KEY POINTS
- Tinubu praised major power and oil transactions.
- Otedola exited Geregu through a holding shift.
- Elumelu became Seplat’s largest shareholder.
Oando Plc chief executive Wale Tinubu opened 2026 by calling out two transactions reshaping Nigeria’s energy sector, citing ownership changes at Geregu Power and Seplat Energy as capital moves across the industry.
In a post on X, Tinubu referenced Femi Otedola’s exit from Geregu Power and Tony Elumelu’s emergence as Seplat Energy’s largest shareholder. He described the developments as a strong opening for the year, reflecting a broader realignment as investors rotate funds between power generation, oil production and financial assets.
Otedola’s departure from Geregu followed a shift at the holding company level rather than a direct sale of the listed shares. A notice to the Nigerian Exchange said MA’AM Energy Ltd acquired 95 percent of Amperion Power Distribution Co., which holds a controlling stake in Geregu, and in doing so changed the ultimate beneficial ownership of about 77 percent of Geregu’s issued share capital. The filing said the deal did not include a sale or transfer of Geregu’s quoted shares. Media reports put the value of the deal at about $750 million.
Power asset changes draw focus
Geregu has been one of the most closely watched electricity stocks on the exchange. The company has posted steady earnings in a power market weighed down by gas supply constraints and payment arrears. Billionaire Africa reported that Otedola plans to redeploy proceeds from the transaction into financial sector investments, continuing a pattern of shifting exposure as opportunities emerge.
Elumelu’s Heirs Group has also made a decisive move. The conglomerate bought Maurel & Prom’s entire 20.07 percent stake in Seplat Energy, equal to about 120.4 million shares. Statements from the companies valued the deal at roughly $500 million, with Maurel & Prom putting the figure at $496 million.
Oil sector consolidation gathers pace
Seplat’s expansion has been driven in part by its $1.28 billion acquisition of ExxonMobil’s onshore Nigerian business, completed last year. That deal added producing oil blocks, fields and export infrastructure, strengthening Seplat’s position as multinationals continue to retreat from onshore operations.
Tinubu’s comments also turned attention to Oando, one of Nigeria’s best-known indigenous energy companies, which is listed in Lagos and Johannesburg. Oando operates across upstream production, trading and logistics. The company says it was the first African firm to secure a cross-border inward listing on the Johannesburg Stock Exchange.
Under Tinubu’s leadership, Oando has pursued growth through acquisitions, presenting itself as a local champion as international oil companies exit. In 2014, its upstream arm completed a $1.5 billion purchase of ConocoPhillips’ Nigerian assets. In August 2024, Oando said it finalised a $783 million acquisition of Eni’s Nigerian subsidiary, Nigerian Agip Oil Company, after regulatory approvals. Reuters has reported on the firm’s pipeline repair work following sabotage-related spills in the Niger Delta.
Beyond oil and gas, Oando has launched Oando Mining to explore lithium and other critical minerals. The company says field programmes in northern Nigeria are under way as it assesses locations for pilot
