By Kingsley Benson
As Nigeria’s business community settles into the new year, two major transactions in the power and oil sectors are already shaping early conversations about capital, timing, and confidence.
Mr. Wale Tinubu, Group Chief Executive Officer (GCEO) of Oando Plc, has commended Mr. Femi Otedola and Mr. Tony Elumelu for deals he says have set a strong tone for 2026.
In a social media post shared recently, he described the moves by both businessmen as a “roaring start” to the year, pointing to their scale and strategic importance in sectors critical to Nigeria’s economy.
“Reflecting on the first week of work in 2026, Femi Otedola and Tony Elumelu have given us a roaring start already,” Mr. Tinubu wrote.
Mr. Otedola’s transaction came first. On December 29, 2025, the billionaire investor sold his majority stake in Geregu Power Plc for N1.08 trillion. The deal was financed by a consortium of banks led by Zenith Bank Plc and stands as one of the largest power-sector transactions in Nigeria’s history.
Mr. Tinubu said the Geregu exit showed a rare combination of foresight and decisiveness. According to him, Mr. Otedola did not simply build value in the power sector, but also chose the right moment to exit while strengthening his position elsewhere.
“With the Geregu exit, Femi turned an investment in the power sector into a landmark deal, while simultaneously deepening his position in banking,” Mr. Tinubu said. “This speaks to deft positioning.”
He stated that successful investing is not only about entry but about timing. “The mark of an exceptional investor is not simply in making an investment. The mastery lies in knowing when to exit. This was executed in spectacular fashion,” he said.
Barely two days after the Geregu deal, attention shifted to the oil and gas sector. Heirs Energies, an affiliate of Heirs Holdings chaired by Tony Elumelu, acquired the entire 20.07 percent equity stake previously held by France’s Maurel and Prom S.A. in Seplat Energy Plc. The acquisition involved 120.4 million ordinary shares and further consolidated Nigerian ownership in one of the country’s leading indigenous energy companies.
Mr. Tinubu described Elumelu’s move as more than a transaction. In his view, it reflects a long-term commitment to African capacity and control within strategic industries.
“Becoming a major shareholder in Seplat represents a strategic commitment to African capability, ownership, governance, and the belief that our energy future should increasingly be driven by those who live and invest here,” Mr. Tinubu said.
The comments place both deals within a broader narrative about local capital taking firmer control of key assets. In recent years, Nigeria has seen a gradual shift as indigenous investors and firms acquire stakes previously held by foreign players, especially in energy and infrastructure.
For Mr. Tinubu, the timing of the transactions also matters. With economic uncertainty still present and investor sentiment closely watched, the size and confidence behind both deals send a strong signal to the market.
He described them as remarkable transactions that do more than dominate headlines. According to him, they set the pace for the year and challenge conventional ideas about how value is created in Nigeria’s business environment.
