Group CEO
OANDO, Nigeria
Wale Tinubu is the Group Chief Executive of Oando PLC, one of sub-Saharan Africa’s foremost indigenous integrated energy groups. Mr Tinubu began his career in 1992 as an attorney, specialising in corporate and petroleum law assignments. In 1994, he co-founded Ocean & Oil Group and is widely recognized for guiding its strategic development from an oil trading and shipping company to the fully diversified and integrated Oil & Gas Company it is today.
In 2000, Ocean and Oil acquired Unipetrol during the Federal Government of Nigeria’s privatization exercise and just two years later, Mr Tinubu led the largest ever acquisition of a quoted Nigerian company, with the purchase of Agip by Unipetrol. The group was rebranded as Oando PLC and has grown to become the leading oil and gas retailer in Nigeria, ensuring one in five cars on Nigerian roads drive on its fuels.
Oando has since refocused its business model to become an integrated energy solutions provider, with interests in the downstream, midstream and upstream operations, with an enterprise value of ~$5B. In the downstream, OVH Energy (formerly known as Oando Marketing Limited) has the largest distribution footprint in Nigeria with over 1,500 trucks, 50 million liters in tank storage capacity and over 400 retail station outlets. So much so that “one in five cars in Nigeria now drive on Oando fuel”. One of the most notable achievement of Wale and his team was pioneering the development of a state of the art mid-stream jetty in Apapa. A first of its kind, the jetty was designed to eliminate the operational constraints and inefficiencies in petroleum product importation into Nigeria, ultimately resulting in millions of dollars cost savings for the government. In addition, Oando Trading (OTD), is a leading supplier of petroleum products in Nigeria, and its key trading commodities include petrochemicals, industrial & liquefied natural gas, refined oil products and crude oil. The company has a significant presence in the West African region, and direct access to major energy markets across Africa via its offices in the United Arab Emirates, South Africa and Nigeria.
In the midstream, Axxela Limited, (formerly known as Oando Gas and Power) is the foremost company in the distribution of natural gas, having built approximately 300km of gas pipelines serving over 100 commercial customers in Lagos, Calabar and Port-Harcourt. In the upstream, Oando Energy Resources (OER), the exploration and production subsidiary, is focused on assets in the Niger Delta and West African sub-regions. OER holds interests in 16 licenses; both onshore and offshore.
In July 2014, the company completed the $1.5 billion acquisition of Conoco Phillips Nigerian businesses fortifying its position as the largest indigenous independent oil & gas producer in Nigeria with a current net production of 54,000 boepd (Barrels of Oil Equivalent per Day) and 230.6 mmboe (Million Barrels of Oil Equivalent) of 2p reserves and 536.8 mmboe of 2C reserves.
In July 2016, Oando entered into a tri-partite agreement with the Vitol Group, the world’s largest independent trader of energy commodities and Helios Investment Partner, a premier Africa-focused private investment firm to form OVH (formerly Oando Downstream) the nation's leading supplier and distributor of refined petroleum products.
In September 2016, Oando announced the execution of a definitive agreement with a vehicle owned by funds advised by Helios Investment Partners LLP (“Helios”), a premier Africa-focused private investment firm, to acquire 49% of the voting rights in Oando’s midstream business subsidiary, Oando Gas and Power Limited.
For further information please visit:
www.oandoplc.com
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