Oando Plc chief government Wale Tinubu opened 2026 by cheering two offers reshaping Nigeria’s power sector.
In a post on X, Tinubu cited Femi Otedola’s exit from Geregu Energy and Tony Elumelu’s new place as Seplat Vitality’s largest shareholder, calling it a “roaring begin” for the yr.
Otedola ceded management of Geregu by a change on the holding firm degree. A discover filed with the Nigerian Alternate mentioned MA’AM Vitality Ltd acquired 95% of Amperion Energy Distribution Co., Geregu’s majority shareholder, altering the last word helpful possession of 77% of Geregu’s issued share capital. The submitting mentioned Geregu’s quoted shares weren’t straight bought or transferred. Media experiences valued the transaction at about $750 million.
Geregu is among the many trade’s most watched electrical energy shares, helped by regular earnings in a market hit by fuel constraints and cost shortfalls. Premium Instances reported Otedola intends to redeploy capital into monetary sector investments.
Elumelu’s Heirs group, in the meantime, purchased Maurel & Promenade’s whole 20.07% stake, about 120.4 million shares, in Seplat in a deal valued at roughly $500 million, in response to statements by the businesses. Maurel & Promenade put the value at $496 million.
Seplat’s rise has been fueled by a $1.28 billion buy of ExxonMobil’s onshore enterprise, accomplished final yr, which added oil blocks, fields and export infrastructure, the Monetary Instances reported.
Tinubu’s message additionally spotlighted Oando, one in every of Nigeria’s greatest recognized indigenous power names, listed in Lagos and Johannesburg, with upstream pursuits and buying and selling and logistics operations.
The corporate says it was the primary African agency to safe a cross border inward itemizing on the Johannesburg Inventory Alternate. Beneath Tinubu, Oando has chased scale by acquisitions, pitching itself as a neighborhood operator as multinationals exit onshore belongings.
In 2014, Oando Vitality Sources accomplished a $1.5 billion acquisition of ConocoPhillips’ Nigerian upstream enterprise. In August 2024, Oando mentioned it accomplished a $783 million buy of Eni’s Nigerian subsidiary, the Nigerian Agip Oil Firm, after regulatory approvals. Reuters has reported on Oando’s pipeline repairs after sabotage associated spills within the Niger Delta.
The corporate has additionally launched Oando Mining to discover lithium and different vital minerals, and says work has included area packages in northern Nigeria aimed toward choosing a website for pilot lithium manufacturing.
