Nigerian mogul Wale Tinubu’s Oando, others secure $755-million NNPC deal
The contract, part of the Direct Sale and Direct Purchase (DSDP) initiative, was awarded to six oil companies.
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The contract, part of the Direct Sale and Direct Purchase (DSDP) initiative, was awarded to six oil companies.
This strategic move is set to play a pivotal role in the acquisition of a 20-percent participating interest in the Nigerian Agip Oil Company.
Wale Tinubu, a top figure in the Nigerian energy sector, owns an indirect stake in Oando Plc through his 66.67 percent stake in OODP.
Boyo’s stake in Oando is held through his 33.33-percent position in Ocean and Oil Development Partners.
Tinubu’s stake in Oando is held indirectly through his ownership of 66.67 percent of Ocean and Oil Development Partners (OODP).
Boyo is the deputy CEO of Oando Plc and owns an indirect 19.1-percent stake in the company.
Tinubu, a towering figure in the Nigerian energy industry, who owns 66.67 percent of Ocean and Oil Development Partners (OODP), has an indirect stake in Oando.
Tinubu emphasized that this announcement underscores the indispensable role played by indigenous companies in Nigeria’s upstream sector.
In November 2005, Oando shares were listed on the JSE.
Oando is a Nigerian integrated energy solutions provider.
Tinubu stated that 2020 was one of the most challenging years in the firm’s history.
Oando Plc is a Nigeria-based integrated energy solutions provider with diversified operations.