Oando Oil Magnate, Wale Tinubu's Wealth, Life And Businesses

Oando Oil Magnate, Wale Tinubu's Wealth, Life And Businesses

  • Adewale Tinubu is the nephew of one of the top contenders for Nigeria's number one seat in the 2023 presidential election
  • Wale Tinubu began as a lawyer in K.O. Tinubu and Co., his father's law firm before branching to start a company in his father's garage
  • He founded Ocean and Oil, now known as Oando, one of the top players in the oil industry in Nigeria

Forbes Magazine described him as the king of African oil and of the top ten CEOs in the world by AskMen.

His name rings a bell and is widely recognised in the oil industry in Africa.

He is popularly known as Wale Tinubu. Before turning 30, Wale had established himself as a market leader in Nigeria's burgeoning oil and gas sector.

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Wale Tinubu, Oando Oil
Adewale Tinubu, Chairman, Oando Plc
Source: UGC

The Bola Tinubu connection

He is the nephew of Bola Ahmed Tinubu, the presidential flag bearer of the All Progressives Congress (APC).

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A lawyer and consultant, Adewale Tinubu is also the Chief Executive Officer of Oando PLC, one of the leading oil companies in Nigeria. He also serves in many other blue-chip firms as Chairman and Director.

In 2007, he emerged as a Young Global Leader by the World Economic Forum in Geneva, an award which recognised him as one of the leading executives under 40.

He won Africa's Business Leader of the Year award in 2010 by the African Business Magazine and Commonwealth Business Council based on oil and gas. He also won Athe African Business Leader of the Year by Africa Investor.

Tinubu started his career as a lawyer in his father’s firm, K.O. Tinubu and Co. He specialised in corporate and petroleum law,

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Early Life

At age 25, in 1992, he quit his job in his father's law firm and founded a company operated from his father's garage. He used a telephone he borrowed from his family house and some office supplies from his father.

According to Newswire, Wale Tinubu was launched into the oil business when a friend, Jite Okoloko, asked him in 1994 if he could help him acquire a vessel to transport fuel. Okoloko had been contacted by the then Unipetrol, a government-owned company, to transport diesel from the Port Harcourt refinery to fill up some fishing trawlers in Lagos.

Ocean and Oil, the beginnings of O-and-O

Tinubu was said to have contacted a lawyer friend, Omamofe Boyo, who works at the FRA Williams Chambers. Boyo allegedly introduced them to the owners of The Carolina, an oil vessel at Bonny Island.

Tinubu paid for the vessel which transported the diesel to Lagos. In exchange for his services, he asked for a share of the profit of the diesel.

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That singular situation launched him into the oil and gas business and marked the birth of Ocean and Oil, popularly called Oando.

He later bought the Carolina, the vessel he used to transport the diesel to Lagos, and began selling petrol to local oil businesses. Finally, he registered Ocean and Oil.

He partnered with Okoloko, Boyo and Osaze Osifo in Oando, increasing the fleet to 7 vessels. At 30, he was already a market leader in Nigeria's oil and gas business.

In 2000 when the Nigerian government wanted to divest Unipetrol, Tinubu bought 30 per cent of the oil company, which was the largest acquisition by any Nigerian oil firm.

In 2005, the company dual-listed on the Nigerian Stock Exchange and the Johannesburg Exchange.

According to Forbes Magazine, Tinubu is inspired by the ex-General Electric boss.

His vision shaped Oando, and his relentlessness forged the company as of the biggest industry players in Africa.

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In 2007, according to Forbes, Oando acquired two oil rigs for about $100 million for use in the Niger Delta area. It also acquired a 15 per cent stake in two producing deepwater assets, OML 125 and 135, located in the Niger Delta deep water.

Wale Tinubu is reportedly worth $3 billion.

Nduka Obaigbena: The media Mogul’s life, businesses, and net worth

Legit.ng reported that Little has been known about the professional life of one of Nigeria’s most successful media entrepreneurs, Nduka Obaigbena, the founder of the rave-making television station and much sought-after ThisDay newspaper.

While some say he started as a cartoonist in one of Nigeria’s elite newspapers, others say that Obaigbena was a graphic designer before he branched off to found the now-successful ThisDay newspaper.

He has been regarded as Nigeria’s Rupert Murdoch with a media conglomerate that spans print, electronic, and even festivals anchored on the success of his media platforms.

Source: Legit.ng

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