Oil Firm Led By Nigerian President's Nephew Wins Bid For Caribbean Refinery

Oando Plc, one of Nigerias top oil companies led by Wale Tinubuan oil mogul and nephew of Nigerian President Bola Ahmed Tinubuhas been selected as the preferred bidder for the lease of the Guaracara refinery in Pointe--Pierre, Trinidad and Tobago. The deal marks a major step in Oandos push into the Caribbean refining sector, strengthening its international presence.

Trinidad and Tobagos Acting Prime Minister Stuart Young, who also serves as the Minister of Energy, announced the decision during a post-Cabinet media briefing in Port of Spain. He pointed to Oandos financial strength and operational expertise as key reasons for the selection, citing the companys 1.5 billion acquisition of ConocoPhillips Nigerian assets as proof of its ability to handle large-scale transactions.

Oandos bid was evaluated alongside the CRO Consortium, with both firms demonstrating the capability to operate a refinery. However, Oandos track record in securing upstream financing gave it a clear advantage.

We have to protect the assets of Paria Fuel Trading Company to ensure a steady supply of domestic fuel, Young said. Any potential bidder must commit to restarting the refinery, not just acquiring assets for bunkering purposes.

The deal is structured as a lease, allowing Trinidads Guaracara Refining Company Ltdwhich owns the former Petrotrin refineryto operate alongside Paria Fuel Trading. This arrangement gives Oando access to logistics assets under a commercial agreement while keeping the refinery under state ownership.