Source: The Cable
Wale Tinubu, chief executive officer (CEO) of Oando Plc, has commended Femi Otedola, chairman of First HoldCo Plc, and Tony Elumelu, chairman, Heirs Holdings, for successfully finalising their deals in the power and oil sectors.
On December 29, 2025, Otedola sold his majority stake in Geregu Power Plc for N1.08 trillion in a deal financed by a consortium of banks led by Zenith Bank Plc.
Two days later, Heirs Energies acquired the entire 20.07 percent equity stake (120.4 million ordinary shares) previously held by Maurel & Prom S.A. in Seplat Energy Plc.
In a social media post on Wednesday, Tinubu said both businessmen have set the nation off to a dynamic start in 2026.
“Reflecting on the first week of work in 2026, @realFemiOtedola and @TonyOElumelu have given us a roaring start already,” he said.
With the Geregu exit, Tinubu said Otedola turned an investment in the power sector into a landmark deal, “while simultaneously deepening his position in banking”.
“This speaks to deft positioning. Femi, you backed investor foresight with conviction and knew exactly when to act decisively,” the Oando CEO said.
“The mark of an exceptional investor is not simply in making an investment. The mastery lies in knowing when to exit. This, I must admit, was executed in spectacular fashion.”
Regarding Elumelu, Tinubu said becoming a major shareholder in Seplat represents a long-term, strategic commitment to African capability, ownership, governance, and the belief that the continent’s energy future should increasingly be driven by those who live and invest in it.
The oil mogul added that the deals are remarkable transactions that not only set the pace for the coming year, but also redefine how real value is created.
