By Editor
ABUJA, Nigeria — In a scathing op-ed that has ignited public discourse across Nigeria, veteran journalist Ifeanyi Izeze has blown the lid off what he describes as a murky series of oil deals involving the administration of President Bola Tinubu, his nephew Wale Tinubu, and multinational oil giants like ENI (Agip). The article, published recently, raises serious questions about the integrity of these deals, their accelerated approval processes, and the close ties between the presidency and Oando, the oil firm owned by Wale Tinubu. In a bold and unapologetic critique, Izeze highlights the glaring inconsistencies, dubious accelerations of deal approvals, and questionable withdrawals of legal claims against oil majors in the infamous OPL 245 scandal.
But as explosive as this report is, the heart of the controversy is Oando’s staggering financial ascent under President Tinubu’s government, and its eyebrow-raising acquisition of ENI’s Nigerian Agip Oil Company (NAOC) assets. What really lies beneath these deals, and what does it mean for the integrity of Nigeria’s oil sector? Ifeanyi Izeze pulls no punches as he tears into the timeline and processes behind these transactions, offering a stinging critique of what he sees as brazen nepotism, shrouded in the cloak of governance.
A Meteoric Rise Under Controversial Circumstances
Izeze’s exposé opens by questioning how Oando Plc, an oil company that had struggled in previous years, suddenly saw its market valuation skyrocket under President Tinubu. The company, previously considered an average performer, witnessed its market capitalisation leap from N74 billion in 2023 to an astronomical N1 trillion by September 2024 — an increase of more than 1,000%. This sharp contrast occurred while Nigeria grappled with one of its worst economic and cost-of-living crises in decades, a juxtaposition that raises more than a few eyebrows.
Izeze draws attention to the fact that, prior to Tinubu’s assumption of office, Oando was dealing with major losses. In 2022, the company recorded a loss after tax, but by the end of 2023 — coincidentally, the year President Tinubu took power — Oando registered a profit of N74 billion. The company’s share price, which was a mere N6 as of September 2023, shot up to an all-time high of N92 within a year. These gains have elevated Oando to one of the top 10 most-capitalised companies on the Nigerian Stock Exchange.
Wale Tinubu, the company’s CEO and President Tinubu’s nephew, has vehemently denied any wrongdoing. According to him, many of the discussions leading to Oando’s recent successes took place long before his uncle assumed office. However, this statement does little to quell suspicions, particularly in light of the company’s rapid acquisition of ENI’s Nigerian Agip Oil Company (NAOC) assets.
The ENI-Oando Deal: Nepotism or Efficient Governance?
One of the central points of Izeze’s critique is the jaw-dropping speed at which the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) approved Oando’s acquisition of ENI’s 100% stake in NAOC. According to Izeze, the deal, which was announced on September 4, 2023, initially stalled due to pre-emption rights held by the state-owned Nigerian National Petroleum Company Limited (NNPCL), which owns 60% of the assets in question. Yet, within a few short months, NNPCL reversed its stance, allowing the deal to be finalised by July 24, 2024, and completed on August 22, 2024.
Izeze underscores that this rapid approval stands in stark contrast to the sluggish pace at which other indigenous players like Seplat and Renaissance are facing as they attempt to acquire onshore and shallow water assets from oil majors such as ExxonMobil, TotalEnergies, and Shell. While Oando’s deal was fast-tracked, Seplat’s acquisition of ExxonMobil’s assets is still mired in regulatory delays. The inconsistency in the regulatory process has fuelled suspicions that Oando’s ties to the Tinubu presidency may have given it an unfair advantage.
“How does one explain the clear disparity in the pace of approval?” Izeze asks pointedly in his article. “It’s not hard to see why Oando’s connection to the presidency is raising alarms, and the lack of transparency in the decision-making process is even more troubling.”
OPL 245: A Toxic Deal Resurfaces
While Oando’s NAOC deal has drawn significant attention, it pales in comparison to the controversial developments surrounding Oil Prospecting License (OPL) 245, arguably Nigeria’s most valuable oil block. According to Izeze, the Tinubu administration has quietly resolved the long-standing legal disputes surrounding OPL 245, a move that has been criticised for its opacity.
At the Nigerian International Energy Summit in Abuja earlier this year, Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, revealed that President Tinubu had directed him and the Attorney General of the Federation to resolve all lingering issues around OPL 245. Within months, all legal claims were withdrawn, and the lease for the block — which holds over 9 billion barrels of crude oil reserves — was handed back to ENI (Agip) and its partner, the Anglo-Dutch oil giant Shell.
Former Vice President Atiku Abubakar was one of the first high-profile figures to publicly question the speed and secrecy of this resolution. In a statement issued through his media office, Abubakar expressed shock at how swiftly the Nigerian Upstream Production Regulatory Commission (NUPRC) had approved the Oando-ENI deal and resolved the OPL 245 litigation within the same eight-month period.
“The abrupt withdrawal of Nigeria’s litigation against Shell and ENI in the OPL 245 scandal — especially at a time when Oando is acquiring ENI’s onshore assets — reeks of political manoeuvring,” Abubakar stated. “Why was there no transparency in this process? And how is it possible that ENI has benefitted from both the Oando deal and the resolution of the OPL 245 issue?”
Is Oando Eyeing a Stake in OPL 245?
Perhaps the most explosive claim in Izeze’s article is the allegation that Oando’s acquisition of NAOC’s onshore assets may be just the tip of the iceberg. Citing informed sources, Izeze speculates that Oando may have also secured a share of ENI’s stake in the lucrative OPL 245. While there has been no official confirmation of this, the timing of the OPL 245 resolution — coming just months after Oando’s acquisition of ENI’s onshore assets — has raised eyebrows.
The deal has left many Nigerians wondering whether the Tinubu administration is quietly facilitating the transfer of one of Nigeria’s most valuable oil assets to a company run by the president’s family. “Is this part of a broader agenda?” Izeze asks rhetorically. “If so, the implications for Nigeria’s oil sector and its future are staggering.”
Legal Waivers and the Future of Accountability
In his op-ed, Izeze also takes aim at the Nigerian government’s decision to withdraw civil claims totalling $1.1 billion against ENI. The lawsuits, which had been ongoing for years, accused the company of corruption in its acquisition of OPL 245. Under President Tinubu, however, Nigeria has not only dropped the lawsuits but also “irrevocably” waived its right to take any further legal action against ENI, its subsidiaries, and current or former officers of the company.
The fact that this waiver was issued just months after ENI divested its onshore assets to Oando has led many to speculate that the two deals are linked. Izeze suggests that ENI may have given up its stake in NAOC in exchange for favourable terms in the OPL 245 litigation. If true, this would represent one of the most brazen acts of nepotism in Nigeria’s recent history.
A Call for Transparency
As Nigerians digest the revelations in Izeze’s article, one thing is clear: the country’s oil sector is in dire need of transparency. With billions of dollars at stake and the nation’s most valuable assets being quietly transferred behind closed doors, Izeze’s explosive op-ed is a call to action for greater accountability.
