Tinubu’s Nephew Wale Tinubu Owned Oando, 2 Others Shortlisted to Acquire Trinidad’s Refinery

Nigeria's Oando Plc, owned by Wale Tinubu, the nephew of President Bola Ahmed Tinubu, has been shortlisted as one of three final contenders to acquire Trinidad and Tobago's state-owned Petrotrin refinery.

This announcement was made by Trinidadian Finance Minister Colm Imbert during a presentation of the national budget on October 8, 2024.

The bidding process, which began in February 2024, saw ten initial proposals narrowed down to three finalists: Oando Plc, the CRO Consortium (comprising three Trinidadian companies), and INCA Energy from the United States.

The process is being managed by US-based Scotia Capital, tasked with overseeing the procurement through a formal selective Request for Proposals (RFP) process. The evaluation criteria focused on the clarity of restart plans and timelines proposed by each company.

This move comes at a time when Nigeria's own state-owned refineries in Portharcourt, Warri, and Kaduna remain non-operational despite efforts by the Nigerian National Petroleum Company Limited to resume production.

The juxtaposition of Nigeria's domestic challenges with its international investment interests highlights broader issues within the country's oil sector and underscores the strategic importance of such acquisitions in the global petroleum landscape.

The acquisition of Petrotrin could provide Oando Plc with a strategic foothold in the Caribbean energy market, potentially enhancing its operational capacity and diversifying its portfolio.

However, the success of this venture will depend on the feasibility of restarting the refinery and the ability to navigate the complex regulatory and economic environment in Trinidad and Tobago.