Nigerian oil tycoon Wale Tinubu earns N31.38 billion from sale of Oando stake

• Oando CEO Wale Tinubu has seen the company's stock rise over the past 17 days.
• Tinubu made a huge profit of N31.38 billion as Oando stock soared.
• The company soared following its move to acquire 100% stake in Nigeria Agip Oil Company.

Billionaire investor and Oando owner Wale Tinubu has seen the value of his Oando shares soar by more than $40 million on the Nigeria Exchange (NGX) as investors look to snap up the company's shares. I saw it.

According to reports, Tinubu's stake in Oando has increased by 313 in the past 17 days as investors on exchanges scramble for shares in Nigeria Agip Oil Company (NAOC) following its move to acquire 100% stake in the company. Increased by 80 million nebula.

Oando moves to acquire Agip shares, NNPC protests

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NNPC protested the sale of NAOC to Oando, saying NAOC, the joint venture's largest shareholder, had not consented to the acquisition.

Oando is a Nigerian energy conglomerate in the upstream, midstream and downstream oil and gas industries and is dual listed on the Nigerian and Johannesburg exchanges.

The company's decision to acquire NAOC will make NAOC a dominant player in Nigeria's oil and gas industry, increasing its stake in Oil Mining Licenses (OML) 60, 61, 62 and 63 from 20% to 40%. .

The transaction is subject to regulatory and ministerial approval.

Tinubu is a leading player in the energy industry, owning 66.67% of Ocean and Oil Development Partners and an indirect stake in Oando.

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Tinubu owns multiple shares in Oando, making him a significant investor in NGX.

Ocean and Oil Development Partners is owned by Tinubu and Omamofe Boyo, with Tinubu controlling approximately 7,131,736,637 common shares of Omamofe Boyo.

Since early September 2023, Oando shares have soared 120% on the Nigerian Exchange, rising from N5.50 per share on September 1 to N12.10 as of Monday, September 18, 2023.

His 17-day profit on Oando stock is estimated at $40 million.

A 120% rise in the Nigerian energy company's share price took the market value of the shares held by Tinubu from N26.15 billion on September 1 to N57.53 billion on September 18 to N31.38 billion. Naira increased. 2023.

This significant increase solidifies Mr. Tinubu's position as one of the richest investors on the Nigerian Exchange and one of the richest people in Nigeria.

Top Nigerian Women at NGX

recent reports Legit.ng We reveal the top Nigerian women on the Nigerian Stock Exchange.

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The report said seven Nigerian women were among the investors whose fortunes rose thanks to NGX's strong performance.

They hold the title of richest women in NGX due to their valuation of stocks in various companies.

These women include Awel Elumelu, Abolanle Materu Okoh, Ifeoma Esiri, Adaora Umeoji, Olufunmilola Aybaye, Joy Teruwo and Nneka Onyeri Ikpe.

Nigeria's richest businessman announced

Another report details Nigeria's leading businessmen on the local stock exchange.

According to reports, Aliko Dangote, chairman of Dangote Group, the richest man in Nigeria and Africa, is being followed by Abdul Samad Rabiu, chairman of BUA Group.

According to reports, their contribution has helped boost Nigeria's gross domestic product (GDP) and depressed the country's stock market.

Many of their companies are listed on the Nigerian Stock Exchange, allowing the public to share in their successes.

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Dangote cedes top spot as richest investor on Nigeria Stock Exchange to Abdul Samad Rabiu

a Legit.ng BUA Group Chairman Abdul Samad Rabiu has overtaken Dangote Group Chairman Aliko Dangote to become Nigeria's richest investor, according to reports.

Rabiu's stake in the company, which is listed on the Nigerian Stock Exchange, is valued at about $6.01 billion, making him the country's largest investor.

Dangote is currently in second place on the exchange, trailing Rabiu.

Source: Legit.ng