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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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A BIRTHDAY TRIBUTE TO DR. GOKE ADEGOROYE @76

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GOKE ADEGOROYE

By Bayo Adeoye,

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An Unsung Compass and a Man of Principle

Today, I celebrate not merely a birthday, but a remarkable life of scholarship, principle and public service.

Dr. Goke Adegoroye, a Prince of Akure, a former lecturer at the University of Ife, now Obafemi Awolowo University, former Director-General of the Bureau of Public Service Reforms and Permanent Secretary in the FCT, is one of those rare men whose influence extends far beyond the offices he has occupied.

Also read: RSSOSA National President, Aare Adetola Emmanuelking, Celebrates Damola Aiyeola at 60, Commends His Legacy of Service

For me, he has been an unsung compass in public service administration -one of those trusted voices I call whenever I encounter a complex issue.

Sometimes, I call without even knowing precisely what the solution is; yet, somehow, a word from him often becomes the solution. His wisdom has a remarkable way of turning complexity into clarity.

There are people one consults because they occupy an office, and there are those one consults because they possess knowledge. Then there are the very few one consults because their judgment has earned something more valuable than either office or knowledge: trust. Dr. Adegoroye belongs to that rare category.

His counsel is rarely loud, but it is often profound, and his ability to bring perspective to difficult questions is one of the qualities I have come to value most in him.

I have often wondered why fate did not make him Head of the Civil Service of the Federation or Secretary to the Government of the Federation. He had the intellect, experience, temperament and integrity for either office. But fate, as they say, has its own handwriting.

Perhaps his greatest legacy, however, is not to be found merely in the offices he has occupied, but in the minds he has sharpened, the institutions he has helped to strengthen and the many people who have found direction through his counsel. That, to me, is the deeper meaning of public service.

On this special birthday, I pray that Almighty God will grant you many more years in sound health, peace, fulfilment and renewed strength. May He preserve your wisdom, enlarge your influence, bless your household, and reward the many lives you have touched through your scholarship, service and counsel.

Also read: RSSOSA National President, Aare Adetola Emmanuelking, Celebrates Damola Aiyeola at 60, Commends His Legacy of Service

May your compass continue to point towards wisdom, your path towards peace, and your life towards even greater fulfilment. May you enjoy the fruits of your labour, and may God continue to make you a blessing to your family, your community, Akure, Nigeria and all of us privileged to know you.

Happy 76th Birthday, Sir. Many happy and blessed returns.

Dr. Olukayode Ajulo, SAN, OON
_Attorney-General and Commissioner for Justice, Ondo State_

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More Troubles For Ex- Delta Gov, Okowa Over ‘₦96bn Fraud’

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Okowa
More facts have emerged on why the operatives of the Economic and Financial Crimes Commission (EFCC) arrested and detained the former Governor of Delta State, Ifeanyi Okowa.

Also read: EFCC Offers Up to 5% Reward for Tips on Stolen Assets Abroad

According to a concluded investigation reports of the  EFCC, one of the principal financial transactions examined involved approximately ₦96 billion linked to the Delta State Government House Protocol Department.
The investigation report stated that the funds were withdrawn from a Zenith Bank account operated in the name of the Delta State Government House Protocol Department.
At the relevant time, the branch was reportedly managed by Mr. Monday Okowa,  senior manager at Zenith Bank who served as a representative for the bank’s management and later moved to PremiumTrust Bank as their Regional Head in Asaba. He is also a brother of the then Governor of Delta State, Dr. Ifeanyi Okowa.
The investigation reports indicate that the withdrawals were systematically structured in amounts generally ranging between ₦9 million and ₦9.9 million, with the apparent objective of keeping individual transactions below applicable reporting thresholds. On some occasions, the cumulative withdrawals reportedly amounted to ₦300 million in a single day.
According to the investigation report, between ₦200 million and ₦300 million in cash was delivered daily to the Government House, with the exact amount varying from day to day but reportedly not exceeding ₦300 million.
The investigation further states that approximately 50% to 75% of the cash withdrawn was taken to Bureau de Change operators for conversion into United States dollars.
According to the investigation reports, Mr. Monday Okowa was detained and questioned by the EFCC.
The reports state that he described the cash withdrawal process and indicated that the withdrawn funds were handed over to one Mr. Raymond Mgbakor, Executive Assistant on Special Duties to the then Delta State Governor, Ifeanyi Okowa
The investigation reports further state that Mr. Raymond Mgbakor was also detained by the EFCC and he admitted his involvement in the alleged fraudulent transactions , stating that he acted on behalf of the then Governor, Dr. Ifeanyi Okowa.
The investigation also involved Mr. Edwin Ogidi Gbagbaje, who served as Permanent Secretary, Government House, and Mr. Victor Udi, who later succeeded him. According to the investigation reports, both officials were detained by the EFCC regarding the alleged fraudulent transactions.
Based on the findings set out in the investigation reports, EFCC prepared the following charges against Dr. okowa and all those involved in the fraud
●Conspiracy to commit money laundering;
●Diversion or misappropriation of public funds;
●Criminal breach of trust;
●Abuse of office; and
●Forgery or falsification of financial records.
These are grave criminal acts arising from the EFCC’s concluded investigations. Three days before they were supposed to be charged to court, Okowa and his accomplices , hurriedly moved enmass from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC) on Wednesday, April 23, 2025, alongside Governor Sheriff Oborevwori and other Delta PDP leaders.
They were formally received into the APC on Monday, April 28, 2025
It would be recalled that Okowa was arrested by the operatives of the EFCC  arrested on November 4, 2024, in Port Harcourt, shortly after he honoured an invitation from officials of the anti-graft agency, who  investigated him over alleged corrupton and fraud.
He was also investigated over alleged diversion of the sum of N1.3 trillion from the 13 per cent derivation fund belonging to the state.
He was said to have committed the act between 2015 and 2023,  as governor of the state.

Also read: EFCC Offers Up to 5% Reward for Tips on Stolen Assets Abroad

When contacted, spokesman of the EFCC, Mr Dele Oyewale, confirmed the arrest but however, refused to comment on the issue.
“Yes, I can confirm he was arrested”, he said, but refused to respond to further questions.

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WAKE UP! Art Exhibition Returns for a Second Act

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WAKE UP

The contemporary art and photography exhibition “Wake Up!” is back again for a second edition.

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Curated by Awele Onwordi, Wake Up! 2 exhibition pays homage to the Nigerian youth and burgeoning street culture which many of its contributing artists reference in their works.

Also read: FG to Review Foreign Scholarships and Focus on Nigerian Schools

Titled “Young, Wild, Free”, the exhibition celebrates the creativity, resilience, freedom and cultural influence found in Nigerian youth.

Taking aim at societal issues and economic concerns, the exhibit reflects the youth and their refusal to compromise or bow despite all the challenges stacked against them while charting youth culture through art, music, fashion, skateboarding, photography and community.

The exhibition will be held, once again, at the Angel and Muse Gallery at 25 Sumbo Jibowu street off Ribadu Road off Awolowo Road in Ikoyi.

It will open on Saturday 5 September 2026 and will run until 11 September 2026
This second edition which focuses on celebrating, nurturing and exploring artistic practices rooted in youth and street culture will feature works from DENCITY and SUPERGLIDER HOUSE.

Exhibiting artists include Ajilore Kehinde – their work is deeply influenced by Nigerian street culture and works of other artists like Slawn, Peters Ejiro, etc, Chuka Onwordi – graphic designer who embodies themes of death, melancholy and beauty in his works, ZIDYEP – Abuja based creative whose works move between digital and physical spaces through art, graphic design and air brushing , Franklyn Okoye – graphic designer and artist whose works explore themes of identity and hyper-reality, Awele Onwordi – founder & curator of WAKE UP and multidisciplinary artist whose practice spans character art, creative logo design, album covers and more , Oluchi Kogolo – digital illustrator whose work explores street culture, personality and storytelling through a raw and playful visual style and Kozetuo Apeji – multidisciplinary artists who work explores experimental approaches to problem solving through both digital and traditional art forms.


Commenting on the exhibition in her curatorial statement, Awele noted that “despite economic instability, limited opportunities and socio-political challenges, Nigerian youth continue to shape culture through music, fashion, art, skateboarding, raves, photography and community.”

Also read: FG to Review Foreign Scholarships and Focus on Nigerian Schools

Continuing and harping on the raison d’etre of the exhibition she said, “Young, Wild and Free exists to celebrate Nigerian youth while also creating a platform that supports and amplifies them.”

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