The market value of Oando Plc—run by President Bola Tinubu’s nephew, Wale Tinubu, —soared to record highs from N74 billion in 2023 to N1 trillion as of September 2024, indicating more than 1,000 per cent increase in valuation as Nigeria battled its worst cost-of-living and fuel crises.
While the nation was recording an exodus of multinational companies like pharmaceutical giant GlaxoSmithKline, Microsoft, and Diageo (Guinness parent company) due to Nigeria’s harsh economic climate, Oando was leaving the league of companies generating billions of naira in revenue to 12 zeroes.
Oando —an average-performing oil company before Mr Tinubu’s government— recorded N74 billion profit after tax in the financial year ended 2023, a stark contrast to the previous year when it recorded a loss after tax.
But just a little over one year after Mr Tinubu became president, the company’s share price, which sold at six naira as of September 1, 2023, saw its market value rocket to an all-time high of N92.
The latest valuation elevated Oando to the top 10 most-capitalised companies on the Nigerian stock exchange.
The profit surge comes months after a Peoples Gazette’s January report exposed how Mr Tinubu was plotting to transfer Eni’s Nigerian assets to Oando in exchange for Eni’s repossession of Nigeria’s lucrative OPL 245 oil field in partnership with Shell.
The assets transfer was made public last week by the parties, who said the deal was about $785 million and denied any wrongdoing of Oando cornering juicy deals at the expense of Nigeria’s oil field.
Wale Tinubu and Oando have continued to deny any wrongdoing, asserting that some of the discussions that led to their latest successes took place long before his uncle assumed office.
The increase sent netizens into a frenzy with many attributing Oando’s profit surge to its CEO’s blood ties with the president, suggesting the oil company’s increased valuation resulted from Mr Tinubu’s influence and not necessarily hard work and merit.
The currency devaluation, fuel subsidy removal and overall economic crisis had sent many companies into dire straits, including billionaire Aliko Dangote, who recently got demoted from Africa’s richest man to the second position, rankings of Bloomberg Billionaire Index released in August showed.
Oando is not the only business with ties to the Tinubu family that is doing well under the current administration. Earlier this year, the president awarded a humongous road contract worth over N15 trillion to a company run by his son Seyi and his friend, Gilbert Chagoury.
The president awarded the multi-trillion naira Lagos-Calabar Coastal highway project contract to Gilbert Chagoury’s company, Hi-tech, in which First Son Seyi Tinubu sits on its board, a move that triggered furious reactions and nepotism accusations.
The collective outrage and criticism from opposition figures like Atiku Abubakar, the presidency denied nepotism or corruption accusations in handling federal contracts under the current administration.
Village people don use charm cast dis one destiny from the day dem born am for gutter.
Lanretoye: for every suffering the iragbiji bastards are getting your families and kinsmen are getting deaths,whose life is more unfortunate.empty barrels with useless noises,I know how terrible and miserable the situation of the country can make you feel,your mates commit suicide instead of brandishing cowardice.mad cow.
If Dem ask you to define the term "misplaced priority" ........Just come to Nigeria and search around all the different ministries in the country,you go definitely see wetin you dey find
auzimois: It is Nigeria, that's what the people are known for here. Corruption, abuse of office, abuse of power, stealing from public, this is the way of Nigeria and its leaders.
post=131817836: Just imagine. Shame of a nation.
God help Nigeria 🇳🇬. Many corrupt and stupid politicians are supposed to be in jail in this nation.
No wonder there is so much rape of beardless young male children in places like North Africa where they are sexualized as Zamels and in Pakistan, Bangladesh and Afghanistan where they are called Bacha Bazi.
A prominent imam even said that men who don't have beards can cause sexual temptation
Something tells me that this is just another money making scheme for the Opolo eye criminal, same way they tried to blackmail Binance execs to extort 150 million dollars bribe from them.
Hopelessly stupid animal who thinks that running a government is like running a 419 extortion racket.
That reminds me of a particular agbaya fake "prophet" who raped a 6 year old girl called Aisha
Codepain: To be fair to the Jewish athlete. He was fighting an opponent above his category. Israelis can only defeat children between 0 and 5 years of age
So Boko Haram and herdsmen killing raping and kidnapping didn't scare you, but an obviously fake imaginary phone call does? And you call yourself a man?
Quintessence44: Why does this man want a religious war in Nigeria?
Does he have any idea how many millions of people will perish in such a conflict?
Was the civil war not enough for him?
Why does he want another war?
It’s incomprehensible to me how a presidential candidate can come up with such a suggestion.
Quite frankly he scares the hell out of me.
I don’t want any warmonger president occupying Aso Rock.
I can only imagine the amount of utter stupidity that went into the making of this statement
helinues: If some people said they can see anything good in you ( this government), just give them a hug as life can be so difficult for the blinds to see
I don't believe in stupid Afrocentric lies which they have concocted as an alternative version of history because they are ashamed of the simple fact that their ancestors were imbecillc underachievers who were no better off than apes.
If you're so superior, why do you lag behind the same people you claim to be your inferiors?
I know that one day, your descendants will be claiming that Isaac Einstein, Enrico Fermi, Elon Musk etc were all black because stealing other people's cultural accomplishments is the only thing you're good at.
Tellmeastory: The Original Sumerians were black. The original Greeks were black. Even the original Chinese, Indians and Japanese were blacks.
Black Africans ruled ASIA for thousands of years.
Black West African Moors RULED LARGE PARTS OF EUROPE between 711 and 1492.
800 years.
This video EDUCATES you on that epoch. Europeans still attend festivals where they dress up in BLACK FACE to commemorate the period of BLACK RULE IN EUROPE.
The ENTIRE EUROPE was BLACK for at least 40,000 years before the first albino races you call “whites” emerged.
A paint factory dated to 100,000 years was recently discovered in South Africa, which showed evidence of deep knowledge of CHEMISTRY by Africans, a full 93,000 years before the first white person was born.
Google it, you cretinous wretch.
As for EGYPT AND NUBIA, they were PURE BLACK AFRICAN CIVILISATIONS.
WITH MULTIPLE CULTURAL AND LINGUISTIC CONNECTIONS TO WEST, EAST, CENTRAL AND SOUTHERN AFRICA.
The original ISRAELITES of the Old Testament were BLACK AFRICANS.
Meaning that BLACK AFRICANS are the REAL ‘Chosen People’, not the demonic white IMPOSTORS currently there committing genocide.
The video below will EDUCATE YOUR EMPTY HEAD on African history.
No wonder you're called Tellmeastory. You love fairy tales. Fairy tales are your substitute for real history.
The Sumerians and Akkadians discovered mathematics and developed a written language using the cuneiform script while your bush ancestors were busy eating each other. Stop claiming ancient Egyptian and Nubian achievements as your own. The ancient Egyptians and Nubians were not West Africans.
Don't be ashamed of your ancestors just because they are failures.
Black man invented writing, mathematics, iron smelting, mining of minerals, architecture, philosophy, the Calendar, Marriage, international trade, law, religion, the sciences and the arts, THOUSANDS OF YEARS BEFORE THE FIRST WHITE MAN EXISTED.
The very fundamentals of modern civilisation were devised by BLACK AFRICANS over thousands of years.
So if anyone is copying anyone, it is the entire world copying Africa, and CIVILISED by Africans.
If you need sources to educate your thick, ignorant slave skull, do let me know.
You're talking about the latter period of Gernot Rohr's time after the criminal NFF began owing him several months arrears of salary to the point where he had to threaten to sue them if they didn't pay him.
Gernot Rohr in the early days of his stint up until the 2018 World Cup, did very well for Nigeria. It was the disillusionment caused by the useless NFF that made the latter period of his coaching tenure a nightmare.
EMIOMOADEOYE: Why do Nigerians like to reason with their anus like this.
The same Gernot Rohr that lost 1-0 to CAR in a world cup qualifier pretty much like this?
Or the same Gernot Rohr that blew a 4 goal lead against Sierra Leone in an AFCON qualifier?
Or the same Gernot Rohr that played a 1 - 1 draw against Cape Verde in a WCQ?
Abeg....make all of you go chop kulikuli drink garri drop cup.
Las las, all coach an the same. Game wey you go lose you go lose.
You never even mentioned his biggest comedy hit Blackadder. It was Blackadder that launched his career, as well as the career of Hugh Laurie who went on to play Dr House in the popular medical drama House.
Racoon: The power of focusing on your conceived vision till it is birthed.