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.
Lasaco Assurance: Looking Good For The Future By Rilwan Oshinusi
Facebook Announces its New Office in Lagos, Nigeria
As part of its continued commitment and ongoing investment in Africa, Facebook today announced it will be opening an office in Lagos, Nigeria – its second office on the African continent. Aimed at supporting the entire Sub-Saharan Africa region, the office is expected to become operational in H2 2021 and will be the first on the continent to house a team of expert engineers building for the future of Africa and beyond.Facebook’s office will be home to various teams servicing the continent from across the business, including Sales, Partnerships, Policy, Communications as well as Engineers.Commenting, Ime Archibong, Facebook’s Head of New Product Experimentation said: “The opening of our new office in Lagos, Nigeria presents new and exciting opportunities in digital innovations to be developed from the continent and taken to the rest of the world. All across Africa we’re seeing immense talent in the tech ecosystem, and I’m proud that with the upcoming opening of our new office, we’ll be building products for the future of Africa, and the rest of the world, with Africans at the helm. We look forward to contributing further to the African tech ecosystem.” The investment of the new Facebook office follows the 2018 opening of NG_Hub, its first flagship community hub space in Africa in partnership with CcHub, and the 2019 opening of a Small Business Group (SBG) Operations Centre in Lagos, in partnership with Teleperformance. Providing outsourced support to all English-speaking advertisers across Sub-Saharan Africa, the SBG office supports Small Medium Businesses (SMBs) through its Advocacy, Community & Education (ACE) programme, as well as its Marketing Expert sales programmes – all aimed at enabling SMBs to accelerate the growth and development of their businesses. “Our new office in Nigeria presents an important milestone which further reinforces our ongoing commitment to the region”, commented Kojo Boakye, Facebook’s Director of Public Policy, Africa. “Our mission in Africa is no different to elsewhere in the world – to build community and bring the world closer together, and I’m excited about the possibilities that this will create, not just in Nigeria, but across Africa.” Since the opening of its first office in 2015, Facebook has made a number of investments across the continent, aimed at supporting and growing the tech ecosystem, expanding and providing reliable connectivity infrastructures and helping businesses to grow locally, regionally and globally. This includes the recent rollout of its SMB Grants programme in Nigeria and South Africa, aimed at supporting over 900 businesses by providing a combination of cash and ad credits to help small businesses as they rebuild from COVID. The development of 2Africa, the world’s largest subsea cable project that will deliver much needed internet capacity and reliability across large parts of Africa, as well as its ongoing training programmes across the continent which support various communities including students, SMBs, digital creatives, female entrepreneurs, start-up’s and developers. Nunu Ntshingila, Regional Director, Facebook Africa,said: “We’re delighted to be announcing our new office in Nigeria. Five years on from opening our first office on the continent in Johannesburg, South Africa, we’re continuing to invest in and support local talent, as well as the various communities that use our platforms. The office in Lagos will also be key in helping to expand how we service our clients across the continent.”
Billionaire Businessman, Harry Akande, Battles Shoprite
Billionaire Harry Ayoade Akande towers above many of his contemporaries, particularly because he has been in warm embrace of fame for many decades.
Beyond his famed status as a successful businessman, he has also remained very relevant owing to his uncommon brilliance, a quality that has endeared him to many across the globe.
The Agbaoye of Ibadan, who set out to pursue his dreams quite early in life, had served as a business advisor and consultant to many other businessmen, including governments of several nations.
The world-class businessman in the past has scored many firsts in the nation’s business climate to the envy of many of his competitors.
Indeed, he would have scored yet another first in 2005, as the South African retail store, Shoprite, had several meetings with his company, AIC Limited, and agreed his company would be the exclusive operator and manager of its brand across West Africa, except Ghana where the Shoprite brand was already established.
Consequently , there were a series of business meetings between Akande’s representatives and Shoprite Checkers first in South Africa on April 16, 1998 and then at Akande’s office in Victoria Island, Lagos on May 27, 1998.
Shoprite was also said to have flown in representatives who were shown possible locations for retail stores at some locations ,including Lekki Roundabout, Trade fair Complex and Lagos National Theatre, Iganmu.
But when the South African retail giant was ready to commence operations in Nigeria, it allegedly sidelined Akande’s AIC and incorporated another company, Retail Supermarkets Nigeria Limited, and began using the new entity to operate in Nigeria, thereby breaching agreements between them.
The billionaire was upset and this led to a prolonged legal battle with Akande securing a 2018 major victory against the South African retail group for breaching contract between both parties in Suit No LD/488/2010 —AIC Limited (Claimant) v Shoprite Checkers (PTY) Ltd of South Africa and Retail Supermarkets Nigeria Limited (Defendants).
However, Shoprite owners appealed the judgement, while the Ibadan, Oyo State-born billionaire secured another victory in May 2020 at the appellate court.
Though the three-man panel of Court of Appeal , Lagos Division, didn’t agree to Akande’s cross appeal, demanding 50 per cent of $92.3million as loss of profit he suffered due to the incorporation of Retail Supermarkets Limited, it unanimously affirmed the judgment of a Lagos High Court that awarded $10 million (N4.7 billion) damages against Shoprite Checkers (PTY) Limited.
Apart from the $10 million award, the court had directed the South African retail giant to pay 10 percent per annum on the damages, with effect from the date of judgment until the final liquidation of the entire sum.
Consequently, the shrewd businessman has initiated a fresh legal battle at the Federal High Court to halt Shoprite Checkers’ exit moves out of Nigeria until the entire sum demanded is paid to the last kobo.
The billionaire, through his company, has got an ex-parte application for an order of Mareva Injunction restraining the South African retail giant, its privies, officers, nominees, successors-in-title, subsidiaries or anyone acting through it or by it from transferring, assigning, charging, disposing of its trademark, franchise and intellectual property in a manner that will alter, dissipate or remove these non-cash assets from the court’s jurisdiction.
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