Jubril Adewale Tinubu is a highly respected figure in the history of Nigeria’s Oil & Gas industry. His insights are backed by solid facts and figures, making him a true authority in the field. Whether you admire him or not, there’s no denying that he operates on his terms and has made significant contributions to the industry. For students seeking a degree or postgraduate qualification in the Oil and Gas sector, understanding the remarkable strides made by JAT (as he is fondly known in the industry) will offer valuable perspectives on upstream, midstream, and downstream aspects of the industry.
His audacious nature, resilience, risk-taking ability, foresight, and tenacity are qualities that students should pay close attention to. Moreover, his practical experience in the field, gained over three decades, is invaluable and cannot be taught within the confines of an academic institution; because he has seen it all by crossing the T’s and Dotting the I’s in the industry which he is currently staying afloat after 3 decades of investment and still winning.
JAT, a trained lawyer, has proven that his business success is not merely a product of his background. He displayed exceptional traits of greatness early in life, earning him the well-deserved title of “King of African Oil.” Instead of relying on family wealth, he focused on forming alliances and studying the market to achieve his goals. His journey from a Law student at the University of Liverpool to obtaining an LLM from the London School of Economics and eventually specializing in corporate law showcases his determination and commitment. Wale Tinubu has a proven track record in building successful businesses across the energy value chain.
In 1993, he co-founded Ocean and Oil Group, one of the first indigenous trading companies with extensive operations exporting Nigerian petroleum products. In 2000, during the Nigerian Government’s privatization exercise, Tinubu led Ocean and Oil’s successful bid for a stake in Unipetrol. While his peers were partying and spending their business proceeds on frivolities; he was busy investing in a terrain that was meant for the richest of the richest in the country. For him, opportunity meets preparedness; Two years later, he led the largest-ever acquisition of a quoted Nigerian company, with Unipetrol PLC’s purchase of Agip Nigeria PLC. The group was rebranded to Oando PLC in 2003. Instead of Wale being swallowed by the deep waters and eaten by the sharks in the oil and gas business; he was skilful enough to navigate through the waters to remain in business to date waxing stronger. While expanding; he became a headache for his competitors as he infused impeccable ideas into running his business conglomerate. He also infused some ideas to strengthen the Oando brand with the successful transformation of Oando from a petroleum marketing company to an integrated energy group, included in the downstream – OVH Energy (formerly Oando Marketing) and Oando Trading; midstream – Axxela Limited (formerly Oando Gas and Power) and upstream – Oando Energy Services and Oando Energy Resources.
With these impeccable ideas; he was able to transform and capture other aspects of the terrain which aims at developing not only the sector but also ensuring divesting into other terrain. In 2014, Wale through the OER led the $1.8 billion landmark acquisition of Conoco Phillips solidifying the company as the leading independent exploration and production company in Nigeria. OER has assets on and offshore in Nigeria, and the Exclusive Economic Zone (EEZ) of São Tomé and Príncipe. The portfolio which includes 14 licenses boasts of net average production of ~44,000 boepd, 2P reserves of ~ 485.3mmboe, 2C reserves of ~158.9 mmboe as well as extensive infrastructure including ~22,500km2 of combined acreage, ~483,000 bpd of oil handling capacity, ~3,663 mmscf/d (million standard cubic feet per day) of gas handling capacity, 3.5 mmbbls (million barrels) terminal capacity, and over 1,255 km pipeline network, amongst others.
JAT’s disruptive and transformative ideas have not only changed the fortunes of the oil and gas sector but have also set new standards for the industry. His pioneering efforts and strategic vision have been instrumental in shaping the energy landscape in Nigeria and beyond. In 2019, he was set to eliminate the operational constraints and inefficiencies in petroleum product importation into Nigeria, Wale led the successful divestment of Oando Marketing Limited to the Vitol Group, the world’s largest independent trader of energy commodities and Helios Investment Partner with a sale portfolio of $461 million. OVH Energy boasts the largest distribution value chain in Nigeria, with over 1,500 trucks, 50 million litres in tank farm storage capacity and over 400 retail station outlets dispensing PMS and other products. He pioneered the development of the first privately owned mid-stream jetty in West Africa which sits within OVH Energy’s business portfolio. In the same year, Oando divested from Axxela to a vehicle owned by Helios Investment Partners LLP (“Helios”), an investment of $160 million which focuses on the development and distribution of Nigeria’s natural gas. The company pioneered the private sector piping and distribution of natural gas to industrial and commercial consumers, successfully reviving private sector participation in Nigeria’s gas distribution business.
The witty and highly cerebral Wale despite having the heart of Hercules; is a man soft at heart. He loves to enjoy life but one thing he can’t stand is the face of people in distress. Despite being a very private person, who would rather spend time doing business or with his family; he is a very generous man with a large heart. His generosity is one thing that keeps him going. Those who have cried to him have always returned with smiles on their face because cheerful giving is part of his culture and personal lifestyle. Annually during fasting periods, Wale is known for silently reaching out to those Muslims faithful by distributing edible items and also meals. He also holds an annual lecture in memory of his late father; Oluwole Kafaru Tinubu where he also uses the avenue to touch people’s lives. As the generous money bag saunters into age 57 today; his joy knows no bounds and he is super excited with joy in his heart. He is feeling happy and ready to climb the mountain top to shout but one thing remains constant he stays in tune with his creator via prayers for a longer life in good health and wealth. Apart from his persona proceeds to help the needy; he also loves education. He has personally spoken against the educational deficit in the country which is why he thinks that a public and private partnership should be imbibed by many rich individuals and companies to bridge the gap in education for national development. This led to the founding of the Oando Foundation in 2011, with the mission to improve the learning environment in primary schools by holistically creating world-class basic education systems for the community; Wale personally spearheaded the Adopt-A-School Initiative (AASI). The initiative has adopted 88 public primary schools across Nigeria, supporting over 500,000 students, enrolled over 60,000 School Children, trained 3,000 teachers, promoted infrastructure rehabilitation of 300 classrooms (renovation and new build) and established 40 solar-powered digital learning centres.
For Wale, his best is yet to come as he has lots of ideas in the pipeline and also plans to divest more and take over critical sectors of the economy. His success is not by fluke but by sheer dint of hard work and his passion for the development of Nigeria. Despite his dreams gradually becoming reality; Wale is not relenting on his oars until he finally holds a stake in the Oil &Gas sector in Africa and by extension the rest of the world putting Nigeria on the world map.
