Oando’s market value jumps from N70 billion to N1 trillion in Tinubu’s first year as president

The latest valuation elevated Oando to the top 10 most-capitalised companies on the Nigerian stock exchange.

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.

RealityKings:
Why will I be a president and my company won't expand

RealityKings:
Why will I be a president and my company won't expand

Obrigardo:


That's why you are fond of the fraudster, rapist felon trump.

I see.

2special:
Lots of investors that have shares/stocks with Oando are making millions, Position yourself. Some are complaining blaming the system while some are smiling to the bank.

RealityKings:



I don't have any problems with Trump. I have never met him, he doesn't know me yet, hopefully he will someday.
Everything you alleged up there are issues that probably happened In the past and it never stopped him from becoming the president.
Well, as you know, this is the present

Obrigardo:



So you have serious questionable morals

RealityKings:



It's strange you never asked why all those issues were not raised BEFORE or when he was about to contest the first time?

Obrigardo:


Will they bury the money with you when you die?

Obrigardo:

He's worse off now bro.
So worse than 2016.
He didn't sound this way then.

But now he's rolling in dementia and slurring, missing his train of thoughts while at the same time remaining vulgar, unrepentant and insulting.
Maga world is crumbling, so many things happening at once. Are you up to date with the latest?

RealityKings:



So why didn't they chose you to be president instead of Trump since you know it all and you are the most perfect human?

Obrigardo:


The word salad you just read from the mouth of the rapist felon is the tip of the iceberg. Many of you nigerian maga cultists don't watch his rallies or hear him speak complete sentences so you don't know how far gone he is dementia wise.
Don't you worry. I'm gonna show you more.