Wale Tinubu Strikes Gold as He Secures $755m NNPC Deal
The Nigerian oil and gas industry is in the middle of a majestic revitalisation. Certainly different from the past, the contribution from different actors is repositioning the sector in the country’s efforts to attain sustainable growth and development. This is due to the vision and motions of Oando PLC Group CEO, Wale Tinubu, alongside a handful of others. With every contribution, Tinubu gets something big in return.
The recent moves by Tinubu have resulted in a deal with the Nigerian National Petroleum Company (NNPC) Limited. Nothing new there, except that this deal is currently valued at $755 million, which is nearly the equivalent of N1 trillion. Although Tinubu’s Oando PLC only has a part in the deal, it is still a significant win for the company.
The victory song from Oando PLC and its peers comes in response to the oil swap contract approved by NNPC. Complementing the Direct Sale and Direct Purchase (DSDP) initiative, NNPC awarded the contract to Tinubu’s Oando PLC, along with five others; namely, AA Rano Nigeria, Gulf Transport and Trading, Mercuria, PV Oil Singapore PTE Limited, and Sahara Energy Resources.
Oando’s premier position among the six companies indicates an increasing influence in the Nigerian oil and gas industry. More importantly, it demonstrates Tinubu’s determination to help revolutionise the energy sector in general, pitting it against foreign and multinational sectors. Given enough time, Tinubu might actualise this, especially as his activities are beginning to earn the nod from domestic and international peers.
Great things are indeed spoken of Tinubu at the moment, as they always have been. The man’s strategic guidance at Oando PLC propels the company continuously. His motions ring with the shadows of Tinubu’s courtroom background, focused and repetitively on point.