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It’s A Done Deal! Wale Tinubu Shines like a new Penny as he Acquires NAOC

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3 months ago

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As an entrepreneur par excellence, Jubril Adewale Tinubu, CON, the Group Chief Executive, Oando Group, has an uncanny ability to spot new business opportunities and create fruitful partnerships.

His visionary mindset and astute business acumen have allowed him to navigate the complexities of the Nigerian market and foster collaborations with leading international companies.

This, not only speaks to his own success, but also showcases the immense potential and possibilities that lie within Nigeria’s business landscape.

The world-class businessman is once again making waves in Africa’s economic landscape with his visionary leadership and strategic acquisitions, shining once again like a new penny.

Tinubu’s latest move – the historic acquisition of 100 percent stake in Nigerian Agip Oil Company Limited (NAOC Ltd) – is set to reshape Nigeria’s oil and gas industry.

The deal, that has been in incubation since last year September, has finally hatched.

This final acquisition was announced on Wednesday by the Italian oil and gas giant. It was disclosed that it had received regulatory approval from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Confirming this in the statement, the Italian oil company said it had obtained all other relevant local and regulatory authorities’ authorisations.

“Having already obtained all other relevant local and regulatory authorities’ authorisations, this achievement will allow Eni to proceed to the completion of the transaction for the sale of Nigerian Agip Oil Company Ltd (NAOC), Eni’s wholly owned subsidiary focusing on onshore oil & gas exploration and production as well as power generation in Nigeria, to Oando PLC, Nigeria’s leading national energy solutions provider, listed on both the Nigerian and Johannesburg Stock Exchange.

“NAOC Ltd participating interest in SPDC JV (Shell Production Development Company Joint Venture – operator Shell 30 per cent, TotalEnergies 10 per cent, NAOC 5 per cent, NNPC 55 per cent) is not included in the perimeter of the transaction and will be retained in Eni’s portfolio.

“Eni remains committed to the country through investments in deepwater projects and Nigeria LNG,” the company stated in a statement.

The company also said it was developing plans for economic diversification in the country.

Eni said this includes assessing the potential production of agri-feedstock for Enilive bio-refineries and various nature- and technology-based projects, such as clean cooking initiatives to offset emissions.

Eni has been operating in Nigeria since 1962, actively engaging in hydrocarbon exploration and production, as well as power generation.

Currently, Eni has a substantial portfolio of assets in exploration and production, with an equity production of approximately 40,000 barrels of oil equivalent per day net of NAOC contribution. Eni also holds a 10.4 per cent interest in Nigeria LNG.

NAOC focuses on onshore oil & gas exploration and production as well as power generation, Eni said in the statement.

With this landmark acquisition Oando will leapfrog from its current oil equivalent output from 25,000 barrels per day to 50,000 barrels per day.

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Woodhall Capital unveils UAE-Nigeria investors’ forum

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9 hours ago

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October 17, 2024

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Nigeria and the United Arab Emirates (UAE) are eagerly making plans to explore the limitless business opportunities present in both countries.
This was the talking point at an exclusive business forum organised by Consulate General of the United Arab Emirates in Lagos and the leading financial advisory firm in Nigeria, Woodhall Capital, at the prestigious Lagos Continental Hotel in Victoria Island, Lagos, recently.
Themed “UAE-Nigeria: Investors’ 1st Meeting”, the objective of the forum was to create a platform for the government of the UAE to meet with top and carefully selected members of the Nigerian business community.
The founder of Woodhall Capital, Moji Hunponu-Wusu, revealed to the top business leaders that the government of The UAE believes in Africa and is willing to continue supporting the continent.
“Woodhall Capital is a financial services firm, which raises international funding for banks, corporates and governments. We set up in 2014 and the story of why we’re here began in 2020, when we took the leap to open an office in Dubai.
“And the reason why we thought we should pull you into what we feel has been a monumental leap in the history of Woodhall Capital is what happened after we decided we were going to open in Dubai. I was reluctant because I’m European-based; I grew up in Europe.
“We then decided at one point during COVID-19 to set up in Dubai, and just look at what it has taken us—four years under that; we raised just under half a billion dollars from the support that Dubai and Middle East banks have given to Woodhall Capital, believing in this Africa that so often the rest of the world has pulled out on. As a matter of fact, we closed a $150 million transaction last Friday with a corporate here in Nigeria.
“The UAE government has decided that it would collaborate, not only with Woodhall Capital, but they are looking for captains of industry. And when we were given the brief to put this forum together, they wanted to show that if they can collaborate with us, they’re willing to have discussions not only with us, but they are also interested in the clients we represent,” she stated.
While adding that the forum is an avenue for an open discussion about the best of Nigeria and Africa, Hunponu-Wusu also announced that the UAE government has welcomed the firm to open in Abu Dhabi, the capital of the UAE.
In his speech, the Consul General of the UAE in Lagos, His Excellency Dr. Abdulla Al Mandoos, revealed that Nigeria is a key West African country with many opportunities and challenges.
“I firmly believe that with the esteemed individuals gathered here today, we have an opportunity to accomplish significant achievements for both the UAE and Nigeria. Our vision is to engage with Nigeria and explore how we can contribute further to the growth and development of both countries,” Dr. Al Mandoos stated.
The Consulate General of the UAE in Lagos also stated that its government has prioritised humanitarian activities and attracting FDI (Foreign Direct Investment). It has also identified Nigeria as a key and strategic partner because of esteemed investors like yourselves and several investment indicators, thus making the Consulate in Lagos and the Embassy in Abuja an extension of this objective.”
While, the Consulate General is the official contact point assigned by the UAE government to help carry out its activities in Lagos, Nigeria, which include economic, cultural and humanitarian endeavours. However, it was emphasised that the consulate is also tasked with facilitating investment between Lagos- Nigeria and the UAE.
While outlining reasons the UAE should be the preferred investment destination, it was mentioned that the UAE has a very strategic geographical location with access to over 200 cities, more than 400 direct shipping lines for import and export, and top-notch infrastructure.
“The UAE is also the first in the region to achieve macroeconomic stability, earning an Aa2 Moody’s rating. This became more evident in 2022, when we attracted over $20 billion in terms of FDI” he said.
During the open discussion, the industry leaders as well as Woodhall Capital were given the opportunity to present their capabilities, their concerns and deliberations on how they would want the Consulate General of the UAE in Lagos to support the establishment and operations of their businesses in the UAE.
In his words, the founder of A2Energy Limited, Abdul Abiola, believed that the forum provided a platform for the exchange of ideas from masters in different industries, and that the UAE’s partnership with Nigerian businesses would go a long way in fostering innovations useful to both countries.
“We focus on clean energy and our goal is to accommodate innovation for energy transition. For Africa to grow, we need energy, and as much as we’re still focusing on fossil fuels, climate change is real. For A2Energy, our focus is on how we can develop innovation for the growth of Africa, and coming to this event has been really exciting because we’ve received different ideas from different counterparts from different industries to unlock investments,” he added.
Akinsola Akeredolu-Ale, Chief Executive Officer of Lagos Commodities and Futures Exchange (LCFE), believed that the efforts of the Nigerian government in attracting investments into the country are beginning to bear fruit.
“Market infrastructure, where we operate, is a particular sector of the market that allows you to use templates and mediums for people to engage in trades with each other, which is called a commodity exchange; and that’s why we are here today.
“What the UAE delegates have been able to do underscores the fact that some of the roadshows the federal government has held are bearing fruit now, and they are coming home to establish that the UAE is ready to do business with Nigeria. They have a consulate and embassy that handle their economic affairs here.
“I’m happy to be part of this conversation because for the market infrastructure that creates enablement for capital mobilisation, particularly in the agricultural and solid minerals sectors, we’ve been able to move the conversation to a very high level today,” Akeredolu-Ale emphasised.
For Woodhall Capital, having benefited so much from establishing its roots in Dubai by telling the African story to the international community, Nigerian businesses can dare and be bold enough to set up in the financial markets of the world, connecting the world to Nigerian captains of industry with integrity as its primary objective.
“We proudly say to the world that there are Nigerians we can showcase—Nigerians with integrity and serious about doing business. And that there are global captains of industry emerging from the continent of Africa, and particularly my home country, Nigeria,” Hunponu-Wusu announced.
The resumption of Emirates Airline’s daily flights in and out of Nigeria is further evidence that the business communities of Nigeria and the United Arab Emirates (UAE) are ready and willing to explore the limitless business opportunities present in both countries.

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Adron Homes Unveils 2024 Lemon Friday Promo: Huge Discounts and Flexible Payment Options Up to 60 Months

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13 hours ago

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October 17, 2024

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Adron Homes and Properties, Nigeria’s leading real estate company, has officially launched its highly anticipated 2024 Lemon Friday Promo, marking the ninth consecutive year of this revolutionary campaign. The promotional offer, which has transformed the lives of countless Nigerians, promises even greater opportunities for aspiring homeowners with a suite of exciting benefits and incentives.
At the official unveiling event held at Adron Homes’ headquarters in Lagos, Mrs. Adenike Ajobo, the Managing Director of the company, expressed her delight in launching this year’s Lemon Friday Promo. She highlighted how the promo has consistently created opportunities for many Nigerians to become proud property owners, offering not only affordable housing options but also an array of valuable gifts such as cows, inverter batteries, air conditioners, refrigerators, televisions, washing machines, and more.
“The Lemon Friday Promo has been life-changing for many of our customers. It reflects Adron Homes’ unwavering commitment to making housing accessible to all Nigerians, regardless of income level. This year, we’re offering an even more flexible payment plan, with options extending up to 36 months. It’s our way of ensuring that everyone, from all walks of life, can become a homeowner,” said Mrs. Ajobo.
Subscribers to the Lemon Friday Promo can enjoy up to 45% discount on various properties with a payment option of up to 60months, in addition to a variety of mouth-watering gifts including bags of rice, inverters batteries, gift vouchers, and even cows. This year’s edition continues to cater to the needs of all Nigerians, ensuring that Adron Homes’ properties remain affordable, accessible, and appealing to a diverse clientele.
With properties spanning Lagos, Abuja, Ogun, Oyo, Osun, Nasarawa, Niger, Ekiti, and Plateau States, Adron Homes has been at the forefront of reducing Nigeria’s housing deficit by providing secure, comfortable, and affordable housing solutions. The Lemon Friday Promo is a shining testament to Adron Homes’ dedication to creating a sense of community while promoting homeownership across the country.
“At Adron Homes, we pride ourselves in our ability to create communities that foster togetherness. This year’s Lemon Friday is not just about offering homes, but about building family-centric communities where people can thrive,” Mrs. Ajobo added.
The 2024 Lemon Friday Promo is set to surpass previous editions in scale, benefits, and impact, embodying the core values of Adron Homes: affordability, accessibility, and community building. This is a once-in-a-lifetime opportunity for Nigerians to own property while enjoying significant savings and exclusive gifts.
Don’t miss out on this life-changing opportunity! Take advantage of the 2024 Lemon Friday Promo and become a proud property owner with Adron Homes today.
For more information on how to subscribe and benefit from this offer, visit Adron Homes’s official website or send a DM on our social media platforms.

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Introducing Alat Xplore app: Nigeria’s First Licensed Banking app for Teenagers

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13 hours ago

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October 17, 2024

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In today’s world, financial literacy has become an essential life skill, particularly for the younger generation. Recognising this need, Wema Bank—Nigeria’s most innovative bank and pioneer of Africa’s first fully digital bank, ALAT—proudly introduces the ALAT XPLORE App, Nigeria’s first licensed banking app specifically designed for teenagers aged 13 to 17.
The ALAT Xplore App empowers young individuals to take control of their finances while acquiring vital money management skills. ALAT XPLORE is not just another banking app; it is a comprehensive financial tool that seamlessly combines education, engagement, and empowerment for teenagers’ financial success. With a user-friendly interface and interactive features, the ALAT Xplore app provides teenagers with a unique opportunity to learn about banking, saving, and spending in a safe and controlled environment, as they journey towards the realities of adulthood.
The App encourages teens to explore intelligently, providing seamless navigation across its various functionalities and offering teens the chance to customise the App based on their preferences and request one of three unique debit card designs. The ALAT Xplore Cards are issued in the teenager’s name, fostering a sense of ownership, pride and independence that simultaneously instills a sense of responsibility in them as they learn to manage their spending. To request for your ALAT Xplore Debit Card, click here.
One of the standout functionalities of the ALAT XPLORE App is the goal-setting feature. Teens can set savings goals on the App—whether it’s saving for a new gadget, planning a fun outing, or even making a charitable donation. They can track their progress, seamlessly on the App, making the saving process exciting and rewarding for them.
To ensure financial security for the teenagers, the ALAT Xplore App works hand in hand with the ALAT App, allowing parents to guide their children in making informed financial decisions. Teens can easily request money from their parents or guardians in a few clicks on the App, while parents grant the requests and can track their teens’ expenses on the ALAT Xplore App, via the ALAT App. This not only promotes healthy conversations regarding budgeting and financial goals, but also ensures that teenagers can explore financial opportunities with maximum security.
Here’s how the ALAT Xplore App works:
– The Parent or guardian opens an ALAT App Account for their teenager on the ALAT app.
– ⁠The teenager downloads the ALAT Xplore App, fills in the required information and sends a link to the parent/guardian requesting permission to use the ALAT Xplore App.
– ⁠The parent/guardian grants the permission via the ALAT App.
– ⁠Once approved, the teenager can login at anytime, request an ALAT Xplore Debit Card, set up Savings Goals and explore all the unique features on the App, on their phone.
As the first licensed banking app for teenagers in Nigeria, the ALAT XPLORE App powered by Wema Bank is set to revolutionise how teenagers approach money management towards building more financially responsible adults.
The ALAT Xplore App officially launches on Saturday, October 26, 2024.

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