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  NAOC Acquisition: A Transformative Moment in the History of Nigeria’s Energy Sector- Experts

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6 months ago

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In a landmark move that has sent shockwaves through the Nigerian energy sector, Oando Plc, a leading indigenous energy solutions provider, has completed the acquisition of 100% of the shareholding interest in the Nigerian Agip Oil Company (NAOC) from the Italian energy giant, Eni. This transformative deal, valued at a staggering $783 million, not only solidifies Oando’s position as a major player in the industry but also heralds a new era of empowerment for indigenous energy companies in Nigeria.

 

The acquisition, which has been in the works for the past decade, is a testament to the visionary leadership and unwavering determination of Oando’s Group Chief Executive, Jubril Adewale Tinubu, CON. Tinubu, a serial entrepreneur and a driving force behind Nigeria’s energy revolution, has once again proven his ability to identify strategic opportunities and execute them with precision.

 

“Today’s announcement is the culmination of 10 years of hard work, resilience, and an unwavering belief that we would realize our ambition,” an elated Tinubu remarked. “It is a win, not just for Oando, but for every indigenous energy player as we take our destiny in our hands.”

 

This landmark transaction marks a significant shift in the Nigerian energy landscape, as it paves the way for indigenous companies to play a more prominent role in the upstream sector. Tinubu’s visionary leadership and strategic acumen have been widely praised by industry analysts and commentators.

 

“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,” said Ms. Taiwo Alegeh, a foremost oil and gas analyst. “This not only speaks to his own success but also showcases the immense potential within Nigeria’s business landscape.”

 

The acquisition of NAOC, a company that has been a dominant player in Nigeria’s onshore oil and gas exploration and production, as well as power generation, is a game-changer for Oando. The deal will double the company’s oil equivalent output from 25,000 barrels per day to 50,000 barrels per day, significantly boosting its production and reserves.

 

“The transaction increases our current participating interests in Oil Mining Licences (OMLs) 60, 61, 62, and 63 from 20 per cent to 40 per cent and increases our ownership stake in the Joint Venture (JV) assets and infrastructure,” Oando stated in its announcement. This includes 40 discovered oil and gas fields, of which 24 are currently producing, as well as approximately 40 identified prospects and leads.

 

The acquisition also involves 12 production stations, approximately 1,490km of pipelines, three gas processing plants, the Brass River Oil Terminal, and the Kwale-Okpai phases 1 & 2 power plants, with a total nameplate capacity of 960MW, and associated infrastructure. This comprehensive portfolio of assets will undoubtedly strengthen Oando’s position in the Nigerian energy landscape.

 

Seun Ajayi, another industry analyst, praised Tinubu’s status as a world-class businessman, highlighting his visionary leadership and strategic acquisitions. “This latest acquisition by Oando is a testament to Tinubu’s ability to identify and seize opportunities that can transform the industry,” Ajayi said.

 

The acquisition comes at a pivotal moment in the Nigerian energy sector, as international oil companies (IOCs) have been pursuing divestment strategies, focusing on exiting shallow water and onshore assets while maintaining interests in the deep waters. This trend, driven by factors such as declining production and increasing operational risks, has created a void that indigenous companies like Oando are now poised to fill.

 

“This is a new dawn for the Nigerian energy sector, and we are confident that indigenous companies will play a pivotal role in this next phase of the nation’s upstream evolution,” Tinubu stated. “With our assumption of the role of operator, our immediate focus is on optimizing the assets’ immense potential in contributing to our strategic objectives, whilst complementing the nation’s plan to boost production outputs.”

 

The significance of this acquisition cannot be overstated, as it represents a transformative shift in the balance of power within the Nigerian energy industry. For decades, IOCs have dominated the upstream sector, with indigenous companies playing a relatively small role. However, this transaction marks a watershed moment, where Oando has emerged as a formidable player, poised to lead and operate oil and gas assets previously controlled by the international giants.

 

“It is rather uncanny that this acquisition comes exactly a decade after Oando’s landmark $1.8 billion acquisition of ConocoPhillips’ Nigeria interest, a transaction which incidentally made the company a Joint Venture (JV) partner on the asset alongside NNPC E&P Ltd (NEPL) and NAOC,” Oando noted in its announcement. “The ConocoPhillips transaction propelled Oando’s production from approximately 4,500 barrels of oil per day to 50,000 barrels of oil per day at the time.”

 

This strategic move by Oando not only solidifies its position as a leading indigenous energy player but also sends a strong message to the global energy community. It demonstrates the capability and ambition of Nigerian companies to compete on an international stage, challenging the traditional dominance of IOCs and paving the way for a more diversified and sustainable energy landscape.

 

Beyond the immediate impact on Oando’s operations, this acquisition is expected to have far-reaching implications for the Nigerian economy. The empowerment of indigenous energy companies like Oando aligns seamlessly with the Renewed Hope Agenda of President Bola Ahmed Tinubu, which emphasizes the importance of fostering local content development and promoting the participation of Nigerian businesses in the energy sector.

 

“Looking to the future, we will continue to pursue strategic opportunities that provide enhanced growth and value creation for our stakeholders, particularly in the clean energy, agri-feedstock sector, as well as infrastructure and mining,” Tinubu said, highlighting Oando’s commitment to diversifying its portfolio and contributing to the nation’s broader economic development.

 

The acquisition of NAOC is also expected to have a positive impact on Nigeria’s energy security and production. With Oando’s expertise and focus on optimizing the assets’ potential, the country’s oil and gas output is poised to receive a significant boost, helping to address the ongoing challenges of meeting domestic demand and maximizing export opportunities.

 

Eni, the Italian energy giant that previously owned NAOC, has also expressed its commitment to Nigeria’s economic diversification. The company has announced plans to assess the potential for producing agri-feedstock for Enilive bio-refineries and exploring various nature- and technology-based projects, such as clean cooking initiatives, to offset emissions.

 

“Eni remains committed to the country through investments in deepwater projects and Nigeria LNG,” the company stated, underscoring its continued involvement in the Nigerian energy sector, even as it divests from the onshore and shallow water assets.

 

The successful completion of this landmark acquisition has generated a wave of excitement and optimism within the Nigerian energy industry. Analysts and industry experts have unanimously praised Oando’s strategic vision and execution capabilities, recognizing the transformative potential of this transaction.

 

“This achievement will allow Eni to complete the transaction for the sale of Nigerian Agip Oil Company Ltd (NAOC), its wholly-owned subsidiary focused on onshore oil and 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 Exchanges,” Eni stated in its announcement.

 

The acquisition of NAOC is a testament to Oando’s resilience, adaptability, and unwavering commitment to driving the growth and development of the Nigerian energy sector. It is a significant milestone that will not only reshape the company’s trajectory but also redefine the dynamics of the industry as a whole.

 

As Oando embarks on this new chapter, the company’s leadership is confident that it will continue to identify and capitalize on strategic opportunities that create enhanced growth and value for its stakeholders. The diversification into clean energy, agri-feedstock, infrastructure, and mining sectors further underscores Oando’s vision to be a comprehensive energy solutions provider, contributing to the nation’s overall economic progress.

 

The successful acquisition of NAOC by Oando Plc marks a transformative moment in the history of Nigeria’s energy industry. It symbolizes the rise of indigenous companies and their ability to compete on a global scale, challenging the long-standing dominance of international oil giants. This milestone achievement not only strengthens Oando’s position but also paves the way for a more vibrant, diversified, and sustainable energy landscape in Nigeria, ultimately benefiting the nation’s economic development and energy security.

 

 

 

The acquisition of the Nigerian Agip Oil Company (NAOC) by Oando Plc has not only transformed the fortunes of the indigenous energy company but has also shone a spotlight on the untapped potential within Nigeria’s oil and gas sector. As the industry grapples with declining production and operational challenges, Oando’s bold move has proven that Nigerian companies are poised to rejuvenate the industry and drive its future growth.

 

According to Dr. Ainojie Irune, the Executive Director of Oando Plc and Chief Operating Officer of Oando Energy Resources, the successful completion of this landmark transaction has demonstrated the strength and capabilities of indigenous players in the sector. “If you look at the local companies that have stepped forward… there’s no doubt that indigenous capacity exists,” Irune stated in an interview with S&P Global Commodity Insights.

 

The dire state of Nigeria’s oil production, which has fallen well below its capacity of over 2 million barrels per day (bpd) of crude and condensate, has been a source of concern for industry stakeholders. Factors such as rampant oil theft, sabotage in the restive Niger Delta, underinvestment, and sluggish exploration activity have all contributed to the country’s production woes. In May 2024, Nigeria’s crude and condensate production stood at a mere 1.47 million bpd, according to the Platts OPEC Survey from S&P Global Commodity Insights.

 

This challenging landscape presents a unique opportunity for indigenous companies like Oando to showcase their ability to revive the sector and unlock its full potential. With the successful acquisition of NAOC, Oando has not only doubled its oil equivalent output but has also gained a significant stake in the joint venture assets and infrastructure that include 40 discovered oil and gas fields, 24 of which are currently producing.

 

Irune believes that the empowerment of indigenous players can be a game-changer in addressing the issues plaguing the industry. “My personal opinion is that having indigenous players will definitely improve issues around fairness and this need to engage in sabotage and theft. Collectively, independents can build a more cohesive and collaborative oil sector,” he said.

 

The acquisition of NAOC has set an industry precedent, and Oando anticipates that this landmark deal will pave the way for further asset divestments by international oil companies (IOCs) to indigenous players. These divestment deals are expected to bring in fresh capital, technology, and expertise, which will help to increase oil production, reduce carbon emissions, and create new opportunities for Nigerians in the industry.

 

The distinct advantages that indigenous companies possess, such as local knowledge, operational flexibility, and stronger community relations, offer unparalleled opportunities to optimize value creation within the sector. When coupled with global best practices, this advantage can unlock new avenues for growth and innovation.

 

The acquisition of NAOC by Oando has been widely celebrated as a major victory for the company’s Group Chief Executive, Jubril Adewale Tinubu, CON. Many in the business world, particularly the oil and gas industry in Nigeria, have described Tinubu as a “soldier and champion,” a strategist, and a serial winner, whose many stories of happy endings have confounded even his harshest critics.

 

Tinubu’s feats as a hugely successful player in the dangerous and turbulent oil and gas sector have earned him the admiration of many. His audacity to face challenges where others have fallen by the wayside has made him a role model for aspiring entrepreneurs and business leaders in Nigeria.

 

The acquisition of NAOC not only speaks to Oando’s own success but also showcases the immense potential and possibilities that lie within Nigeria’s business landscape for Nigerians. This landmark deal has demonstrated that indigenous companies can compete on a global scale and challenge the long-standing dominance of international oil giants.

 

As Oando looks to the future, the company is poised to continue pursuing strategic opportunities that provide enhanced growth and value creation for its stakeholders. The diversification into clean energy, agri-feedstock, infrastructure, and mining sectors further underscores Oando’s vision to be a comprehensive energy solutions provider, contributing to the nation’s overall economic progress.

 

Tinubu’s visionary leadership and strategic acumen have been widely praised by industry analysts and commentators. “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,” said Ms. Taiwo Alegeh, a foremost oil and gas analyst. “This not only speaks to his own success but also showcases the immense potential within Nigeria’s business landscape.”

 

The successful completion of the NAOC acquisition has generated a wave of excitement and optimism within the Nigerian energy industry. Analysts and industry experts have unanimously praised Oando’s strategic vision and execution capabilities, recognizing the transformative potential of this transaction.

 

Femi Ojo, another industry analyst, highlighted Tinubu’s status as a world-class businessman, lauding his visionary leadership and strategic acquisitions. “This latest acquisition by Oando is a testament to Tinubu’s ability to identify and seize opportunities that can transform the industry,” Ojo said.

 

The significance of this acquisition cannot be overstated, as it represents a transformative shift in the balance of power within the Nigerian energy industry. For decades, IOCs have dominated the upstream sector, with indigenous companies playing a relatively small role. However, this transaction marks a watershed moment, where Oando has emerged as a formidable player, poised to lead and operate oil and gas assets previously controlled by the international giants.

 

The empowerment of indigenous energy companies like Oando aligns seamlessly with the Renewed Hope Agenda of President Bola Ahmed Tinubu, which emphasizes the importance of fostering local content development and promoting the participation of Nigerian businesses in the energy sector. This acquisition is expected to have far-reaching implications for the Nigerian economy, contributing to the nation’s energy security, production, and overall economic development.

 

Eni, the Italian energy giant that previously owned NAOC, has also expressed its commitment to Nigeria’s economic diversification. The company has announced plans to assess the potential for producing agri-feedstock for Enilive bio-refineries and exploring various nature- and technology-based projects, such as clean cooking initiatives, to offset emissions.

 

“Eni remains committed to the country through investments in deepwater projects and Nigeria LNG,” the company stated, underscoring its continued involvement in the Nigerian energy sector, even as it divests from the onshore and shallow water assets.

 

The successful completion of this landmark acquisition has generated a wave of excitement and optimism within the Nigerian energy industry. Analysts and industry experts have unanimously praised Oando’s strategic vision and execution capabilities, recognizing the transformative potential of this transaction.

 

“This achievement will allow Eni to complete the transaction for the sale of Nigerian Agip Oil Company Ltd (NAOC), its wholly-owned subsidiary focused on onshore oil and 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 Exchanges,” Eni stated in its announcement.

 

The acquisition of NAOC is a testament to Oando’s resilience, adaptability, and unwavering commitment to driving the growth and development of the Nigerian energy sector. It is a significant milestone that will not only reshape the company’s trajectory but also redefine the dynamics of the industry as a whole.

 

As Oando embarks on this new chapter, the company’s leadership is confident that it will continue to identify and capitalize on strategic opportunities that create enhanced growth and value for its stakeholders. The diversification into clean energy, agri-feedstock, infrastructure, and mining sectors further underscores Oando’s vision to be a comprehensive energy solutions provider, contributing to the nation’s overall economic progress.

 

The successful acquisition of NAOC by Oando Plc marks a transformative moment in the history of Nigeria’s energy industry. It symbolizes the rise of indigenous companies and their ability to compete on a global scale, challenging the long-standing dominance of international oil giants. This milestone achievement not only strengthens Oando’s position but also paves the way for a more vibrant, diversified, and sustainable energy landscape in Nigeria, ultimately benefiting the nation’s economic development and energy security.

 

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Jubril Adewale Tinubu’s Bold Path for Oando

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2 weeks ago

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February 10, 2025

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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 30th 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 30th 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.

 

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Oando set to Redeem Promise to Shareholders

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2 weeks ago

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February 6, 2025

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In its  commitment to enhancing shareholders value Oando  has concluded plans to  reward them  by giving them an incredible 1.28 billion additional shares in the form of stock dividend. This means shareholders will get more shares added to their investment portfolio at no extra cost. The sheer size of the offering, with 1.28 billion shares distributed, makes it the biggest shareholder reward in Oando’s history.

This decision follows the approval of shareholders at the Company’s 45th Annual General Meeting (AGM) held on December 17, 2024, authorising “the Company may cause shares received pursuant to sub-resolution (b) above, and/or their cash equivalent to be distributed to shareholders of record at date(s) as may be determined by the Board of Directors, from time to time, on a pro-rata basis.”

Subsequently, the Board of Directors resolved to distribute the shares in two tranches in a meeting held on January 30, 2025. The total worth of shares valued at 97,562,157,676, based on Oando PLC’s closing share price of 76 as of January 30, 2025, will be distributed to its shareholders beginning with 641,856,301 ordinary shares at the close of business on February 14, 2025, and 641,856,300 ordinary shares at the close of business on June 30, 2025.

Stock dividends are considered more superior to cash dividends as shareholders are being given the choice of either keeping their return on investment or turning it to cash whenever they want; with a cash dividend, that option is unavailable.  In this instance Oando shareholders are getting a return on investment of over 10%. The increase in shares also means an increase in potential future dividends, as the more shares a shareholder owns, the more dividends they can potentially receive.

Furthermore, instead of paying cash, which could weaken the company’s future financial position, Oando is preserving value and ensuring shareholders benefit from future growth through this scheme. By distributing shares, the company can maintain a strong financial position, which is crucial for future growth and investment opportunities.

This positive news for Oando shareholders directly increases minority shareholders’ ownership stakes by one (1) new ordinary share of 50 kobo each for every twelve (12) existing ordinary shares of 50 kobo held by the shareholders without dilution.

This news comes in the wake of Oando’s robust performance in 2024, bolstered by its $783Million acquisition of Nigerian Agip Oil Company (NAOC) in August 2024, which led to a bullish increase of over 500% in its share price. The acquisition also significantly impacted the company’s FY 2024 financial results, resulting in a 45% surge in revenue to N4.1Trillion. This strong financial performance should instil confidence in shareholders about the company’s prospects.

Building on the track record of 2024, Oando announced the award of Block KON 13 in Angola’s Onshore Kwanza Basin in January 2025. The future remains hopeful for shareholders, as the Group Chief Executive (GCE), Wale Tinubu CON, mentioned in a recent statement that the company will prioritise cost optimization, operational efficiency, streamlining processes, enhancing procurement, and leveraging technology to improve productivity across operations.

By distributing the shares in two phases, Oando ensures that its stock price remains strong and stable, avoiding any sudden market drops.

 

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Audullahi Saheed Mosadoluwa: Visionary Leader Redefining Real Estate, Community Development

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4 weeks ago

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January 27, 2025

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Hon. (Dr.) Audullahi Saheed Mosadoluwa, fondly known as “Mr. Ibile,” embodies the spirit of innovation, resilience, and purpose. His journey from a young entrepreneur to one of Nigeria’s most revered real estate developers is an inspiring testament to visionary leadership and a deep commitment to societal transformation.
Born into an entrepreneurial family, Mosadoluwa developed a sharp business acumen at an early age, a foundation that set the stage for his remarkable career. His ambition and forward-thinking approach eventually led him to establish Harmony Gardens and Estate Development Limited, a company now synonymous with excellence and innovation in Nigeria’s real estate sector.
Under his guidance, Harmony Gardens has flourished into a household name, delivering projects that cater to both luxury seekers and everyday Nigerians. One of the company’s standout developments, the Lekki Aviation Town Estate, is a masterfully designed residential hub strategically located near the upcoming Lekki-Epe International Airport. Spanning over 1,400 hectares, this ambitious project offers state-of-the-art amenities and positions Harmony Gardens as a key player in addressing Nigeria’s housing deficit.
In addition to Lekki Aviation Town, Harmony Gardens boasts other groundbreaking projects such as HarmonyVille Estate, CrestView Estate, and Granville by Harmony. Each of these developments is a testament to Mosadoluwa’s dedication to creating inclusive, sustainable communities that elevate the living standards of Nigerians.
Recently, Mosadoluwa expanded his influence by launching Ibile Holdings Global Limited, a new venture focused on optimizing construction practices and property management in Nigeria. This move underscores his commitment to diversifying the economy, creating jobs, and setting new benchmarks in quality and efficiency.
Beyond his business accomplishments, Mosadoluwa is a devoted philanthropist. He has funded scholarships for underprivileged students, supported affordable housing initiatives for low-income families, and spearheaded free healthcare outreach programs in underserved communities. His generosity and advocacy for equity have touched countless lives, solidifying his reputation as a compassionate leader who prioritizes people over profit.
Mosadoluwa’s contributions have not gone unnoticed. He has received numerous accolades, including an Honorary Doctorate from the Chartered Institute of Public Resources Management & Politics (CIPRMP), Ghana, for his efforts in democracy, education, and affordable housing. His leadership and advocacy have also earned him the Outstanding Real Estate Leader Award and the Pan-African Housing Leadership Award.
While his journey has not been without challenges, including allegations of land disputes that he has consistently addressed through legal channels, Mosadoluwa remains steadfast in his mission to operate transparently and uphold ethical standards in the real estate industry.
Looking ahead, Mosadoluwa envisions a Nigeria where housing is accessible to all. With ambitious plans to build over 750,000 affordable homes by 2030 and attract foreign investments into the country’s housing sector, he is committed to driving sustainable development and economic growth.
Hon. (Dr.) Audullahi Saheed Mosadoluwa is more than a businessman—he is a visionary leader, a philanthropist, and a symbol of hope for countless Nigerians. Through his groundbreaking projects, unwavering dedication to ethical practices, and relentless pursuit of excellence, he continues to inspire and transform lives across the nation.
-Written by Sunday Adebayo

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