Jubril Adewale Tinubu, Group Chief Executive of Oando Group, has credited the company’s successful acquisition of a 100% shareholding interest in Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni to a decade of dedicated hard work and resilience.
Speaking on the achievement, Tinubu stated, “Today’s announcement is the culmination of 10 years of hard work, resilience, and an unwavering belief that we would realize our ambition. This acquisition is a win not just for Oando, but for every indigenous energy player as we take our destiny into our own hands. It marks a new dawn for the Nigerian energy sector, with indigenous companies set to play a pivotal role in the next phase of the nation’s upstream evolution. Our immediate focus as operators will be on optimizing these assets’ immense potential to align with our strategic objectives while supporting the nation’s plan to boost production outputs.”
Looking ahead, Tinubu emphasized Oando’s commitment to pursuing strategic opportunities that promise enhanced growth and value creation for stakeholders, particularly in clean energy, agri-feedstock, infrastructure, and mining sectors.
The acquisition has garnered widespread attention and praise from analysts in the oil and gas sector. Many believe it will significantly reshape Nigeria’s oil and gas industry. From the time news of the deal first surfaced in September 2023, it has been a hot topic of discussion among industry leaders across Africa.
Prominent oil and gas analyst, Ms. Taiwo Alegeh, highlighted the impact of the acquisition, noting that it will double Oando’s oil equivalent output from 25,000 barrels per day to 50,000 barrels per day. Alegeh also praised Tinubu’s leadership, citing his visionary approach and ability to identify new business opportunities and foster successful partnerships.
“His visionary mindset and astute business acumen have allowed him to navigate the complexities of the Nigerian market and forge collaborations with leading international companies. This not only speaks to his own success but also showcases the immense potential within Nigeria’s business landscape,” Alegeh added.
