronto StockExchange (TSX).

In 2014, we witnessed the close of his best transaction yet, the acquisition of ConocoPhillips Nigeria businesses for $1.5 billion fortifying Oando’s position as the largest indigenous independent oil
& gas producer in Nigeria with a current net production of 53,145 boepd
(Barrels of Oil Equivalent per Day) and 230.6 mmboe (Million Barrels of Oil Equivalent) of 2p reserves and 536.8 mmboe of 2C reserves.

Tinubu’s continued success is worthy of emulation by entrepreneurs and prospects especially in Nigeria’s inclement business environment.

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Nigerian born, Serumu Igberadja, Makes history, assumes  office as IVETA President

Published

2 weeks ago

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January 11, 2025

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Nigerian born Serumu Igberadja has  made his history as he assumed office as   President of the International Vocational Education and Training Association (IVETA) USA.  Igberadja who was  also the former Vice President of IVETA  East and West Africa, and the CEO of Think TVET Global Consult and Edu Tour Global Limited assumed office January 1st 2025.

With his assumption as the president  of IVETA he becomes the first from West Africa to assumed such position.

The Delta State born is also the Director of International Relations and Business Development at Whitecloud TVET Solutions Ltd.

Igberadja who has  Bachelor of Science  (Ed) and M.Sc in Technical Education and Industrial Technology respectively is a youth leader and a community development advocate who  has special interest in good governance, non-violence, community development, quality education, vocational skills development, sustainable livelihood, and economic development.

Igberadja  is also an Alumnus of the Prestigious International Visitors Leadership Program (IVLP) of the United States Department of State Bureau for Educational and Cultural Affairs.

He has an interest in contributing his expertise to the growth and development of Technical Vocational Education and Training (TVET) for sustainable development across the globe. He is a member of the UNESCO UNEVOC Forum and Skillman International Forum (SIF) Italy. As well, an Assistant Journalist in the Lucubrate Magazine and the Coordinator for the Lucubrate Project Nigeria.

Serumu Igberadja has facilitated several workshops, conferences, and partnerships to promote and advance TVET for sustainable livelihood and development. Notable partnerships with  Lucubrate NKB Norway and University of Nigeria Nsukka(UNN), IVETA and National Board for Technical Education (NBTE), IVETA and UNN UNEVOC Centre, IVETA and Ese Odo Local Government Council, and Linkages with TVET Equipment Manufacturers in Europe, Asia, and America such as Delorenzo Italy, Labtech International, Tesca India, Lucas-Nülle Germany, Lexsolar Germany, and Edibon Spain.

He has featured as Keynote Speaker in several TVET and Youth Development Workshops and Conferences, his recent outing was his participation as Moderator for   ‘Socio Professional Integration in TVET’ at the 2022 WorldSkills Africa Conference held at Swakopmund Namibia organised by the Namibia Training Authority, Keynote Speaker at the 2022 IVETA Las Vegas Conference, the US Africa Institute side event of the 2023 US Africa Leaders’ Summit Washington DC, Official Observer at Worldskills Lyon.

He is expected to rule over  the affairs of IVETA for the next 12 months.

 

During his inaugural speech he promised to enhance global TVET systems by promoting collaboration, sharing best practices, and addressing diverse needs to create impactful, sustainable outcomes. While he also highlighted his strategic priorities for IVETA in the next one year, such as Global Partnerships: Strengthening collaborations with governments, institutions, industries, and global organizations like UNESCO, ILO, and World Bank to drive TVET advancements worldwide, Quality Improvement: Enhancing TVET programs to prepare graduates for the global workforce, focusing on teacher training, student outcomes, and institutional excellence.

  1. Advocacy and Awareness: Promoting positive perceptions of TVET through targeted campaigns, workshops, and community engagement across all regions.
  2. Resource Mobilization: Securing grants and funding to support initiatives that benefit diverse member regions.
  3. Governance and Representation: Ensuring balanced regional representation, strong governance, and efficient resource management to align with IVETA’s mission.

 

IVETA is a network of vocational educators. Its  network includes vocational skills training organisations, business and industrial firms, and individuals and groups interested or involved in vocational education and training worldwide.

It is dedicated to the advancement and improvement of high-quality vocational education and training throughout the world.

 

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Dr. Babatunde Onadeko Appointed as Chairman of AERMP Public Sector Committee

Published

1 month ago

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December 16, 2024

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The Association of Enterprise Risk Management Professionals (AERMP), Nigeria’s leading body for risk management practice, has announced the appointment of Dr. Babatunde Onadeko as the new Chairman of its Public Sector Committee.

Dr. Onadeko, who also serves as the Chief of Staff to Distinguished Senator His Excellency Otunba Engr. Gbenga Daniel, was inaugurated during the AERMP’s 2024 Year-End Conference and Induction of new members held on Saturday, 14th December, at Victoria Island, Lagos.

The ceremony was graced by notable figures in the industry, including AERMP President Mrs. S. Taiwo Ige, Director-General Olayinka Odutola, and several past and present leaders from related professional bodies like CIBN and the Chartered Institute of Directors.

Notable attendees included Prof. Deji Olanrewaju, Alh. Tijanni Borodo, Dr. Uche Messiah Olowu, Prof. Segun Ajibola, and Dr. Uju Ogubunka.

The event also saw Dr. Ayotunde Coker, CEO of Open Access Data Centres, delivering a keynote address, while Mrs. Folasade Femi-Lawal, Country Manager for West Africa at Mastercard, was inaugurated to lead the Women in Risk Management initiative.

In his acceptance speech, Dr. Onadeko, a distinguished fellow of the AERMP, expressed his commitment to leveraging his extensive experience to meet the committee’s objectives, aiming to enhance public sector risk management practices across Nigeria.


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From Business Maverick to Seasoned Politician: The Enduring Legacy of Otunba Gbenga Daniel

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1 month ago

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December 13, 2024

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In the archives of The Guardian newspaper, a publication dated February 29, 1988, reveals a fascinating story of a young and ambitious businessman, Mr. Gbenga Daniel. At the time, Daniel was the General Manager of H.F-Schroeder (W.A) Limited, a company that distributed Express and Sabiem lifts, Demag cranes, and Hoists.

The article highlights Daniel’s business acumen and strategic vision as he embarked on a European tour to explore new business opportunities. His itinerary included meetings with officials from Express Lift Company Limited in Northampton, Morganite International Limited in London, and Onan International in Peterborough.

Little did anyone know that this young businessman would go on to achieve greatness in multiple fields. After leaving Schroeder, Daniel established his own company, Kresta Laurel Ltd which became the first indigenous lift company in Nigeria. This bold move marked the beginning of an illustrious career that would take him to the pinnacle of success.

Today, Mr. Gbenga Daniel is known as Otunba Gbenga Daniel (OGD), a renowned politician who has made an indelible mark on Nigeria’s political landscape. A two-time governor of Ogun State, OGD has consistently demonstrated his commitment to public service and his ability to drive positive change.

Currently, OGD serves as a senator of the Federal Republic of Nigeria, representing the good people of Ogun East Senatorial District in the National Assembly. His dedication to his constituents and his passion for nation-building have earned him a reputation as a respected and effective leader.

As we reflect on OGD’s remarkable journey, we are reminded that success is often the result of hard work, determination, and a willingness to take calculated risks. From his humble beginnings as a young businessman to his current status as a respected politician, Otunba Gbenga Daniel’s story is a testament to the power of vision, perseverance, and leadership


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