Business
Oando Boss Adewale Tinubu Receives Energy Times Award
It is yet another honour for oil and gas tycoon and boss of Oando plc., Jubril Adewale Tinubu, as he received another award as the GCEO of the Year, 2024.
The award ceremony held last Friday at the Energy Times Magazine’s Awards, at the Oriental.
It was indeed double honours for the quintessential oil mogul, as Oando was also awarded as the Emerging Major Oil company of the Year.
It has been a great journey for the business guru and his firm having received three awards this year alone for unprecedented contributions to the nation’s oil and gas sector.
It would be recalled that in February, Oando won Energy Deal of the Year, 2024 at the Nigeria international Energy summit, NIES, 2025. This was in recognition of its transformative $783 million acquisition of the Nigerian Agip Oil Company from the Italian energy firm Eni.
Tinubu was also recognized during the annual awards ceremony organized by Daily Telegraph Publishing Company Limited, publishers of New Telegraph newspapers, in February as the Investor of the year.
As gathered, other awardees at the second edition of Energy Times award include Minister of Power, Adebayo Adelabu; Ekiti State Governor, Biodun Oyebanji; Former Group Chief Executive Officer of NNPC Limited, Engr. Mele Kolo Kyari; NMDPR’s Chief Executive, Engr. Ahmed Farouk; the immediate-past and first female Managing Director, Shell Nigeria Exploration and Production Company Limited (SNEPCo), Mrs Elohor Aiboni, among others.
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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