In business, Nigerian oil and gas top player, Jubril Adewale Tinubu, continues to set the pace. He wears his entrepreneurial strength and savvy like a badge of honour. For this Group Chief Executive of Oando Group, he stands tall as he wades through odds with the confidence of a champion. He isn’t afraid to put everything on the line and boldly step into the unknown. That’s why he makes history every hour as the head honcho of a leading oil firm with wide influence in Nigeria’s economic and business sector.
Last Wednesday, August 10, 2022, Oando successfully concluded its 43rd Annual General Meeting (AGM), at the Wings Office Complex, Victoria Island, Lagos. In line with COVID safety protocols, shareholders were represented by proxies of their various associations at the AGM.
The shareholders laud Mr. Tinubu for his capacity and capability to steer the affairs of the company to success.
According to reliable sources, the resolve of the shareholders to entrust their money with Oando is proof of their abiding belief in the management led by Tinubu, who has continued to display rare leadership qualities.
Again it was gathered that all resolutions proposed at the AGM were approved, including the election of Mrs. Nana Fatima Mede and Mrs. Ronke Shokefun as Non-Executive Directors, the election of Adeola Ogunsemi as an Executive Director, the re-election of Ike Osakwe, Ademola Akinrele and Dr. Ainojie Irune as Directors, the election of audit committee members, and the approval of the remuneration of non-Executive Directors.
Shareholders at the meeting commended Oando’s management for appointing two women to the Board of Directors. Patrick Ajudua an Oando shareholder said: “I want to commend the management for the appointment of Mrs. Ronke Shokefun and Mrs. Nana Mede as Directors, and we hope that they will bring value to us.”
Buttressing Mr. Patrick’s comment, Dr. Farouk Umar, an Oando shareholder said; “I thank you for bringing two women to the board. This is a happy development, I hope that when we have a casual vacancy, we should fill it with a woman.”
One recurrent topic among all shareholders who spoke at the meeting was the issue of insecurity in the country such as vandalism, banditry, and terrorism amongst others. Shareholders implored the government to partner with various stakeholders both in the public and private sectors to resolve this issue which they described as crippling the economy.
Commenting on this, Patrick Ajudua said, “I want to assure you of our support to Oando and once we can solve these lingering issues of oil theft, we will be able to enjoy the fruit of our labour.”
Leaders of the various shareholders and proxies encouraged Oando’s management to focus on corporate actions that would be beneficial to all. Specifically, one shareholder applauded the company’s recent partnership with Lagos State for the launch of electric mass transit buses. They also encouraged the management team to maintain its tenacity in striving for company growth.
In addition, the motion to re-elect Ernst and Young (EY) as Auditors of the company wasn’t proposed following confirmation by Mrs. Ester Ajibola, the representative of Ernst and Young at the AGM, that EY has resigned as auditors of the company following years of successful service. She confirmed that the resignation had nothing to do with Oando or its management. She said, “there are no circumstances connected with the resignation that should be brought to the notice of the members or creditors of the Company.’’ In view of this, Oando has confirmed the appointment of BDO Professional Services as its Auditors
In response to shareholders’ statements, the GCE, Oando PLC, Adewale Tinubu, reaffirmed the management’s commitment to continually do what’s in the best interest of shareholders.
Now with Oando in the ‘safe hands’ of Tinubu, industry watchers are of the views that the best of the company may have not yet been seen.
Think of a billionaire businessman blessed with money, brains, confidence, oratory power and the name of Julius Rone, OFR, Group Managing Director, of UTM Offshore Limited, UTMOL will pop up.
It is definitely an incontestable fact that the serial entrepreneur is one of the few Nigerian business moguls that rub shoulders with other high networth individuals around the world. His rich and diverse entrepreneurial journey that has helped shape
For many years, he has been busy cutting deals beyond the shores of the continent of Africa while also proving that good things can also come out from this side of the world.
He has a rich and diverse entrepreneurial journey that has helped shape the business sector in Africa. His path to success includes a series of ventures that have significantly contributed to the region’s business growth.
Aside his pedigree as a topnotch business strategist, it is also a gospel truth that the man, fondly called ‘King of Gas’, is also popular among other high-flying business moguls for his eloquence and articulacy.
The Delta-born top player in the gas sector, as gathered, exhibited that he is not only wealthy but also brainy.
This he has not failed to flaunt whenever the occasions arise, and the occasions seem to arise so many times lately and Rone has never been found wanting.
In fact, a source revealed that this is the reason he is being invited to seminars, forums and business meetings around the world where he has dazzled many with his talent like the great Roman orator, Cicero.
Once, again he shone brilliantly like a diamond yesterday, Tuesday November, 14, 2023, at the LNG shipping and terminals Conference in London. The man, full of ingenuity, mesmerised his audience while he spoke about The Role of Policy Instruments and Government Support for the FLNG Project such as Investment Incentives, Regulatory Framework, where government policies can provide financial incentives such as tax breaks, grants, or subsidies to attract private investment in FLNG projects. These incentives, he explained, can help reduce the overall project cost and encourage private sector participation.
The very brilliant businessman also talks about how governments play a crucial role in creating a favourable regulatory environment for FLNG projects, which includes establishing clear guidelines for environmental protection, safety standards, and permitting processes. A well-defined regulatory framework provides certainty for project developers and investors.
Not only that, he also touched on other topics, such as market Drivers for Exploiting Gas in Nigeria, Predicted Gas Volumes from the Development and Quantity expected to be exported, Partnerships in Place and Progress Against Project Timeline and Planning for the challenges of developing Nigeria’s first FLNG project.
The billionaire business mogul received a standing ovation, accompanied with a deafening applause for his dazzling and awe-inspiring speech.
Some of key points he touched include:
The Role of Policy Instruments and Government Support
for the FLNG Project
The Role of Policy Instruments and Government Support For the FLNG Project
Investment Incentives
Regulatory Framework
He gave an insight where government policies can provide financial incentives such as tax breaks, grants, or subsidies to attract private investment in FLNG projects. These incentives can help reduce the overall project cost and encourage private sector participation.
Also, he explained that governments play a crucial role in creating a favorable regulatory environment for FLNG projects. This includes establishing clear guidelines for environmental protection, safety standards, and permitting processes. A well-defined regulatory framework provides certainty for project developers and investors.
The Role of Policy Instruments and Government Support For the FLNG Project
Market Access
Risk Mitigation
Mr. Rone said governments can facilitate market access for FLNG projects by negotiating export agreements, promoting gas trade, and ensuring a fair and transparent market. Access to domestic and international markets is essential for the success of FLNG ventures.
Where LNG projects often involve significant financial and technical risks. Governments can
help mitigate these risks by providing guarantees or insurance options to project
developers. This support can encourage private sector involvement and reduce the
overall cost of financing.
Market Drivers for Exploiting Gas in Nigeria
The Role of Policy Instruments and Government Support For the FLNG Project
Energy Demand & Access
Export Opportunities
He said Nigeria has a growing population and increasing energy demand. Gas is a cleaner and
more environmentally friendly alternative to coal and oil, making it a desirable option for
meeting this growing energy demand. Expanding access to clean and affordable energy is a key driver for gas exploitation.
Rone hinted that Nigeria is one of the world’s top gas reserves holders. Exporting natural gas, especially in the form of liquefied natural gas (LNG), provides a substantial revenue source.
International markets, particularly in Asia and Europe, offer attractive opportunities for
exporting Nigerian gas, making it an economic incentive.
The Role of Policy Instruments and Government Support For the FLNG Project
Industrialization & Economic Growth
Government Policies &
Incentives
‘’Gas is essential for various industries, including manufacturing, petrochemicals, and
power generation. As Nigeria aims to diversify its economy and promote industrialization,
gas becomes a crucial driver, as it can provide a reliable and cost-effective source of
energy for industrial processes and electricity generation.
The Nigerian government’s policies and incentives can significantly influence gas
exploitation. Incentives such as tax breaks, investment support, and favorable regulatory
frameworks can attract both domestic and foreign investors to the gas sector. Policies
aimed at improving gas infrastructure and reducing gas flaring also play a role in driving
The Group Chief Executive, Oando Group, Jubril Adewale Tinubu, was among top dignitaries who attended the first Nigeria-Saudi Arabia Forum which was part of President Bola Tinubu’s effort to boost and strengthen economic and business ties between the two countries. Other top Nigerian business magnates, ministers and many government functionaries such as the President of Dangote Group; Alhaji Aliko Dangote, Group Managing Director, Nigerian National Petroleum Corporation (NNPC); Mele Kyari, the Minister of Finance and Coordinating Minister of the Economy of Nigeria; Mr. Wale Edun, Minister of Trade and Investment, (Dr) Doris Uzoka-Anita, Minister for Humanitarian Affairs and Poverty Reduction; Dr. Betta Edu Chairman THISDAY Media Group and ARISE News Channel, Nduka Obaigbena, among others, were also at the event
Speaking during the forum President Tinubu assured potential investors that their investments are safe in Nigeria.
President Tinubu said Nigeria is ready for business while assuring investors of some of the world’s highest returns on investment.
The President said Nigeria is desirous of enhancing collaboration with the Kingdom of Saudi Arabia on combating terrorist organizations such as Boko Haram, ISWAP, and other violent extremist groups which have been terrorizing the Lake Chad and Sahel regions.
“Nigeria and Saudi Arabia have always enjoyed a special relationship at both the bilateral and multilateral levels. Within the past six decades, our bilateral cooperation, which was initially hajj-centric, has witnessed diversification to cover a number of areas of common interest. It is delightful to note the presence in this great Kingdom of a large number of our compatriots and professionals, including highly-skilled medical practitioners and professional football players.
“As members of several international organizations including the UN, the Organization of Petroleum Exporting Countries, the International Energy Forum, the G77, the Islamic Development Bank, the Digital Cooperation Organization among others, our two nations have effectively used these and other platforms to enhance close interaction and coordination. I am confident that our joint positive disposition within these platforms will continue to be demonstrated as we seek to advance our mutual interests.
“Nigeria, like the Kingdom, is diversifying her economy away from oil dependence to promote sustainable development. My administration has undertaken bold economic reforms by removing wasteful subsidies on petroleum and the merging of our foreign exchange market, among other incentives aimed at improving the ease of doing business in Nigeria.
“I also wish to assure all potential Saudi investors of the safety of their investments based on the sanctity of the rule of law and good returns on their investments in the largest economy in Africa. In this regard, the benefit attached to the early inauguration of the Nigeria-Saudi Business Council can not be over-emphasized,” the President said.
President Tinubu thanked the Kingdom for the various humanitarian interventions in Nigeria through the King Salman Humanitarian Aid and Relief Centre.
Boardroom maven and author, Mrs. Ibukun Awosika is set to share her insights on how female entrepreneurs in Nigeria can take their businesses to the next level at the powerful convergence of female business leaders from across the country on Monday 6 November in Lagos. The former chairperson of First Bank of Nigeria will be leading other successful women as the keynote Speaker at the debut conference of Women High Achievers Trybe, WHATrybe, a global community of high value women, scheduled to hold at the Oriental Hotel, Victoria Island, Lagos. At the conference themed “Elevating The Entrepreneurs: Strategies for Success” other renowned industry experts and female achievers including Folake Kehinde, Ivie Temitayo-Ibitoye, Bukola Majekodunmi, Jennifer Awirigwe, Eno Sam, Atinuke Babatunde, Adeola Kingsley-James, Margaret Nkechi, Toun Sonaiya and Diji Shujahi, will be sharing their thoughts on topics covering branding, marketing, financial management, staff retention, mindset, the power of storytelling and leveraging on media to position the brand. Speaking about the conference with attendance free but registration compulsory, Mrs. Kiki Okewale, a Lagos-based social entrepreneur and convener of WHATrybe, said there has been a surge in the number of women starting businesses in Nigeria and regardless of this positive rising trend, so the quantum of challenges these female entrepreneurs face operating their businesses. She believes women must go back to the drawing board and restrategise thus the need to inspire other women to have a voice as they build themselves up into high achievers. “In today’s volatile economy, there are many women with businesses they want to scale above the current level it is. It’s crucial not to leave your business success to chance. As determined women entrepreneurs, how do they navigate through all the tough experiences to achieve greater success in their business? Whether you’re looking to scale your business or fulfill a grand vision, it’s time to reevaluate and strategize for growth. This conference will guide you through the challenges towards greater success,” Okewale said. Aside tapping from the deep well of knowledge of Awosika, an author of five entrepreneurial books, at the event to be compeered by Tomike Adeoye, there will also be interactive sessions and networking opportunities for attendees to connect with other women entrepreneurs and experts in various fields. Okewale, a fashion mogul behind BK3 Garment Factory, floated WHATrybe in 2020 and has ever since been on a mission to impact and connect powerful women in Africa and the rest of the world. The positive feedback she has received in the last three years by her passion for women development and empowerment has been profound and has encouraged the expansion of the community of Women High Achievers Trybe.