Nigerian oil magnate, Wale Tinubu gains N31.38 billion from sale of Oando shares

Billionaire investor and owner of Oando, Wale Tinubu, has seen the value of his shares in Oando Plc skyrocket by over $40 million on the Nigerian Exchange (NGX) as investors move to lap up the company's shares on the NGX.

According to reports, Tinubu's stakes in Oando have increased by N31.38 billion in the past 17 days as investors in the exchange scramble for the company's shares following moves to acquire 100% stakes in Nigerian Agip Oil Company (NAOC).

Oando moves to acquire shares of Agip, NNPC protests

NNPC protested the sale of NAOC to Oando, stating that it has not given its nod to the purchase, being a majority shareholder in the joint venture deal.

Oando is a Nigerian energy conglomerate in the upstream, midstream, and downstream oil and gas industry with a dual listing on the Nigerian and Johannesburg exchanges.

The company's decision to acquire NAOC will make it a dominant player in Nigeria's oil and gas industry and increase its stakes in Oil Mining Licenses (OMLs) 60, 61,62 and 63 from 20% to about 40%.

The deal is subject to regulatory and ministerial approvals.

Tinubu is a dominant player in the energy industry, with a 66.67% stake in Ocean and Oil Development Partners and an indirect stake in Oando.

Tinubu's multiple shares in Oando make him NGX's dominant investor

Ocean and Oil Development Partners is owned by Tinubu and Omamofe Boyo, with Tinubu controlling about 7,131,736,637 ordinary shares in Oando.

From the beginning of September 2023, Oando shares have surged by 120% on the Nigerian Exchange, rising from N5.50 per share on September 1 to N12.10 as of Monday, September 18, 2023.

His Oando share gain in 17 days is estimated at $40 million. The 120% surge in the share price of the Nigerian energy company has led to an increase in the market value of shares held by Tinubu by N31.38 billion, from N26.15 billion on September 1 to N57.53 billion on September 18, 2023.

The massive increase has etched Tinubu's position as one of the wealthiest investors on the Nigerian Exchange and as one of Nigeria's richest men.

A recent report by Legit.ng reveals the top Nigerian women on the Nigerian Stock Exchange.

The report says that Seven Nigerian women are among the investors who have seen their fortunes rise thanks to NGX's positive performance

They hold the title of being the wealthiest women on the NGX, owing to the valuation of their shareholdings in various companies.

These women include Awelu Elumelu, Abolanle Matel Okoh, Ifeoma Esiri, Adaora Umeoji, Olufunmilola Ayebae, Joy Teluwo, and Nneka Onyeali-Ikpe.