Wale Tinubu, the Group Chief Executive Officer of Oando Plc, has formally commended business titans Femi Otedola and Tony Elumelu for finalising two of the most significant transactions in Nigeria’s energy and power sectors.
Describing the developments as a "roaring start" to 2026, Tinubu noted that the deals reinforce the growing dominance of indigenous players in the nation’s critical infrastructure.
The praise follows a sequence of high-value transactions closed in the final days of 2025. Femi Otedola, the Chairman of First HoldCo Plc, completed a $750 million divestment of his controlling interest in Geregu Power Plc to MA’AM Energy Limited.
Simultaneously, Tony Elumelu’s Heirs Energies Limited secured a $500 million acquisition of a 20.07 per cent equity stake in Seplat Energy Plc, purchasing the shares previously held by the French firm Maurel & Prom.
In a statement shared via social media on January 7, 2026, Tinubu characterised Otedola’s exit from the power sector as a demonstration of "investor foresight" and "deft positioning". He emphasised that the move allowed Otedola to capitalise on a long-term investment while further consolidating his leadership in the banking industry.
Tinubu remarked that the mastery of an exceptional investor lies not just in the entry, but in executing a "spectacular" and timely exit.
The Geregu transaction, financed by a consortium led by Zenith Bank Plc, saw MA’AM Energy Ltd acquire a 95 per cent stake in Amperion Power Distribution Company, which holds the 77 per cent majority interest in Geregu.
While the board of the power firm has since been reconstituted, the company clarified that the transaction did not involve a direct sale of shares on the Nigerian Exchange, preserving the existing public shareholding structure.
Turning his attention to Elumelu, Tinubu hailed the Seplat acquisition as a strategic commitment to "African capability" and indigenous ownership. He noted that the continent’s energy future must be increasingly steered by those who live and invest locally.
The deal officially makes Heirs Energies the largest shareholder in Seplat.
Tinubu concluded that such transactions do more than just set a pace for the year; they redefine how value is created and retained within the Nigerian economy.
