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OANDO @30: The Success Story of an Iconic Brand- Written By Joy Agamah

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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.

 

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Oando set to Redeem Promise to Shareholders

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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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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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Oil Tycoon, Wale Tinubu, Begins the New Year with Positive Momentum

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Oil tycoon and highflying businessman, Jubril Adewale Tinubu, has started the year 2025 on a very good and brighter note as he has just led Oando to secure a major oil block in Angola.

The  integrated energy solutions provider this week secured a major win by emerging as the operator of Angola’s Kwanza Basin Block KON 13.

This milestone marks a significant step in the company’s efforts to increase its oil production capacity to 100,000 barrels per day as part of its broader global expansion plans.

Over the weekend, the National Agency for Petroleum, Gas and Biofuels (ANPG), Angola’s upstream petroleum regulator, announced the results of the Limited Public Tender for Block KON 13, located in the Kwanza Onshore Basin.

The tender process began on May 24, 2024, with bidding held on September 3, 2024.

According to ANPG, Oando Energy has been designated the operator with a 45 percent stake in the block.

An additional 10 percent interest remains available for non-operating companies, to be awarded through a restricted competition involving unsuccessful bidders from the operator selection round.

The Angolan regulator stated that the bid process adhered to the requirements outlined in Presidential Decree No. 86/18, which governs criteria for financial and technical capacity for operators and financial capability for non-operators.

Oando’s success in Angola reflects its decade-long ambition to establish a presence in the country’s hydrocarbon sector.

In 2014, Tinubu revealed that Oando had signed joint ventures in Angola and Mozambique. However, financial challenges over the years cast doubt on the company’s ability to sustain its pan-African vision.

That narrative shifted with Oando’s recent acquisition of 100 percent ownership of Nigerian Agip Oil Company Limited (NAOC Ltd) from Eni S.p.A., an Italian oil giant.

This acquisition increased Oando’s stake in four key oil mining leases —OMLs 60, 61, 62, and 63—from 20 percent to 40 percent.

Oando has outlined plans to enhance output through new drilling projects and improved security measures.

The acquisition has also bolstered investor confidence, with a notable rise in the company’s share price and market value.

Definitely, it is not too early to conclude that the world the world class serial investor  has achieved prompt success and  positive developments, while setting a favourable tone for the rest of the year.

 

 

 

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