Business
Oil Magnate, Wale Tinubu Signs new Deal with US Firm
Billionaire oil mogul, Jubril Adewale Tinubu has led Oando Plc, a prominent and leading Nigerian integrated energy solutions provider to ink a historic memorandum of understanding (MOU) with US based FuelCell Energy, a leading global innovator in sustainable clean energy technologies.
The agreement, signed during a prestigious roadshow hosted by the U.S. Agency for International Development (USAID) Mission in Nigeria, U.S. Government Prosper Africa, and Power Africa initiatives, signifies a substantial leap forward in advancing renewable power solutions in Nigeria.
The event, designed to introduce U.S. investors to opportunities within the Nigerian investment landscape, attracted prominent figures from U.S. pension funds and financial service providers.
Under the terms of this agreement, FuelCell Energy and Oando Clean Energy Limited (OCEL), the renewable energy subsidiary of Oando Energy Resources (OER), a part of Oando Plc, will collaborate on the development of a cutting-edge 5 to 15-Megawatt (MW) power plant.
This visionary partnership is poised to harness FuelCell Energy’s advanced fuel cell and electrolyzer technology while delving into integrating its carbon capture and sequestration technologies.
The partnership closely aligns with OCEL’s mission to enhance electricity accessibility throughout African markets, beginning in its home nation, Nigeria. OCEL regards this collaboration as a pivotal stride toward advancing Nigeria’s industrialisation and expanding power access.
Speaking on the agreement, OCEL Chairman, Wale Tinubu emphasised the increasing recognition of renewable energy as a sustainable and long-term solution for the world’s energy requirements.
He noted that this recognition has led to lower prices and the emergence of innovative and more accessible solutions, including those offered by FuelCell Energy.
“Their flexible, cost-effective, and state-of-the-art scalable technology gives us confidence that we have chosen a good partner to help Nigerians access reliable low-carbon energy,” Tinubu stated.
Oando Plc is a Nigerian multinational energy company with a presence in the upstream, midstream, and downstream sectors of the oil and gas industry. The company is dual-listed on the Nigerian Exchange and the Johannesburg Stock Exchange.
The Niger Delta Chamber of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has dismissed allegations that it appropriated the Niger Delta Economic & Investment Summit (NDEIS) brand, insisting it lawfully obtained trademark acceptance for the name and will proceed with its 2026 summit as scheduled.
In a statement issued on September 12, 2026, the chamber described claims by Kunle Nwiwa Junior as “cheap blackmail, misleading, mischievous and a misrepresentation of the facts,” maintaining that it independently developed the summit and followed all required regulatory procedures.
According to NDCCITMA, it applied for and received a Trademark Acceptance Letter for the name Niger Delta Economic & Investment Summit (NDEIS) in August 2025 under File No. NG/TM/O/2025/387284.
The chamber said the chronology of events contradicts allegations that it copied another party’s application, arguing that its trademark acceptance predated the period during which Nwiwa’s own application was reportedly still pending before the relevant authorities.
“Economic Summit” is a generic expression
NDCCITMA further argued that the phrase “Economic Summit” is a generic description widely used for conferences that bring together governments, investors, businesses, development institutions and other stakeholders to discuss investment and economic development.
The chamber maintained that while concepts may be widely used, legal protection only arises from recognised intellectual property rights, including duly registered trademarks and other enforceable proprietary interests.
It therefore rejected suggestions that any individual or organisation has exclusive ownership of the broader concept of an economic summit.
Court grants interim injunction
Addressing reports that the summit had been halted, NDCCITMA said the dispute is already before the Federal High Court in Port Harcourt and that there is no court order restraining the event.
The chamber disclosed that in Suit No. FHC/PHC/CS/57/2026, Justice Stephen Dalyop Pam granted an interim injunction restraining the defendants—Kunle Nwiwa Junior and Keneva Consult Ltd.—from interfering with the planned summit.
According to NDCCITMA, the court also directed the defendants to remove publications, notices, petitions, social media posts and other statements allegedly considered damaging to the chamber’s name, integrity and reputation pending the hearing of its motion for interlocutory injunction.
The matter has been adjourned until September 22, 2026 for further hearing.
Chamber rejects ₦500 million demand claim
NDCCITMA also alleged that it had received a demand from Nwiwa Junior requesting ₦500 million as a condition for abandoning his claims over the summit.
The chamber said the demand was rejected, adding that it subsequently petitioned the Inspector-General of Police over what it described as repeated harassment and threats directed at its officials.
It said the petition sought police intervention, including inviting the complainant for questioning and caution where necessary.
Summit opens September 15
Despite the legal dispute, NDCCITMA reaffirmed that the 2026 Niger Delta Economic & Investment Summit will hold from September 15 to 17, 2026, at the Obi Wali Conference Centre in Port Harcourt, Rivers State.
The summit will be held under the theme “Driving Investment, Innovation & Industrial Growth in the Niger Delta” and is expected to bring together policymakers, investors, business leaders, development partners and industry stakeholders to discuss economic transformation across the region.
The chamber said it remains committed to promoting commerce, industry, trade, mining, agriculture and sustainable economic development throughout the Niger Delta while allowing the courts to determine all outstanding legal issues.
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
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