By Victor Ojelabi
In a staggering achievement for Nigeria’s oil and gas industry, Oando Trading, a subsidiary of the Wale Tinubu-led Oando Group, etched its name into the nation’s energy history books by becoming the first company to lift Nigeria’s newest crude blend, Obodo.
This development in April 2025 is not just a commercial breakthrough; it symbolises the growing strength and ambition of indigenous oil companies poised to dominate the global energy conversation.
The Obodo crude, a medium sweet blend, is extracted from the onshore OML 150 block operated by Continental Oil & Gas Limited, a company under the ownership of business magnate Dr. Mike Adenuga, Jr., GCON.
The block functions under a production sharing contract with the Nigerian National Petroleum Company Limited (NNPCL), headed by Group Chief Executive Officer Bayo Ojulari.
To complete the value chain, the crude was stored and lifted via the FPSO Tamaratokani, a state-of-the-art floating production, storage, and offloading vessel owned by Century Group under the leadership of Ken Etete.
Its strategic location off the Niger Delta coast enables swift access to global markets, ensuring that Nigeria’s oil flows efficiently into the international energy supply.
Oando Trading’s export tanker, Atlantic Spirit, made the historic first lift of Obodo crude, coordinated seamlessly by Century Group’s technical teams.
The symbolic importance of this transaction was not lost on Oando’s CEO, Wale Tinubu, who remarked, “This isn’t just a trade; it’s a message. The message that Nigeria’s energy industry is ready, capable, and rising. One historic barrel at a time.”
This important milestone aligns with President Bola Ahmed Tinubu’s Renewed Hope agenda, which aims to boost Nigeria’s daily oil production by one million barrels.
For stakeholders like NNPCL, Oando, Century Group, and Continental Oil & Gas, the Obodo lift stands as proof to the capability of Nigerian companies to drive national energy goals through indigenous leadership and innovation.
But the story of Oando doesn’t end with one successful lift. In fact, it is only the latest chapter in a bold transformation that has seen the company evolve from a local oil marketer to Nigeria’s leading integrated energy solutions provider—and now, a rising global brand in the energy sector.
Central to Oando’s ascendancy is its strategy of acquiring high-value assets to expand its upstream portfolio.
In 2024, Oando acquired a 100% stake in Nigerian Agip Oil Company Limited (NAOC) from Italian energy giant Eni S.p.A.
The landmark $783 million transaction was hailed as the “Energy Deal of the Year 2024” at the Nigeria International Energy Summit.
With this acquisition, Oando significantly increased its interest in four critical onshore assets—OMLs 60, 61, 62, and 63—and consolidated its role as a major operator in Nigeria’s oil heartland.
But Oando’s ambitions go beyond national borders.
The company was recently named the preferred bidder to lease the Guaracara refinery in Trinidad and Tobago, a strategic move into the Caribbean energy market.
This expansion marks Oando as one of the few African energy firms extending its footprint into other regions, positioning itself as a truly global player.
Oando’s rise is not just based on strategic vision; it is backed by numbers.
For the financial year ending December 2024, the company posted a 45% increase in revenue, hitting ₦4.1 trillion, up from ₦2.9 trillion in the previous year.
Its total assets soared to ₦7.5 trillion, a nearly threefold rise from ₦2.6 trillion, establishing both aggressive growth and investor confidence.
This growth is underpinned by equally ambitious production targets.
The company has announced plans to increase its daily crude oil output to 100,000 barrels and gas output to 1.5 billion standard cubic feet over the next five years.
These targets place Oando at the centre of Nigeria’s push for energy security and economic transformation.
Also, in an industry often criticised for its environmental impact, Oando is charting a progressive course.
It recently signed a memorandum of understanding to develop a 1.2-gigawatt solar project—the largest in Nigeria’s history.
This bold step into renewables reflects the company’s growing awareness of the global energy transition and its desire to be a part of the solution, not just the status quo.
At the heart of Oando’s transformation is Wale Tinubu, a figure synonymous with strategic leadership in Africa’s energy space.
Recognised as a Global Young Leader by the World Economic Forum and celebrated for his tenacity and foresight, Tinubu has steered Oando through decades of regulatory, operational, and financial challenges to emerge as a beacon of what is possible for African corporations on the world stage.
From the historic lifting of Obodo crude to high-profile global acquisitions and renewable energy ventures, Oando is demonstrating that an indigenous Nigerian firm can be both a national leader and a global competitor.
Its journey exemplifies a broader shift in Africa’s energy narrative; one in which African companies are not just participants but pacesetters in the global energy economy.
As the Atlantic Spirit sails into international waters bearing Nigeria’s latest crude blend, it carries more than oil; it carries the aspirations of a nation and the emergence of Oando as a true African energy giant with a global vision.
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