In a remarkable story of vision, tenacity, and unwavering commitment, Adewale Jubril Tinubu and his partners at Oando Plc, a Pan-African energy giant have built an empire on the foundation of the number ’30’. The rise of the conglomerate showcases the significance of the earth-shattering moment in Tinubu’s business empire.
The defining moment was in 2000 when the then small start-up Ocean and Oil Services Limited made a bold move to successfully bid for a 30% controlling interest in Unipetrol Plc, a downstream petroleum marketing company in Nigeria. That strategic acquisition laid the groundwork for Oando’s subsequent growth and transformation into a dominant player in the oil and gas industry. This was followed by the 2002’s further bid and acquisition of 60% stakes of Agip Nigeria Plc.
Tinubu’s belief in the power of dreams and relentless pursuit to make them a reality has been the driving force behind Oando’s success —even in the face of doubts and disparaging labels. It also underscores the importance of seizing opportunities and building a brand synonymous with excellence, despite the fast-paced nature of today’s world and uncertainty in the oil and gas sector across the globe.
From a $1.8 billion acquisition of ConocoPhillips Nigeria, Oando has consistently embraced the challenges that come with being a trailblazer, emerging stronger at every step despite adversity. The conglomerate’s story is one of tenacity, resilience, and an unwavering belief in the future they envisioned, likening their journey to the rise of the phoenix from the ashes.
By 2008, Oando had become the first indigenous company with interests in producing deepwater assets via acquisition of equity in 2 oil blocks from different IOCs. That was a decade apart with Oando ushering in a new era of investment in the energy sector.
To the diabolical propagandists who swirled that Oando is enjoying favouritism from the Presidency, they should refresh their memory to know that the conglomerate’s history did not start with the current government. Tinubu, its CEO, has not stopped telling the success stories of the company since it was created 30 years ago.
“In the process, we knew there would be challenges, and there were challenges. But one thing you will learn about Oando is that we know how to battle challenges. In 2002 we did the bid, and once again, a competitive bid and we won. And when we won, we won because we knew how to acquire companies and how to manage them for value,” Tinubu said.
There is no gainsaying that Oando has taken the mantle, determined not just to lead, but to blaze a trail for others to follow, introducing a new narrative for Nigerian indigenous companies in the industry.
Oando’s groundbreaking efforts extend beyond acquisitions. The company has pioneered the nationwide private sector rollout of natural gas solutions, constructing over 320kms of gas pipelines in major cities and providing natural gas to commercial customers. They have also built a 45,000MT midstream jetty, a first of its kind in sub-Saharan Africa, to address inefficiencies and delays at the Apapa port.
Looking into the future, it is certain that Oando and the “Humans of Oando” will play a critical role in shaping a brighter future for Nigeria. Envisioning a Nigeria where entrepreneurship and innovation solve the challenges of today, and the country seizes its destiny both onshore and beyond.
