A Roaring Start: Wale Tinubu Applauds Otedola and Elumelu’s 2026 Strategic Moves

In the first week of January 2026, Mr. Wale Tinubu, Group Chief Executive of Oando Plc, took to social media to celebrate a “roaring start” to the Nigerian business year. Highlighting the activities of billionaires Femi Otedola and Tony O. Elumelu, Tinubu described their recent multi-billion dollar deals as masterclasses in investment discipline, timing, and the deepening of indigenous ownership in Nigeria’s strategic sectors.

The Otedola “Exit Strategy”: Geregu to Banking

Tinubu specifically lauded Femi Otedola for his spectacular exit from Geregu Power Plc. On December 29, 2025, Otedola completed the sale of his controlling interest in Geregu for ₦1.08 trillion (approximately $750 million).

• Investment Mastery: Tinubu noted that Otedola’s ability to enter the power sector early, scale the asset to a peak valuation of nearly ₦3 trillion, and exit decisively is a “textbook example” of capital growth.

• Strategic Pivot: The deal was facilitated by a consortium led by Zenith Bank. Otedola is now reportedly recalibrating his portfolio to deepen his presence in the financial services sector, where he remains the largest shareholder of First HoldCo Plc.

• The Buyer: Control of Geregu Power’s majority shareholder, Amperion Power, was transferred to MA’AM Energy Limited, an Abuja-based integrated energy firm.

The Elumelu “Long Bet”: Indigenous Energy Ownership

Simultaneously, Tinubu praised Tony Elumelu for his bold entry into Seplat Energy Plc. On December 31, 2025, Elumelu’s Heirs Energies acquired a 20.07% stake in Seplat for $496 million.

• African Capability: This transaction made Elumelu the largest shareholder in Nigeria’s premier independent oil and gas explorer, buying out the long-standing stake of French firm Maurel & Prom.

• Energy Security: Tinubu described this as a “long, deliberate bet” on the belief that Africa’s energy future should be shaped by those who live and build on the continent.

• Consolidation: This move complements Elumelu’s existing energy portfolio, which includes Transcorp Power and Heirs’ own upstream assets, positioning him as a dominant force in the entire energy value chain.

The Growth of Axxela: From ₦1 Million to $600 Million

Tinubu also reflected on the evolution of Axxela (formerly Oando Gas & Power), which saw its final ownership transfer in early 2026 as Helios Investment Partners and Sojitz Corporation sold their stakes to BlueCore Investments.

• Patience Pays: Axxela began with a modest ₦1 million investment by Oando in 2001. By the time Oando exited in 2017, the enterprise value was over $300 million.

• Value Doubled: By the January 1, 2026 completion of the BlueCore deal, the company’s value has nearly doubled again, reinforcing Tinubu’s message on the power of “disciplined execution.”

Summary of the “Power Start” Deals

“This is how capital grows in Nigeria… knowing not just when to invest, but when to exit.” — Wale Tinubu