The inaugural Nigeria-Kazakhstan Business Conference, held at the Transcorp Hilton Abuja, on February 23rd, 2025, marked a historic moment towards strengthening the economic ties between Nigeria and Kazakhstan.

The conference, hosted by His Imperial Majesty, Oba Adeyeye Enitan Ogunwusi, Ojaja II, featured key discussions aimed at fostering collaboration across sectors like technology, agriculture, logistics, education and more.

Undoubtedly, the spotlight of the event was Dr. Maureen Tamuno, the Group Managing Director (GMD) of Abuja Investments Company Limited (AICL).

Dr. Tamuno, known for her impactful leadership and strategic insights, spoke about investment opportunities in the Federal Capital territory, laying emphasis on the infrastructural revolution of the Hon. Minister of the FCTA His Excellency Barr. Nyesom Wike CON which has set the stage for diverse investments opportunities in Abuja and the area councils at the conference.

Her speech on the role of investment in advancing Nigeria’s technological and agricultural sectors resonated with attendees, particularly the Kazakhstani delegation, which was led by the Deputy Foreign Minister, with several business leaders from Central Asia’s major industries.

Her contributions to discussions on knowledge sharing and capacity building were particularly emphasized, with many recognizing her role in forging stronger bilateral relations between the two countries.

The conference drew notable Nigerian figures, including the Honourable Ministers for Agriculture and Food Security, Blue Economy, Communications, Innovations, and Digital Economy, as well as the Governor of the Central Bank of Nigeria.

The Nigerian business community was well-represented by board chairmen from leading banks like Keystone Bank, Access Bank, and Jaiz Bank.

It also highlighted potential collaborations, including the establishment of city-to-city flights between Nigeria and Kazakhstan, a move that promises to enhance both trade and tourism.

The conference stands as a key milestone in the relationship between Nigeria and Kazakhstan, with Dr. Maureen Tamuno playing a pivotal role in its success.

Her leadership continues to shape the future of business and investment in Nigeria, reinforcing the nation’s growing influence on the global stage.

Jubril Adewale Tinubu, oil tycoon and GCE of leading oil and gas firm, OANDO, yesterday shone brilliantly like a well-cut diamond when he received the award for the New Telegraph Investor/Transaction of the Year 2024.

The oil guru with three decades of expectational performance in the oil sector was among other prominent Nigerians that went home with honours at the Oriental Hotels, venue of the ceremony.

The award, described as well- deserved, was presented to Tinubu for leading his team to successfully completing the acquisition of Agip Oil Company at $783 million.

The transaction, which was completed in August 2024, was described my many as a remarkable one the nation’s economy.

Tinubu is an intelligent, pragmatic and a genius who strikes when the iron is hottest.

Gifted with a knack to spot opportunity ahead of the crowd, Tinubu has in the last 30 years of unbroken entrepreneurial voyage positioned Oando among the best oil and gas company in the world.
He believes Nigeria offers limitless possibilities and opportunities, and holds high, at all times, the banner of hope.

Today, the business has not only earned him fame and wealth, but has also contributed in great measures to the economic development of Africa and beyond.

Other awardees on the night include Governor Babagana Zulum of Borno State won the Governor of the Year 2024; Governor Babajide Sanwo-Olu of Lagos State received the Governor of the Year in Projects, while Governor Ahmed Aliyu of Sokoto State won Governor of the Year in Economy

Others are Governor Sheriff Oborevwori of Delta State; Osun State Governor, Senator Ademola Adeleke; Ekiti State Governor, Biodun Oyebanji; Group Chief Executive Officer of the Nigeria National Petroleum Corporation Limited (NNPCL), Mr Mele Kyari, won the newspaper’s prestigious Man of the Year 2024, while the Minister of Aviation and Aerospace Development, Barrister Festus Keyamo (SAN), won Minister of the Year 2024 in Transformative Leadership.

Last year, Oando Plc celebrated 30 years of phenomenal growth in the Nigerian oil industry, setting the stage for its future. As the company is set to unveil its plan for the next journey, analysts believe that under Jubril Adewale Tinubu’s visionary leadership, Oando PLC is set to redefine Africa’s energy landscape, evolving from an oil giant into a global force driving sustainability, innovation, and prosperity over the next two decades, writes Festus Akanbi

In compiling the recent landmark developments in the Nigerian business scenes, one story that cannot be waived aside is that of the phenomenal growth of the only indigenous oil giant in Nigeria, Oando Plc.

Analysts have described the organisation as the pride of Africa. By solidifying its eminent position in the Nigerian oil industry, it is winning more ground and breaking barriers.

It was this landmark that signposted the 30^th anniversary of the company which was marked with pomp and ceremony at the tail end of 2024.

The truth is that Oando continued to turn the corner in terms of profitability which it recorded in 2023 and 2024, and which has spurred a series of decisions that have rewarded shareholders and employees for their loyalty, resilience, and steadfastness.

It was this chain of achievements that formed the theme of the celebration called ‘Symphony of Success,’ described as a grand celebration of Oando’s journey from a small oil trading business to a multi-billion-dollar energy giant.

In writing about Oando’s rise to the pinnacle of the Nigerian oil industry, one cannot but talk about its Group Chief Executive Officer, Mr. Wale Tinubu, whose transformative leadership has been the cornerstone of Oando’s meteoric rise from a modest oil marketing firm to a continental energy powerhouse.

With unparalleled vision and audacious strategy, he orchestrated landmark acquisitions, such as Agip Nigeria and ConocoPhillips’ Nigerian assets, securing Oando’s dominance in upstream oil exploration and production. His relentless drive for diversification integrated the company’s operations across the energy value chain, while bold investments in natural gas infrastructure positioned Oando as a critical player in Africa’s energy transition.

Tinubu’s mastery of complex financial engineering and commitment to sustainability has not only ensured the company’s resilience amidst volatile markets but also redefined it as a symbol of African excellence on the global stage. Under his stewardship, Oando has become a beacon of innovation, ambition, and enduring success.

Having marked its 30^th anniversary to the admiration of its stakeholders, the question one is tempted to ask is can this rising organisation maintain this trajectory in the next 20 years?

Analysts explained that the future of Oando PLC shimmers like a sunrise over Africa’s boundless horizons, brimming with promise and transformation.

They argued that over the next two decades, the company stands poised to transcend its legacy, evolving into a titan of sustainable energy that marries innovation with impact.

According to industry analysts, like a river carving new paths, Oando will channel its ingenuity into harnessing the sun, wind, and earth’s latent power, becoming a vanguard of Africa’s green revolution.

“Its reach will extend beyond Nigeria’s borders, weaving a network of energy solutions that electrify industries, empower communities, and ignite dreams across the continent. Anchored by a bold commitment to environmental stewardship and guided by technological brilliance, Oando’s journey will be one of resilience and reinvention. It will not merely adapt to a changing world but shape it, standing tall as a beacon of progress, a harbinger of hope, and a testament to the indomitable spirit of Africa.

 A Profitable Performance in 2024

To Oando, Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchanges, the proof of the pudding is in the eating as it ended last year on a spectacular note when it released its nine-month performance results.

As a consolidation of its impressive showing in 2023, Oando Plc’s nine-month results showed a 36 per cent increase in revenue, as it declared N3.2trillion for the period in 2024 as against N2.3 trillion posted in the corresponding period of 2023.

Operating Profit for the period declined by 23%, primarily driven by an increase in administrative expenses mainly due to foreign exchange losses from the revaluation of payables and borrowings.

Profit-after-tax for the period was N76.3 billion, a decline of 31%  from N110.2 billion in the same period of 2023, driven by foreign exchange losses and net finance costs.

The performance was also affected by the rising cases of pipeline vandalism and theft in the Niger Delta.

The positive performance, according to Tinubu is a testament to the company’s resilience amidst a challenging environment. He said: “Our performance for the nine months ended September 30, 2024, reflects our resilience and unwavering focus on delivering value amidst a challenging operating environment. We achieved a 36% increase in revenue to N3.2 trillion and a Profit After Tax of N76.3 billion, despite ongoing pipeline vandalism, sabotage, theft in the Niger Delta, and foreign exchange volatility.

“Since the acquisition of NAOC, we have increased production by 40%, growing from 22,000 boepd pre-acquisition to 30,675 boepd currently. This progress has been driven by the deployment of quick-win strategies that have enhanced operational efficiencies and demonstrated the transformative potential of the acquisition.

“The integration process is advancing smoothly, and our immediate focus remains on executing strategic initiatives to maximise the value of our expanded portfolio. With this stronger foundation and a clear roadmap for growth, we are confident in our ability to deliver long-term, sustainable value to all stakeholders.”

Looking at the figures reeled out by the company, the operating environment was unfavourable, but with a tested hand like Tinubu on the saddle, Oando Plc was able to weather the tide and set an audacious target for the company in the new year.

During the nine months ended September 30, 2024, the average production was 20,560 boe/day, compared to 21,529 boe/day in 2023. In 2024, production consisted of 6,525 bbls/day of crude oil, 254 bbl/day of NGLs, and 13,782 boe/day of natural gas. Production decrease was a result of increased shut-in wells for repairs from sabotage and theft-related activities.

No Going Back on Development of Oil, Gas Infrastructure

Despite the challenging environment, Oando’s management did not just fold its hands as it continued the development of oil and gas assets and exploration activities. According to its financial statement, during the nine months to September 30, 2024, the Group incurred $12.7 million in capital expenditure related to the development of oil and gas assets and exploration and evaluation activities, compared to $47.4 million in the nine months to September 30, 2023.

Oando has been able to build the largest indigenous integrated energy company in Sub-Saharan Africa.

These comprised Oando Marketing Limited, one of the largest downstream petroleum marketing companies in Nigeria with over 500 retail outlets across Nigeria, Ghana, and Togo. There’s also Oando Supply and Trading Limited, incorporated in 2004, one of the largest independent traders of crude and refined petroleum products in sub-Saharan Africa.

Besides, Oando Gas & Power Limited, incorporated in 2004, is a pioneer in the development of Nigeria’s foremost gas distribution network, spanning 264 km and serving over 150 industrial and commercial customers in Lagos, Calabar, and Port Harcourt. Oando Energy Services Limited, incorporated in 2005, is Nigeria’s largest indigenous oilfield services provider, enhancing indigenous participation with a fleet of five rigs, while Oando Energy Resources is regarded as one of Nigeria’s foremost indigenous upstream oil and gas companies.

Give it to the company’s chief executive, over the years, he has demonstrated expertise in structuring complex financing deals, often involving partnerships with global institutions, to fund Oando’s growth.

His financial acumen ensured the company remained competitive despite Nigeria’s challenging business environment.

The company also focuses on gas to power in the quest to make Nigeria environmentally friendly. Oando has invested heavily in natural gas infrastructure, becoming a key player in Nigeria’s domestic gas market. This move aligns with the global energy transition and positions the company as a contributor to Nigeria’s energy security.

Talking about the future of Oando, observers said with the global push for decarbonisation, Oando is likely to increase investments in renewable energy sources like solar, wind, and green hydrogen. The company could evolve into a leading player in Africa’s clean energy transition.

Oando may also expand its operations beyond West Africa, leveraging its experience to tap into opportunities in other emerging markets. One also expects the company to focus on digital transformation with increased technology adoption, such as AI, IoT, and blockchain, which could optimize operations, improve efficiency, and enhance customer experiences.

Culled from Thisday.