Afrigather The market worth of Oando Plc—run by President Bola Tinubu’s nephew, Wale Tinubu, —soared to document highs from N74 billion in 2023 to N1 trillion as of September 2024, indicating greater than 1,000 per cent enhance in valuation as Nigeria battled its worst cost-of-living and gas crises. Whereas the nation was recording an exodus of multinational corporations like pharmaceutical large GlaxoSmithKline, Microsoft, and Diageo (Guinness guardian firm) resulting from Nigeria’s harsh financial local weather, Oando was leaving the league of corporations producing billions of naira in income to 12 zeroes…..CONTINUE READING THE ARTICLE FROM THE SOURCE
Oando —an average-performing oil firm earlier than Mr Tinubu’s authorities— recorded N74 billion revenue after tax within the monetary yr ended 2023, a stark distinction to the earlier yr when it recorded a loss after tax.
However just a bit over one yr after Mr Tinubu turned president, the corporate’s share value, which bought at six naira as of September 1, 2023, noticed its market worth rocket to an all-time excessive of N92.
The newest valuation elevated Oando to the highest 10 most-capitalised corporations on the Nigerian inventory change.
The revenue surge comes months after a Peoples Gazette’s January report uncovered how Mr Tinubu was plotting to switch Eni’s Nigerian belongings to Oando in change for Eni’s repossession of Nigeria’s profitable OPL 245 oil area in partnership with Shell.
The belongings switch was made public final week by the events, who stated the deal was about $785 million and denied any wrongdoing of Oando cornering juicy offers on the expense of Nigeria’s oil area.
Wale Tinubu and Oando have continued to disclaim any wrongdoing, asserting that a few of the discussions that led to their newest successes happened lengthy earlier than his uncle assumed workplace.
The rise despatched netizens right into a frenzy with many attributing Oando’s revenue surge to its CEO’s blood ties with the president, suggesting the oil firm’s elevated valuation resulted from Mr Tinubu’s affect and never essentially onerous work and benefit.
The forex devaluation, gas subsidy elimination and total financial disaster had despatched many corporations into dire straits, together with billionaire Aliko Dangote, who lately acquired demoted from Africa’s richest man to the second place, rankings of Bloomberg Billionaire Index launched in August confirmed.
Oando shouldn’t be the one enterprise with ties to the Tinubu household that’s doing nicely below the present administration. Earlier this yr, the president awarded a humongous highway contract price over N15 trillion to an organization run by his son Seyi and his buddy, Gilbert Chagoury.
The president awarded the multi-trillion naira Lagos-Calabar Coastal freeway venture contract to Gilbert Chagoury’s firm, Hello-tech, through which First Son Seyi Tinubu sits on its board, a transfer that triggered livid reactions and nepotism accusations.
The collective outrage and criticism from opposition figures like Atiku Abubakar, the presidency denied nepotism or corruption accusations in dealing with federal contracts below the present administration.
