In just over a year since President Bola Tinubu took office, Oando Plc, led by his nephew Wale Tinubu, witnessed an unprecedented surge in market value, climbing from N74 billion in 2023 to a staggering N1 trillion by September 2024. This represents an extraordinary growth of over 1,000%. The increase comes as Nigeria faces economic turmoil, including severe fuel and cost-of-living crises, which have forced multinational corporations like GlaxoSmithKline, Microsoft, and Diageo to exit the country.
Previously an average-performing oil company, Oando posted a profit of N74 billion after tax in 2023, a significant reversal from a loss recorded the prior year. By September 2024, the company’s stock price shot up from N6 to N92 per share, placing Oando among the top 10 most capitalized companies on the Nigerian stock exchange.
This dramatic growth has fueled public speculation that the company’s success is linked to Wale Tinubu’s family ties to the president rather than purely business acumen. This suspicion was further fueled by reports of a controversial $785 million asset transfer deal involving Oando and Eni, which drew allegations of preferential treatment. Both Oando and Wale Tinubu have denied any wrongdoing, maintaining that negotiations predated Bola Tinubu’s rise to power.
Adding to the controversy, critics point to another case involving a N15 trillion Lagos-Calabar Coastal highway contract awarded to Hi-tech, a company chaired by the president’s son, Seyi Tinubu. This sparked accusations of nepotism and raised questions about the administration’s handling of federal contracts. The presidency, however, has strongly denied any misconduct or favoritism in the awarding of contracts.
As the economy flounders, even billionaires like Aliko Dangote have been impacted, with Dangote recently losing his position as Africa’s richest man, while businesses tied to the Tinubu family continue to flourish under the current government.
