In a remarkable story of vision, tenacity, and unwavering commitment, Adewale Jubril Tinubu, CON, and his partners at Oando Plc, a Pan-African energy giant have built an empire on the foundation of the number ’30’. The rise of the conglomerate showcases the significance of the   earth-shattering moment in Tinubu’s business empire.

The defining moment was in 2000 when the then small start-up Ocean and Oil Services Limited made a bold move to successfully bid for a 30% controlling interest in Unipetrol Plc, a downstream petroleum marketing company in Nigeria. That strategic acquisition laid the groundwork for Oando’s subsequent growth and transformation into a dominant player in the oil and gas industry. This was followed by the 2002’s further bid and acquisition of 60% stakes of Agip Nigeria Plc.

Tinubu’s belief in the power of dreams and relentless pursuit to make them a reality has been the driving force behind Oando’s success —even in the face of doubts and disparaging labels. It also underscores the importance of seizing opportunities and building a brand synonymous with excellence, despite the fast-paced nature of today’s world and uncertainty in the oil and gas sector across the globe.

From a $1.8 billion acquisition of ConocoPhillips Nigeria, Oando has consistently embraced the challenges that come with being a trailblazer, emerging stronger at every step despite adversity. The conglomerate’s story is one of tenacity, resilience, and an unwavering belief in the future they envisioned, likening their journey to the rise of the phoenix from the ashes.

By 2008, Oando had become the first indigenous company with interests in producing deepwater assets via acquisition of equity in 2 oil blocks from different IOCs. That was a decade apart with Oando ushering in a new era of investment in the energy sector.

To the diabolical propagandists who swirled that Oando is enjoying favouritism from the Presidency, they should refresh their memory to know that the conglomerate’s history did not start with the current government. Tinubu, its CEO, has not stopped telling the success stories of the company since it was created 30 years ago.

“In the process, we knew there would be challenges, and there were challenges. But one thing you will learn about Oando is that we know how to battle challenges. In 2002 we did the bid, and once again, a competitive bid and we won. And when we won, we won because we knew how to acquire companies and how to manage them for value,” Tinubu said.

There is no gainsaying that Oando has taken the mantle, determined not just to lead, but to blaze a trail for others to follow, introducing a new narrative for Nigerian indigenous companies in the industry.

Oando’s trailblazing efforts extend beyond acquisitions. The company has pioneered the nationwide private sector rollout of natural gas solutions, constructing over 320kms of gas pipelines in major cities and providing natural gas to commercial customers. They have also built a 45,000MT midstream jetty, a first of its kind in sub-Saharan Africa, to address inefficiencies and delays at the Apapa port.

Looking into the future, it is certain that Oando and the “Humans of Oando” will play a critical role in shaping a brighter future for Nigeria. Envisioning a Nigeria where entrepreneurship and innovation solve the challenges of today, and the country seizes its destiny both onshore and beyond.

For OANDO Plc, the last three decades have been quite memorable looking back at various exciting periods. In that period, the oil giant has experienced more roses than thorns. The company, which started out as an oil services company in 1994 has grown in leaps and bounds to become one of sub-Saharan Africa’s leading indigenous energy companies.

With the deep understanding that Ocean and Oil Services Limited was established been to supply diesel and Low Pour Fuel Oil (LPFO) to various shipping firms and offshore exploration companies in Nigeria, Jubril Adewale Tinubu, CON has indeed come a long way to establish himself as one of Africa’s successful businessman.

The story of OANDO Plc, which would make an excellent case study for young and aspiring businessmen, is about three young men – Wale Tinubu, Mofe Boyo and Jite Okoloko – who dared to dream and with hard work and dedication, turned the dream into reality.

For the records, it was no doubt a humble beginning, as the budding oil company started out only with a vessel, MT Carolina, anchored in Bonny Island, Rivers State to supply diesel and Low Pour Fuel Oil (LPFO) to off-shore companies from the Port-Harcourt, Rivers State refinery.

But with dedication, hard work and a very strong belief, in just six years after its emergence on the nation’s thriving oil market, Ocean and Oil Services Limited started to show flashes of a potentially big player, particularly with the acquisition of six ships, a development that shocked its morbid critics who didn’t give it any chance of survival.

The success story continued in 2000 when Wale Tinubu and his co-travellers made open an ambitious desire to acquire a 30 % controlling interest in the defunct Unipetrol. At the time, the audacious move was a swift response to the government’s decision to sell its controlling 60% stake in Unipetrol Plc, an integrated downstream oil marketing company.

No one believed that Ocean and Oil Services Limited, an upstart company, would acquire an already top-quoted company on the Lagos Stock Exchange. But for Tinubu and his team, nothing is impossible if you believe and go for it.

To the surprise of the naysayers, some renowned seasoned technocrat and other nitpickers, the planned acquisition recorded no hitch, as it was completed in a record time. By 2001, Ocean and Oil Services had increased its shares in Unipetrol to 42%. The company reportedly wrought this magic with an impressive support from its foreign technical partners, Compagnia Espanola De Petroleos (CEPSA), the second largest oil group in Spain.

The fire in the magic wand burnt brightly once again in 2002, when these enterprising and go-getting businessmen fortuitously became the object of global interest. Again, to the disbelief of many, Ocean and Oil Services Limited acquired a 60% stake in Agip Nigeria Plc.

For the benefit of those who do not know the story, it all began when Agip Petroli International BV of Italy decided to divest from the downstream sector. With their eyes fixed on the future, the business partners, after wide consultations and meeting of minds, bought over the foreign company’s shares and added Agip Nigeria Plc, the company’s local subsidiary, to their portfolio, using a N9.2 billion four-year syndicated loan from a consortium of local and international lenders, to finance its purchase.

The magical success story continued about one year after, when in 2003, the newly acquired companies were merged, resulting in the historic birth of Oando Limited. That singular audacious move, in the eyes of many players in the industry, spoke to the sense and rhyme in the saying of Henry Ford, an American industrialist and founder of Ford Motor Company that “ Coming together is a beginning, staying together is progress and working together is success.”

In a spate of three decades, Tinubu and his partners have indeed stayed together and worked together. These success stories should, therefore, not be a surprise to anyone who has followed the story in the last 30 years. It is a story that has defied all imaginable hypotheses, as Oando Plc has climbed one ladder after another to become a global brand.

It is an indisputable fact that in those three decades, Tinubu and his partners have been able to maintain their preeminence in the sector owing to the value-added services rendered by the company’s subsidiaries: Oando Marketing Limited, OML, one of the largest downstream petroleum marketing companies in Nigeria with over 500 retail outlets across Nigeria, Ghana, and Togo; Oando Supply and Trading Limited, OST, one of the largest independent traders of crude and refined petroleum products in sub-Saharan Africa incorporated in 2004; Oando Gas & Power Limited, OGP, a pioneer in the development of Nigeria’s foremost gas distribution network, spanning 264km and serving over 150 industrial and commercial customers in Lagos, Calabar and Port Harcourt incorporated in 2004; Oando Energy Services Limited, OES, Nigeria’s largest indigenous oilfield services provider incorporated in 2005 to enhance indigenous participation with a fleet of 5 rigs; Oando Energy Resources, OER, one of Nigeria’s foremost indigenous upstream oil and gas companies.

Today, history its replete with how Oando Energy Resources, OER, had, in 2014, acquired ConocoPhillips Nigerian assets for $1.8bn (inclusive of working capital), secured a 20% interest in the NAOC-Joint Venture (“the JV”) and augmented its total net 2P reserves to 503 million barrels of oil equivalent (mmboe), with peak net production levels of 45,000 barrels of oil equivalent per day (kboep/d).

Again, in 2016, industry watchers were astounded when news broke that the Company was divesting from its Naira-earning businesses to focus on its US$-earning portfolio.

So far, Tinubu has proven that he and his team can see tomorrow today. In 2021, the Company added Oando Clean Energy Limited to his portfolio. Though it aims to design and deliver clean energy projects, it is ultimately to fast-track the nigeria’s energy requirements, while also fulfilling the United Nation’s Race to Net Zero.

In May 2023, the Company rolled out two electric mass transit buses in fulfilment of the Proof-of-Concept Phase, with 552 buses to be secured by the end of 2023. In August 2024, OANDO completed the acquisition of 100% of Eni’s interest in NAOC, the operating company of the JV, thereby increasing its stake in the JV from 20% to 40%, and securing operatorship of the JV as well as doubling its 2P reserves to 996.2 mmboe.

More than ever before, Tinubu seems to be unstoppable in the effort to continuously expand the company’s exploratory asset base portfolio, while positioning itself for the energy transition through the development of its renewable energy business.

Expectedly, like every mango trees filled with juicy fruits would attract stones, OANDO Plc and Wale Tinubu have attracted timid attacks from those who are and intimidated by the rising profile of the company and its Group Chief Executive Officer. Their latest efforts came into focus recently with the linking the achievements to President Bola Tinubu and Nigeria’s Presidency.

The tiny seed sown by the three young men about 30 years ago has today grown into a mighty tree under which countless number of humans from across the globe seek refuge. The did not germinate and grow into the mighty tree overnight, it took 30 years of hard work, dedication and perhaps sleepless nights. It is for reasons like these that it makes no sense hinging the success story of OANDO on President Bola Tinubu, who only emerged as Nigeria’s President a little over one year ago.

And for OANDO Plc, as it celebrates its 30 years anniversary, everyone is waiting with bated breath for the next move from the man whose driving force is to make success of the dream the three young men had three decades ago.

“Repeat a lie often enough and it becomes the truth,” is a law of propaganda often attributed to the Nazi Joseph Goebbels. Repetition makes a fact seem more true, regardless of whether it is or not.

This clearly may be why those who are envious and intimidated by the rising profile of Oando Plc and that of its Group Chief Executive Officer, Jubril  Adewale Tinubu, CON, have in recent times been spreading negative narrative against them. Oando and Wale Tinubu have come under scrutiny in the past few months with detractors linking their achievements to President Bola Tinubu and Nigeria’s Presidency.

Those who continue to push this narrative have failed to take time to look at the trajectory of Oando, which has grown organically to emerge as one of the leading oil and gas companies in Africa, touching several lives and impacting communities as well as Wale Tinubu, who by dint of hard work has emerged as one of Africa’s formidable business leaders.

Wale Tinubu has been doing big things even before Tinubu emerged as President. Over the years he has remained a leading light in the oil and gas industry cutting major deals in the sector without anyone linking him to Nigeria’s Presidency.

The story of Oando is about three young boys – Wale Tinubu, Mofe Boyo and Jite Okoloko – who dared to dream. They made bold decisions in the early stage of their business, experienced normal ups and downs and today are reaping the fruits of their hard work. Like every strong and visionary leader, these young men persevered and never gave up. Only those who dare to dream succeed.

That is why by now hinging their success over the years on Bola Tinubu, who only emerged as Nigeria’s President in 2023, is seen as an attempt to belittle their daring spirit.

In a world often defined by challenges and setbacks, the entrepreneurial spirit shines as a beacon of hope. It’s the unwavering determination, the relentless pursuit of innovation, and the indomitable belief in one’s vision that drives individuals to overcome obstacles and create lasting impact. Wale Tinubu exemplifies this spirit. He has faced adversity head-on, transforming setbacks into stepping stones. From humble beginnings to developing a thriving enterprise, Wale Tinubu’s journey is a testament to the power of perseverance and the human spirit.

His story is not just about success; it’s about inspiration. His unwavering belief in ideas, coupled with his ability to adapt to changing circumstances, has enabled them to navigate the complexities of the business world.

Beyond Oando, Wale Tinubu is also a philanthropist. His commitment to giving back underscores his belief in the importance of social responsibility and his desire to make a positive difference in the world.

In a time when many may feel discouraged, Wale Tinubu’s story should serve as a powerful reminder that with determination, resilience, and a touch of innovation, anything is possible. Born on June 26, 1967, Wale Tinubu attended his primary and secondary school education in Nigeria, then proceeded to University of Liverpool, England for his tertiary studies where he earned a Bachelor’s Degree in Law (LLB) in 1998. Subsequently, he went to the London School of Economics where he bagged a Master’s Degree (LLM) specialising in International Business Law in 1989 and was called to the Nigerian Bar in 1990.

He began his career in 1990 as a legal practitioner and later achieved a track record as a serial energy entrepreneur with a proven reputation in building energy companies and institutions.

An astute business leader, and a visionary with a track record of having raised over $4 billion from international financiers for various growth, acquisitions, and development projects. He sits on the board of multiple companies.

In 1993, he co-founded Ocean & Oil Group leading its growth from an oil trading and shipping company to a fully diversified Oil & Gas Company. In 2000, Ocean & Oil acquired a controlling interest in Unipetrol Plc and two years later, he led the largest-ever acquisition of a quoted Nigerian company, with Unipetrol Plc’s purchase of Agip Nig Plc, thereafter rebranded as Oando Plc. This group continues to positively impact the lives of millions of Nigerians till this day.

J.A.T (Jubril Adewale Tinubu), as he is fondly called by his admirers, is globally recognised for transforming Oando from a petroleum marketing company to sub-Saharan Africa’s foremost integrated energy group.

Before he exited the downstream of the oil sector, Oando marketing had become the nation’s leading distributor of petroleum products with a network of over 130,000MT tank storage capacity and over 400 retail outlets.

He also pioneered the construction of a state-of-the-art mid-stream jetty designed to eliminate operational inefficiencies in petroleum product importation, resulting in millions of dollars in cost savings for the industry.

Also, Oando Gas and Power developed the nation’s foremost natural gas distribution company with circa 300km of gas pipelines delivering cleaner energy to over 150 commercial customers in Lagos, Calabar and Port-Harcourt.

In 2014, Oando Energy Resources (OER), completed the $1.8 billion landmark acquisition of Conoco Phillips (COP) Nigerian businesses, fortifying the company as one of the largest indigenous oil & gas companies in Nigeria. Today, OER has interests in 15 licences with extensive infrastructure across the Niger Delta & West Africa in addition to being a strategic national gas supplier as it is the second largest gas supplier to the LNG and the domestic market as well as being a dominant power supplier to the nation via its Okpai Power Plant Phase 1 & 2.

In 2021, Wale Tinubu founded Oando Clean Energy Limited to design, and deliver clean energy projects towards the realisation of the nation’s energy requirements and the United Nation’s Race to Net Zero, following the execution of an MoU between the company and the Lagos State government to replace the state’s mass transit bus system with electric mass transit buses along with the supporting infrastructure. In May 2023, the company rolled out two electric mass transit buses in fulfilment of the Proof-of-Concept Phase, with 552 buses to be secured by the end of 2026.

In August 2024, 10 years after it purchased ConocoPhillips Nigerian assets, under his leadership, Oando Energy Resources (OER) finalised the acquisition of 100 per cent of Eni’s shares in Nigerian Agip Oil Company Limited (NAOC Ltd)- the Company holding 20 per cent stake in the NEPL/ NAOC/ Oando Joint Venture (the JV), for $783 million.

This transaction increased Oando’s stake in the JV from the 20 per cent secured post-2014’s acquisition of COP’s Nigerian businesses to a 40 per cent stake in addition to doubling its 2P reserves (from 503.3MMboe to 996.2MMboe based on 2021 reserve estimates).

Furthermore, it expanded Oando’s exploratory asset portfolio through the acquisition of a 90% interest in OPL 282 and 48 per cent interest in OPL 135, increased the company’s ownership stake across the JV’s infrastructure, and grants the company operatorship of the JV.

Speaking on NAOC’s acquisition recently, Wale Tinubu, said: “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. With our assumption of the role of operator, our immediate focus is on optimising the assets’ immense potential in contributing to our strategic objectives, whilst complementing the nation’s plan to boost production outputs.

“Looking to the future, we will continue to pursue strategic opportunities that provide enhanced growth and value creation for our stakeholders, particularly in clean energy, agri-feedstock sector, as well as infrastructure and mining.”

No doubt, Wale Tinubu’s passion for driving a sustainable basic educational system for the Nigerian child led to the creation of the Oando Foundation which through its signature programme-The Adopt-A-School Initiative (AASI), has adopted about 88 public primary schools across Nigeria, supporting over 500,000 students- enrolled over 60,000 Out of School Children, trained 5000+ teachers, constructed 154 classrooms and sanitation facilities and established 39 digital learning centres, with a target of impacting two million beneficiaries across 200 schools by 2027 through its various education, and environmental initiatives.

A philanthropist and humanitarian, he led the drive to raise private sector awareness and funding for the humanitarian crisis in the Northeast by hosting the 2018 launch of the Nigeria Humanitarian Fund Private Sector Initiative (NHF-PSI) as well as leading a private sector delegation to a first-ever collective tour of two internally displaced camps in Maiduguri, Borno State.

He was conferred with the National honour of Commander of the Order of the Niger (C.O.N) in October 2022 and is the recipient of numerous other national & international awards such as the World Economic Forum’s Global Young Leader 2007; African Business Magazine’s African Business Leader of the Year 2010; Leadership Businessperson of the Year 2014; Oil Council’s Africa Executive of the Year 2015, Ernst & Young’s West Africa Entrepreneur of the Year 2015, amongst many others. and has been the subject of several articles, case studies and literature.

He is a member of the Nigerian Bar Association, the Institute of Directors of Nigeria, the Lagos Boat Club, Ikoyi Club, Polo Club, and several other social & professional associations. He is an ardent reader and a lover of jazz music. He is happily married with children.

Oando is one of sub-Saharan Africa’s leading Indigenous energy companies based in Nigeria and a dual listing on both the Nigerian and Johannesburg stock exchanges. Clearly, the transformative journey of Oando has been a 30-year one.

From the foregoing, it is clear that Wale Tinubu and Oando have consistently focused on pushing beyond the boundaries to achieve results. The success of this business leader and his company is not tied to Bola Tinubu’s Presidency.

In a time when many may feel discouraged, Wale Tinubu’s story should serve as a powerful reminder that with determination, resilience, and a touch of innovation, anything is possible. His journey is a testament to the enduring spirit of entrepreneurship, a force that continues to shape our world and inspire future generations.

Culled from Thisday.