Jubril Adewale Tinubu, Group Chief Executive Officer, Oando Plc., a Pan-African multinational energy corporation, is set to receive the medal of national award of Commander of the Order of Niger, CON, the high-flying oil and gas player and world class business would on Tuesday, October 11 be honoured among eminent and top Nigerian personalities by President Muhammadu Buhari. The story of Wale Tinubu, Group Chief Executive, Oando Plc., a sub-Saharan African indigenous integrated energy group, would make a compelling read, any time and any day. Indeed, if anyone could undertake to produce his biopic too, such a person can be assured that he or she would make return on his or her investment. Such is the interesting and inspiring lifestyle of this young man who today is a big player in the oil and gas sector. At the outset of his business, he faced a lot of daunting challenges. But his uncommon daring spirit and survival instinct made him overcome the teething challenges. Popularly called the King of African Oil, the Lagos State- born oil magnate started out with a small oil firm, Ocean and Oil Services, but with resilience and focus, he has been able to grow the business.
His emergence as a world-acclaimed businessman did not come as a surprise to those who knew him early in life. “As a highly intelligent man, Wale Tinubu began to exhibit a high level of skills and attitude very early in life,” a source said, adding, “When he dabbled into business many years ago, his clear vision was to lead the company as a leading indigenous exploration and production player on the African continent, and today he has achieved that dream.”
His early life also portrayed him as a potentially great person in life. And, like most young men of his generation, his dream was to become one of the greatest businessmen in the world. Luckily, providence has granted him his heart’s desire.
That he has grown head and shoulders above several of his competitors in the industry is no longer in doubt, and today, he is one of the few Nigerians that rub shoulders with other top executives around the world, making him a glittering star in the global business firmament.
In the beginning, he had teamed up with Omamofe Boyo and Onajite Okoloko in 1994 to set up Ocean and Oil Services Limited to supply diesel and Low Pour Fuel Oil (LPFO) to various industries, shipping firms and exploration companies in Nigeria.
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 African countries. 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. Then, many, including the former Managing Director of the old Unipetrol Plc., Mallam Yusuf Ali, had written them off. But they all got the shocker of their lives from the emerging dinosaurs in the Nigerian oil business. Ocean and Oil Services successfully paid for the shares and took over the company, with the help of its foreign technical partners, Compania Espanola De Petroleos (CEPSA), the second largest oil group in Spain.
Also, three years after, when Agip Petroli International BV of Italy decided to divest from the downstream sector, they bought over the foreign company’s shares and added Agip Nigeria, the company’s local subsidiary, to their portfolio. The newly acquired companies were merged and renamed Oando Limited. By 2005, Oando Plc had secured across border listing on the Johannesburg stock of exchange (JSE) in South Africa.
Subsequently, some other acquisitions were made in rapid succession, including a local gas pipeline company, Gaslink Nigeria Limited, which came with a 57km natural gas distribution pipeline in Lagos as well as an exclusive gas distribution franchise. That gas pipeline has been extended to cover100 kilometres and more than 2,300 domestic industrial customers have been added to its grid.
Oando also recorded a feat in 2007 when it built the first 12.5MW IPP Power plant for Lagos State government, which has saved the state government over 3.5 million USD in energy bills. But that paled into insignificance in 2013 when it executed its most ambitious acquisition till date, with the taking over of ConocoPhillips shares and assets in the Brass LNG Project valued at over $550 million USD.
Acknowledging that the scourge of brazen extortion by miscreants on Lagos streets was on the increase, the Lagos State House of Assembly has called on the Commissioner of Police, CP Olohunda Moshood Jimoh, and heads of other security agencies to intensify intelligence gathering with the latest security apparatuses, increase surveillance on black spots across the metropolis, and, where necessary, arrest such miscreants, and have the state rehabilitate them.
Hon. Sanni Okanlawon (representing Kosofe Constituency 1) raised the alarm at plenary Tuesday, May 6, under ‘Matter of Urgent Public Importance’ stating; “The unlawful extortion of stranded and innocent motorists by miscreants remains a growing concern that demands urgent attention. Nobody on the streets of Lagos is immune to their activities. If left unchecked, they could render the state unsafe.” He painted different unsavoury scenarios of how the street urchins operate brazenly, which he described as unacceptable, and called for urgent intervention to protect road users.
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Supporting the motion, Hon. Kehinde Joseph (Alimosho Constituency II) noted that this particular trend threatens the safety and sanity of road transportation in the state. Hon. Desmond Elliot (Surulere Constituency 1) corroborated this and emphasised the need for active surveillance by security agencies. He also suggested the involvement of the National Drug Law Enforcement Agency (NDLEA), noting that many of the offenders act under the influence of illegal substances.
Similarly, Hon. Aro Moshood (Ikorodu Constituency II) urged the Commissioner of Police to set up a tactical team dedicated mainly to road monitoring because “It is high time the government took the bull by the horns.” Commending Hon. Okanlawon for moving the motion, Hon. Adebola Shabi (Lagos Mainland Constituency 2) said local government chairmen have a huge role in combating this menace. Effective strategies, she added, have to be devised while recommending the installation of CCTV cameras at identified black spots.
However, Hon. Obafemi Saheed (Kosofe Constituency 2) disclosed that the government has invested heavily in security through the Lagos State Security Trust Fund, LSSTF, and, therefore, should not sit back and watch miscreants take over the city.
Speaker of the Assembly, Rt. Hon. (Dr.) Mudashiru Obasa commended Hon. Okanlawon and the lawmakers who contributed robustly to the debate. He said that the police and other security agencies, including the Lagos Neighbourhood Safety Corps (LNSC), must collaborate to ensure that Lagos remains safe for residents, commuters, and visitors alike.
The EFCC has apprehended Olawole Sunday, suspected of buying bank account details for online fraud, following a £2 million forex scam
Operatives of Nigeria’s Economic and Financial Crimes Commission (EFCC) have apprehended one Olawole Sunday, a suspected internet fraudster accused of orchestrating a scheme involving the purchase of bank account details from individuals for the purpose of perpetrating financial crimes.
In a statement released on Monday by the EFCC’s head of Media and Publicity, Dele Oyewale, it was revealed that Sunday’s alleged fraudulent operation involved the recruitment of young individuals to open multiple bank accounts.
Oyewale stated that Sunday purportedly paid these individuals sums ranging between N25,000 and N50,000 for each bank account they opened, subsequently collecting their complete banking details, including their Automated Teller Machine (ATM) cards.
The EFCC detailed how the investigation began when Sunday allegedly utilised the account details of one Uyi Eghosa to defraud an unsuspecting victim of N2 million under the false pretence of engaging in lucrative forex trading.
Following the fraudulent transaction, Eghosa was arrested by EFCC operatives. During the course of interrogation, Eghosa claimed complete ignorance of the illicit use of his bank account.
He informed investigators that he had handed over his account details and ATM card to Sunday in exchange for a payment of N25,000.
Oyewale elaborated on the operation leading to Sunday’s arrest, stating, “Operatives of the Benin Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, have arrested one Olawole Sunday, a suspected fraudster who specialised in buying bank accounts’ details from individuals with which he defrauds unsuspecting members of the public.
Sunday’s modus operandi involved encouraging young people to open multiple bank accounts, pay them either N25,000 or N50,000 for each account and collect their bank details, including Automated Teller Machine cards.”
The EFCC spokesperson further explained, “Sunday allegedly employed the account details of one Uyi Eghosa to defraud a petitioner of the sum of N2 million under the guise of trading in forex.
The account owner, Eghosa, was arrested, and his disclosure that he was unaware that his account was used in defrauding members of the public led to Sunday’s arrest.”
Oyewale confirmed that upon his arrest, Sunday confessed to the alleged crime. He added that the suspect would be formally charged in court as soon as the ongoing investigations are concluded.
Epe LG chairman, Hon. Surah Animashaun, celebrates Aare Emmanuel-King at 50
Tributes pour in for Adron Group CEO, Aare Adetola Olaniyi Emmanuel-King, on his 50th birthday, celebrating his dedication to affordable housing and community development.
Tributes pour in for Adron Group CEO, Aare Adetola Olaniyi Emmanuel-King, on his 50th birthday, celebrating his dedication to affordable housing and community development.
Epe Local Government Executive Chairman, Hon. (Princess) Surah O. Animashaun FHTI, has extended warm congratulations to Aare Adetola Olaniyi Emmanuel-King, Chairman and CEO of Adron Group, on his 50th birthday, praising his significant contributions to affordable housing in Nigeria.
The milestone birthday celebrates Emmanuel-King’s remarkable journey as an entrepreneur and philanthropist, whose dedication has positively impacted numerous Nigerian families.
“Your steadfastness in pursuing your vision, despite challenges, is a shining example of your perseverance and passion.”
Animashaun highlighted his “innovative approach” and “steadfastness in pursuing his vision,” despite facing challenges.
Emmanuel-King’s commitment to making affordable housing accessible has earned him widespread recognition, with his work inspiring others to strive for excellence and community development.
Animashaun concluded her tribute by wishing him “continued good health, wisdom, and success,” as he embarks on a new chapter of life.