Adewale Tinubu, Group Chief Executive of Oando Plc, has shed light on the vast potential of Nigeria’s indigenous energy companies during the 2025 World Economic Forum (WEF) held in Davos, Switzerland.
Speaking at the prestigious event, which brings together world leaders, top executives, and industry experts, Tinubu revealed that Oando is leveraging advanced technologies, including artificial intelligence, to explore over 1 billion barrels of oil reserves.
Tinubu emphasized the critical role of indigenous companies in Nigeria’s energy sector, noting their acquisition of divested onshore assets from International Oil Companies (IOCs).
“By combining advanced technology, strong capital, and local expertise, Nigerian companies have the capacity to unlock untapped energy resources,” he stated.
Nigeria’s Energy Assets and Economic Growth
As one of the first indigenous companies to acquire onshore assets from AGIP, Oando has demonstrated the importance of strategic partnerships and financing to maximize value.
Tinubu highlighted the company’s robust resources, including over 1 billion barrels of reserves, a daily oil processing capacity of 300,000 barrels, and over 2 billion cubic feet of gas capacity. He estimated the net present value of these reserves at over $10 billion.
Tinubu stressed that the Nigerian government and regulators must play an active role in maximizing value from the energy sector.
He noted that increasing exports is vital to improving the balance of trade and stabilizing the Naira. “The oil and gas sector offers the fastest route to achieving this, thanks to our substantial reserves and infrastructure,” Tinubu explained.
The Call for a Just Energy Transition
Addressing the global push for decarbonization, Tinubu called for a just energy transition, highlighting Africa’s minimal contribution to global emissions despite hosting 20% of the world’s population.
He also outlined Oando’s efforts to reduce its carbon footprint through effective carbon capture techniques.
“We are committed to mitigating every molecule of carbon we emit,” he said, reiterating the company’s focus on sustainable practices while unlocking Nigeria’s energy potential.
The WEF in Davos continues to serve as a global platform for collaboration among leaders in business, government, and civil society, aiming to shape the future through innovation and partnership.
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