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Oando Plc chief executive Wale Tinubu opened 2026 by cheering two deals reshaping Nigeria’s energy sector.
In a post on X, Tinubu cited Femi Otedola’s exit from Geregu Power and Tony Elumelu’s new position as Seplat Energy’s biggest shareholder, calling it a “roaring start” for the year.
Otedola ceded control of Geregu through a change at the holding company level. A notice filed with the Nigerian Exchange said MA’AM Energy Ltd acquired 95% of Amperion Power Distribution Co., Geregu’s majority shareholder, changing the ultimate beneficial ownership of 77% of Geregu’s issued share capital. The filing said Geregu’s quoted shares were not directly sold or transferred. Media reports valued the transaction at about $750 million.
Geregu is among the exchange’s most watched electricity stocks, helped by steady earnings in a market hit by gas constraints and payment shortfalls. Premium Times reported Otedola intends to redeploy capital into financial sector investments.
Elumelu’s Heirs group, meanwhile, bought Maurel & Prom’s entire 20.07% stake, about 120.4 million shares, in Seplat in a deal valued at roughly $500 million, according to statements by the companies. Maurel & Prom put the price at $496 million.
Seplat’s rise has been fueled by a $1.28 billion purchase of ExxonMobil’s onshore business, completed last year, which added oil blocks, fields and export infrastructure, the Financial Times reported.
Tinubu’s message also spotlighted Oando, one of Nigeria’s best known indigenous energy names, listed in Lagos and Johannesburg, with upstream interests and trading and logistics operations.
The company says it was the first African firm to secure a cross border inward listing on the Johannesburg Stock Exchange. Under Tinubu, Oando has chased scale through acquisitions, pitching itself as a local operator as multinationals exit onshore assets.
In 2014, Oando Energy Resources completed a $1.5 billion acquisition of ConocoPhillips’ Nigerian upstream business. In August 2024, Oando said it completed a $783 million purchase of Eni’s Nigerian subsidiary, the Nigerian Agip Oil Company, after regulatory approvals. Reuters has reported on Oando’s pipeline repairs after sabotage related spills in the Niger Delta.
The company has also launched Oando Mining to explore lithium and other critical minerals, and says work has included field programs in northern Nigeria aimed at selecting a site for pilot lithium production.
