Chief Executive Officer of Oando Plc, Wale Tinubu, has commended billionaire investors Femi Otedola and Tony Elumelu for successfully finalising major transactions in Nigeria’s power and oil sectors, describing them as deals that set the nation off to a dynamic start in 2026.
On December 29, 2025, Otedola sold his majority stake in Geregu Power Plc for ₦1.08 trillion in a landmark deal financed by a consortium of banks led by Zenith Bank Plc.
Two days later, Heirs Energies, chaired by Elumelu, acquired the entire 20.07% equity stake (120.4 million shares) previously held by Maurel & Prom S.A. in Seplat Energy Plc.
In a social media post on Wednesday, Tinubu praised both businessmen for their strategic foresight and bold execution.
“Reflecting on the first week of work in 2026, @realFemiOtedola and @TonyOElumelu have given us a roaring start already,” he wrote.
On Otedola’s Geregu exit, Tinubu said the move demonstrated exceptional investor timing:
“This speaks to deft positioning. Femi, you backed investor foresight with conviction and knew exactly when to act decisively. The mark of an exceptional investor is not simply in making an investment. The mastery lies in knowing when to exit. This, I must admit, was executed in spectacular fashion.”
Regarding Elumelu, Tinubu described his Seplat acquisition as a long-term commitment to African ownership and governance in the energy sector.
“Becoming a major shareholder in Seplat represents a strategic commitment to African capability and the belief that the continent’s energy future should increasingly be driven by those who live and invest in it,” Tinubu said.
Tinubu concluded that both transactions are remarkable milestones that not only set the pace for the year but also redefine how real value is created in Nigeria’s business landscape.
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