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Energy Tycoon Wale Tinubu Praises Otedola and Elumelu for Landmark Deals

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Wale Tinubu

Wale Tinubu praises Femi Otedola and Tony Elumelu for landmark 2025-2026 energy deals shaping Nigeria’s sector and investment landscape

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Billionaire energy tycoon, Jubril Adewle Tinubu has hailed two of Nigeria’s influential investors Femi Otedola and Tony Elumelu for wrapping up the year 2025 and ringed in 2026 with two landmark deals.

Also read:  Wale Tinubu Leads Oando’s global energy expansion

In a post Thursday on his various social handles, Tinubu spotlights Otedola’s ‘investor foresightedness’ and Elumelu’s deliberate ‘bet on African capability’ as inspiring moves in the energy sector that will spur others into a roaring start.

The Oando Plc Group Chief Executive wrote: “Reflecting on the first week of work in 2026, Femi Otedola and Tony O. Elumelu have given us a roaring start already. With the Geregu exit, Femi turned an investment in power into a landmark deal, while simultaneously deepening his position in banking. This speaks to deft positioning.“Femi, you backed investor foresight with conviction and knew exactly when to act decisively.

The mark of an exceptional investor is not simply in making an investment.

The mastery lies in knowing when to exit. This, I must admit, was executed in spectacular fashion.

“For Tony, stepping into Seplat as a major shareholder is a long, deliberate bet on African capability; on ownership; on governance and on the belief that our energy future should increasingly be shaped by those who live and build at home. These are exceptional deals that set the tone not just for the year ahead, but for how value is truly created,” Tinubu concluded.

Industry stakeholders have equally described the two billionaires’ late 2025 megadeals as a fast changing pecking order in the volatile energy sector.

Otedola had reportedly cashed out when he ceded control of his high-yielding Geregu Power Plc through a change at the holding company level.

The billionaire businessman has divested his 77 per cent controlling stake in the company in a landmark $750m transaction.

In a notice filed with the Nigerian Exchange, NGX, Otedola exited Geregu as majority shareholder with MA’AM Energy Ltd acquired 95% of his Amperion Power Distribution Co., changing the ultimate beneficial ownership of 77% of Geregu’s issued share capital.

Geregu is among the NGX’s most watched electricity stocks, helped by steady earnings in a market hit by gas constraints and payment shortfalls.

Otedola, it is learnt, intends to redeploy the capital into financial sector investments.

The Epe-born investor is the Chairman of First HoldCo Plc, a financial holding company he owns more than 18 percent of its stake.

Elumelu, the banking tycoon, also through his Heirs Group, created a sensation at the twilight of 2025 when he bought Maurel & Prom entire 20.07% stake about 120.4 million shares in Seplat Plc, in a deal valued at roughly $500 million.

Seplat’s rise has been fueled by a $1.28 billion purchase of ExxonMobil’s onshore business, completed last year, which added oil blocks, fields and export infrastructure.

On his part, Tinubu has also emerged one of the few titans who command a great deal of reverence in Nigeria’s vast and ever-evolving energy landscape.

Also read: Oando CEO Wale Tinubu praises Oramah as he exits Afreximbank

He has led his Oando Plc into a status of one of Nigeria’s best known indigenous energy names, listed in Lagos and Johannesburg, with upstream interests and trading and logistics operations

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Wole Soyinka at 92: Nigeria’s literary titan, Africa’s conscience and global intellectual powerhouse

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Wole Soyinka

By Ehi Braimah

There are writers, there are intellectuals, and there are moral giants whose influence transcends literature to shape the conscience of nations.

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Facebook Nigeria vs ARCON’s judgment: Not about fine but consumer protection at risk of vulnerability

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By Ewa Izuchukwu,  

It’s no longer news that the Federal High Court sitting in Lagos has recently set aside the ₦60 billion regulatory fine the Advertising Regulatory Council of Nigeria (ARCON) impose on Facebook Nigeria Operations Limited (FNOL) in October 2024. Hon Justice Yelim Bogoro’s decision in suit FHC/L/CS/2205/2024 has been reported widely in the days since, and much of that reporting has fixated on the size of fine, sixty billion naira which, as expected will make the headlines.

Read more: ARCON Secures Major Legal Win in Watercress Court Dispute

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But the fine itself is close to old news, and any editorial honestly reckoning with this judgment has to say so plainly. As far back as April 2025, Justice Akintayo Aluko, sitting in the same Federal High Court in Lagos, had already settled whether ARCON may impose fines directly.

In Digi Bay Limited (trading as Betway Nigeria) v. ARCON, Justice Aluko held that a fine is a judicial act reserved for a competent court or the Advertising Offences Tribunal, not an administrative agency, and declared ARCON’s fine against Betway unconstitutional and void.

ARCON appears to have absorbed that lesson in the cases that followed including Godec Power Nigeria Ltd. v. ARCON in November 2025, Watercress Hotel International Limited v. ARCON in June 2026, as the agency confined itself to regularisation of exposed unapproved adverts and Advertising Tribunal referrals.

By the time Facebook Nigeria’s case came up for judgment, that question had already been asked and answered a year earlier. Voiding the fine was, by that point, close to a formality.

Which is precisely why the fine is the least interesting part of Justice Bogoro’s judgment, and why the media narrative being pushed largely missed the real story.

The issues that ought to be commanding attention are the fourth and fifth decisions of the Federal High Court which set out to determine whether Meta Platforms Inc. and Facebook Nigeria Ltd are separate and distinct legal entities, and whether Facebook Nigeria acted as an agent of Meta in Nigeria.

On both counts, the court held that ARCON had failed to discharge the burden of proof, finding no evidence of a corporate nexus beyond the two companies’ separate legal existence, and therefore no basis on which Facebook Nigeria could answer for anything connected to Meta’s platforms. This means, money can be made by Facebook in Nigeria market, but accountability and responsibility will shift to the Head Office in the USA which claimed it’s out of Nigeria’s legal jurisdiction.

Those findings and subsequent decision, not the fine imposed, are what should have produced a press statement or shape media narrative as these are landmark decisions.

The evidentiary gap in the ruling

The conclusion is, on its face, startling, because the relationship between Facebook Nigeria and Meta is not exactly a secret that requires forensic excavation.

Meta’s own terms of service, unchanged for years, identify Facebook, WhatsApp and Instagram as products of Meta Platforms, Inc. Facebook Nigeria Operations Limited’s very name signals its function as an operating entity for Meta’s Nigerian market, its representatives based in Lagos, its correspondence running through Meta’s own domains.

That such linkages could be found legally unproven raises the question of whether the necessary homework was done by the Hon Court to arrive at finding that runs against easily verifiable commercial reality.

That concern deepens against the longer background of ARCON’s own dealings with Meta. This was not the regulator’s first attempt to pin accountability on a Meta-linked entity in Nigeria.

In October 2022, ARCON sued Meta Platforms directly alongside its Nigerian agent, AT3 Resources Limited, over the exposure of unvetted advertisements shown to the Nigerian audience, in Abuja.

That Abuja case lingered for close to two years, shuffled between several adjournments, without ever being tested on the merits, before ARCON’s counsel discontinued it in July 2024. It was withdrawn. That withdrawal cleared the ground for the fresh dispute that would eventually surface in Lagos as Facebook Nigeria sue ARCON.

Particularly interesting is that this is not the first time Nigerian courts have entertained proceedings against Meta without putting the burden of or insisting that litigants first unravel every layer of the company’s global corporate architecture.

Most recently in the Falana v. Meta Platforms Inc. case, the Lagos High Court permitted proceedings arising from the alleged unauthorised use of the human rights lawyer’s name and image on Facebook, treating Meta as the proper party without placing the burden on the claimant to establish the nexus between Meta Platforms Inc. and Facebook before assuming jurisdiction.

Similarly, the Federal Competition and Consumer Protection Commission fined the company $220 million for abusing Nigerian users’ data, treating Meta as answerable in Nigeria without requiring anyone to first prove an elaborate corporate map.

If one Nigerian regulator could establish that accountability, the difficulty ARCON says it encountered doing something similar deserves closer scrutiny.

Several attempt by META INC to use corporate separateness in other countries failed 

Nigeria is not the only jurisdiction where Meta has tried to use corporate separateness as a shield, and other courts have not been so easily persuaded.

In Kenya, Meta argued for years that it could not be sued over the treatment of Facebook content moderators because it did not directly employ them.

Kenya’s employment court rejected that, ruling that Meta was the primary employer because the moderators did Meta’s work and were held to its metrics, and that Sama was “merely an agent”; Kenya’s Court of Appeal upheld that decision despite Meta’s claim to be a foreign company outside the court’s reach.

In Australia, the fact pattern was almost identical to Nigeria’s. A case brought by the Australian Information Commissioner concerned Facebook Inc, serving North American users, and Facebook Ireland, serving everyone else; Facebook Inc argued it could not be conducting business in Australia because only Facebook Ireland was, with no assets or revenues of its own there.

The Full Federal Court rejected that, treating the data-processing arrangement between the two entities as evidence Facebook Inc itself was conducting business in Australia, and separately refused Facebook Inc’s bid to escape service of process.

The European Union offers a third instance, involving the very architecture Meta uses to separate its foreign operations from its American parent. Facebook Inc. routes non-US, non-Canada business through a distinct Irish company, Facebook Ireland Ltd, described in its own filings as the data controller for those users, structured to keep the US parent at arm’s length from foreign regulators.

It did not work indefinitely: Ireland’s Data Protection Commission fined the Irish subsidiary itself a record €1.2 billion and ordered it to halt unlawful transfers to its own parent.

Even inside the United States, Meta has run the same play against its own government. In a Vermont lawsuit over Instagram’s design and its effects on teenagers, Meta argued it could not be sued there because neither it nor the app had specific ties to the state; Vermont countered that Instagram’s large teen user base there was enough.

The US Supreme Court declined to hear Meta’s appeal in May 2026, leaving it exposed in a suit naming both Meta Platforms, Inc. and Instagram, LLC.

National Security & Who answers when it matters?

This is where the fixation on fine has led the conversation astray. The money was never really the point but whether anyone in Nigeria can be held to account for what happens on these platforms which is a critical part of the digital economy.

If a court has found, on the evidence before it, that a platform’s local entity bears no legal relationship to the global parent that owns and profits from it, the country has stumbled into a template for regulatory evasion that extends well past Meta, to every multinational platform and organisation doing business in Nigeria.

Facebook and Instagram are not neutral pipes. They are marketplaces where cars, phones, drugs, and, on occasion, weapons and other contraband get advertised to Nigerian audiences; where scams targeting bank accounts run, and where harmful content reaches Nigerian children.

So, to ask the plain question this judgment leaves hanging… when a fraudulent investment scheme, a counterfeit pharmaceutical, or worse is advertised to Nigerians through Facebook or Instagram, who is answerable in a Nigerian court? If Facebook Nigeria Operations Limited has just been found to bear no proven relationship to the platform it operates, the honest answer is no one in this country. That is a national security and economic-sovereignty question that deserves an urgent answer.

This judgement may start a new window of corporate separateness, become a challenge to accountability and responsibility which multi nationals and global organisation may explore with Nigerians unfortunately being dealt the short end of the stick.

Also read: ARCON Secures Major Legal Win in Watercress Court Dispute

In the interest of the public, the judiciary owe Nigerians beyond legal technicalities and prima facie evidence, the obligation to do an extensive review on this case to protect the generality of the public. Until then, the fine everyone is talking about is the least of what this judgment may cost the country.

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Tinubu’s Biggest Opponent Is Not Obi or Atiku… It’s Tinubu

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By Moses Braimah

“A government that spends more time explaining the opposition than explaining its achievements may already know where its real problem lies.” (more…)

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