Nigerian President's Nephew, Wale Tinubu, Confirms Oando's Oil Facilities Hold Over 10 Billion In Value
- Wale Tinubu highlights Oando's 10 billion net asset value, 1 billion barrels in reserves, and daily gas production of 2 billion cubic feet.
- Oando's acquisition of Nigerian Agip Oil Company Limited boosted its stake in four oil mining leases to 40, strengthening Nigerias onshore energy ownership.
- Tinubu unveiled plans to integrate AI into drilling operations and adopt carbon capture technologies, driving Oandos sustainable energy ambitions.
Wale Tinubu, a nephew of Nigerian President Bola Ahmed Tinubu, and the Group Chief Executive of Oando Plc, has reaffirmed the companys position as a leader in the oil and gas industry with a net present value of over 10 billion tied to its assets.
Speaking on the sidelines of the 2025 World Economic Forum WEF in Davos, Switzerland, Tinubu disclosed that Oando boasts more than 1 billion barrels in oil reserves, a daily oil processing capacity of 300,000 barrels, and gas production capacity exceeding 2 billion cubic feet per day. These figures underscore Oando's dominance in the energy landscape as the company continues to expand its footprint both locally and globally.
Oando's indigenous edge in oil sectorTinubu has steered Oando to remarkable heights, most recently with the acquisition of a 100 percent stake in Nigerian Agip Oil Company Limited NAOC Ltd from Italian oil giant Eni S.p.A. This landmark deal significantly increased Oando's stake in four key oil mining leasesOMLs 60, 61, 62, and 63from 20 percent to 40 percent, marking a pivotal shift in the ownership of Nigeria's onshore oil assets.
At Davos, Tinubu championed the growing role of indigenous players in Nigerias oil and gas sector, emphasizing the advantages of local operators in managing community relations, regulatory challenges, and security issues. The onshore assets in Nigeria are best in the hands of local players, he stated. Nigerians have the skill, capacity, and funding access, and we are better positioned to navigate the nuances of operating in our communities and meeting regulatory demands.
The WEF, themed Collaboration for the Intelligent Age, drew global leaders to address critical challenges ranging from geopolitical shocks to energy transition. Against this backdrop, Tinubu positioned Oando as a trailblazer, highlighting how indigenous energy firms could unlock untapped potential in the wake of international oil companies IOCs exiting Nigerias onshore operations.