When energy tycoon Jubril Adewale Tinubu took to the podium recently at an industry summit and confidently proclaimed his determination to elevate Oando Plc fortunes to heights never seen and scarcely conceivable as its Group Chief Executive, there were quite a few raised eyebrows and sceptical looks among the stakeholders. But what these doubters failed to realise is that the billionaire investor belongs to that rare breed of men who possess the ability to consistently do more than they say. Tinubu is a man of no mean repute whose achievements can be composed into a platinum album. He beams with the glow of a confident perpetual investor in a clime notorious for its herculean business environment. It is not a mean achievement that the businessman is rated among Nigeria’s high-flying tycoons. The billionaire is unarguably a visionary whose contributions to the nation’s economy would forever be cherished. His record of incisive investment and vision to reshape Nigeria’s economy —particularly in the energy sector— remains unequal, thanks to his dexterity in cutting so many high net-worth deals. Early this week, Tinubu inched closer to sealing another mega one.

On Monday 4 September, Tinubu’s Oando —a Pan African-leading integrated energy solutions provider— stunned the country’s energy sector’s movers and shakers when it announced an historic sales purchase agreement with ENI, a global integrated energy company, for the acquisition of 100 percent of the shares of Agip Oil Company Limited. The acquisition —industry watchers considered one of the best deals in the decade but subject to the regulators’ approvals— is not just an important milestone for the future of Oando, it will bring to bear the important role indigenous players will play in the future of the Nigerian upstream sector. On closing the transaction, the deal would see Oando’s interests in OMLs 60, 61, 62, and 63 increase from 20% to 40% as well as lead to an increment of Oando’s ownership stake in all ENI/Agip/Oando Joint Venture assets which include 40 discovered oil and gas fields, of which 24 are currently producing, among other associated infrastructure.

Spotlight gathered that this deal —once it succeeds— would help unlock more opportunities for Tinubu who is already planning to take Oando Plc private. According to sources, the initiative as submitted to the Securities and Exchange Commission aims to steer the energy giants onto a trajectory of growth following a prolonged series of legal battles. In pursuit of its complete ownership, Ocean and Oil Development Partners Limited, OODP —an investment firm and the primary shareholder of Oando Plc predominantly owned by Tinubu where he serves as a non-executive director and holds a commanding 66.7 per cent stake, while his deputy and buddy, Omamofe Boyo, also a non-executive director owns the remaining 33.3 percent— has initiated a strategic plan to acquire all outstanding shares held by Oando’s minority stakeholders.  This will ultimately lead to the delisting of Oando’s shares from the Nigerian Exchange and the Johannesburg Stock Exchange, marking a pivotal moment in the company’s history.

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