Adewale
Tinubu (CON)
Group Chief Executive
Wale Tinubu is the Group Chief Executive of Oando PLC, Africa’s leading indigenous energy solutions provider listed on the Nigerian Stock Exchange, and the first African company to have a cross-border inward listing on the Johannesburg Stock Exchange.
He is renowned for his successful transformation of Oando from a petroleum marketing company to an integrated energy group, adding international supply and trading, gas and power, energy services and exploration and production to its operations portfolio.
In 1994, he co-founded Ocean and Oil Group, one of the first indigenous trading companies with extensive operations exporting Nigerian petroleum products and led Ocean and Oil’s successful bid for a stake in Unipetrol, the largest ever acquisition of a quoted Nigerian company, with Unipetrol PLC’s purchase of Agip Nigeria PLC. The group was rebranded to Oando PLC.
Under his tutelage, he built strong subsidiary brands and businesses, specifically in the midstream, Axxela Limited (formerly known as Oando Gas and Power) and in the downstream OVH Energy (formerly known as Oando Marketing Limited). Axxela is the foremost and preferred gas and solutions provider for the future of Nigeria’s industrialisation, serving over 175 industrial and commercial customers via its network of natural gas infrastructure. In 2019, Oando concluded its phased divestment from Axxela to a vehicle owned by Helios Investment Partners LLP (“Helios”), a premier Africa-focused private investment firm, for a total of ~ $160 million.
OVH Energy has the largest distribution footprint in Nigeria with over 1,500 trucks, 50 million liters in tank storage capacity, over 400 retail station outlets and the he first privately owned mid-stream jetty in West Africa. In 2019, Oando successfully divested Oando Marketing Limited to the Vitol Group and Helios Investment Partner, resulting in the formation of OVH Energy for ~$461m.Today Oando is known as an upstream company with interests in downstream. The company's dominance in the upstream sector was via another first for an indigenous company.
In 2014, Mr. Tinubu led Oando Energy Resources (OER), the upstream subsidiary, through the $1.8 billion landmark acquisition of Conoco Phillips Nigerian businesses, fortifying the company as one of the largest indigenous independent oil & gas companies in Nigeria. Today, OER has assets in the Niger Delta and West African sub-regions with 14 licenses, a current net production of ~43,000 boepd, 2P reserves of ~ 470.7mmboe, 2C reserves of ~146.9 mmboe.
In the downstream Oando Trading DMCC (OTD) is a supply and trading company, a key participant in international oil markets with a significant presence in the West African region, and direct access to major energy markets across Africa via its offices in the United Arab Emirates, South Africa and Nigeria.
Wale has been recognised for his notable achievements, in June 2015, he was named ‘Entrepreneur of the Year’ West Africa by Ernst & Young on the basis of his contributions to the development of the African Oil and Gas industry. In 2011, he was awarded the ‘African Business Leader of the Year’ by Africa Investor and in 2007, named a Global Young Leader by the World Economic Forum, Geneva, in recognition of his achievements as one of the leading executives under 41.
