Wale Tinubu, the Group Chief Executive of Oando Plc, has publicly commended two of Nigeria's foremost business magnates, Femi Otedola and Tony Elumelu, for concluding multi-billion naira landmark transactions in the nation's critical power and oil sectors. Tinubu described the deals as setting an energetic and impressive tone for the Nigerian business landscape in 2026.
Details of the Major Energy Sector Transactions
The first major deal involved Femi Otedola, Chairman of First HoldCo Plc, who divested his controlling interest in Geregu Power Plc on December 29, 2025. This significant transaction was valued at a staggering N1.08 trillion and was financed by a banking syndicate led by Zenith Bank Plc.
Shortly after, a related move saw Tony Elumelu's Heirs Energies complete the acquisition of a 20.07% equity stake in Seplat Energy Plc. The block of 120.4 million ordinary shares was previously held by Maurel & Prom S.A.
Tinubu's Analysis: Strategic Exits and African Ownership
In a social media post on Wednesday, January 7, Wale Tinubu reflected on these developments, stating that the two business leaders had given the business community "a roaring start" to the new year. He emphasized that both deals demonstrated exceptional clarity of vision and execution at the highest level.
Regarding Otedola's exit from Geregu Power, Tinubu highlighted it as a transformative deal that turned a power sector investment into one of the most significant financial events in recent times. He noted that it also strengthened Otedola's footprint in the banking industry. "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," Tinubu stated, praising the strategic timing and disciplined decision-making.
On Elumelu's acquisition in Seplat, Tinubu framed it as a signal of a deep, long-term commitment to African-led ownership and strong governance. He expressed that the move reinforces the belief that the continent's energy future should be increasingly shaped by indigenous investors with local insight and long-term vision.
Implications for Nigeria's Energy Future
Tinubu concluded that these two transactions are defining deals that not only set the pace for 2026 but also reshape conversations around how sustainable value is built within Africa's energy landscape. They reflect strong investor confidence and strategic foresight in Nigeria's core economic sectors.
In a related development underscoring Heirs Holdings' operational ambitions, Heirs Energies had previously announced plans to reactivate over 100 dormant oil wells in OML 17 within 100 days of taking over operations. The company has pledged to boost crude oil production from these assets to 100,000 barrels per day in the near future, having already transformed the asset into a high-performer.
These landmark deals, occurring in the first week of the new year, highlight a dynamic shift towards local consolidation and strategic portfolio management in Nigeria's vital energy industry, drawing acclaim from one of the sector's own leading figures.
