Wale Tinubu Hails Otedola, Elumelu for Multi-billion Naira Landmark Power and Oil Deals in Nigeria
- Wale Tinubu praised Femi Otedola and Tony Elumelu for completing major transactions in Nigeria’s power and oil sectors
- Otedola sold his majority stake in Geregu Power Plc, while Heirs Energies acquired Maurel & Prom’s stake in Seplat Energy Plc
- Tinubu said the deals reflect strong investor foresight, strategic timing, and a commitment to African-led ownership in the energy industry
Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Wale Tinubu, group chief executive officer of Oando Plc, has praised Femi Otedola, chairman of First HoldCo Plc, and Tony Elumelu, chairman of Heirs Holdings, for concluding major transactions in Nigeria’s power and oil industries.
Otedola divested his controlling interest in Geregu Power Plc on December 29, 2025, in a transaction valued at N1.08 trillion. The deal was financed by a banking syndicate led by Zenith Bank Plc.
Source: UGC
Shortly after, Elumelu's Heirs Energies completed the acquisition of the full 20.07% equity stake, amounting to 120.4 million ordinary shares, formerly owned by Maurel & Prom S.A. in Seplat Energy Plc.
In a post shared on social media on Wednesday, January 7, Tinubu said the two business leaders have set an energetic tone for the opening days of 2026.
Reflecting on the developments, he described the transactions as an impressive way to begin the new business year, noting that both deals demonstrate clarity of vision and execution at the highest level.
He stated:
“Reflecting on the first week of work in 2026, @realFemiOtedola and @TonyOElumelu have given us a roaring start already.”
What the deals mean for Nigeria’s energy future
Commenting on Otedola’s exit from Geregu Power, Tinubu said the transaction transformed a power sector investment into one of the most significant deals in recent times, while also strengthening Otedola’s footprint in the banking industry.
According to Tinubu, the move underscored strategic timing and disciplined decision-making, adding that true investment skill lies not just in entering opportunities, but in recognising the right moment to exit.
He described the Geregu transaction as a textbook example of that principle.
He added:
“The mark of an exceptional investor is not simply in making an investment. The mastery lies in knowing when to exit. This, I must admit, was executed in spectacular fashion.”
Source: Twitter
On Elumelu’s acquisition in Seplat Energy, Tinubu said the move signals a deep, long-term commitment to African ownership, strong governance, and the belief that the continent’s energy future should increasingly be shaped by indigenous investors.
He concluded that both transactions stand out as defining deals that not only set the pace for the year ahead, but also reshape conversations around how sustainable value is built in Africa’s energy landscape.
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Heirs Holdings promises to revive 100 oil wells
Legit.ng earlier reported that Heirs Energies announced plans to reactivate more than 100 dormant wells in OML 17 within 100 days of taking over operation.
The company stated that it transformed OML 17 from an underperforming asset at takeover to a high-performing asset with over 95-100% terminal recovery.
The company pledged to boost crude oil production from the oil wells to 100,000 barrels per day in the near future.
Source: Legit.ng
