Nigerian oil magnate Wale Tinubu has seen his wealth rise sharply since his uncle, Bola Ahmed Tinubu, became Nigeria's president in May 2023. As Group CEO of Oando Plc, Tinubu's stake in the leading energy group has surged to over $120 million, driven by a significant increase in share price. This growth comes despite earlier setbacks, including a suspension from the Johannesburg Stock Exchange (JSE) and the devaluation of the Nigerian naira.
Market movements and wealth growthWale Tinubu holds an indirect 38.34 percent stake in Oando Plc , amounting to 4.75 billion shares. Since May 29, 2023, when Bola Ahmed Tinubu assumed the presidency, Wale Tinubu's stake in Oando has risen by $60.2 million, pushing the total value to $120.2 million. This increase is notable despite Nigeria's economic headwinds, particularly the significant devaluation of the naira, which has heavily impacted the valuation of naira-denominated assets.
Oando's share price on the Nigerian Exchange has appreciated by 589.5 percent in local currency terms, climbing from N5.83 to N40.2 per share. Even after adjusting for currency depreciation, this translates to a 100.15 percent increase, from $0.126 to $0.253, resulting in a market capitalization of approximately $315 million for the indigenous energy group.
Strategic moves and corporate resilienceThe gains in Wale Tinubu's wealth are attributed not to any direct influence from the presidency but rather to his adept leadership of Oando. The company, which specializes in integrated energy solutions, making it one of the nation's leading indigenous energy groups, faced challenges earlier this year when it was suspended from the JSE for missing the deadline to publish its 2022 audited results and 2023 interim results . However, Oando's fortunes have reversed, thanks to strategic acquisitions and successful corporate maneuvers.
