Eyebrows Raised As President Tinubu’s Nephew, Wale $1 Trillion Company, Oando, Shortlisted To Acquire Trinidad’s National Refinery, Petrotrin

Trinidad’s Finance Minister, Colm Imbert, confirmed Oando’s advancement to the final selection stage during his presentation of the country’s national budget on September 30. From an initial pool of ten interested bidders, the list has been narrowed down to three, with Oando competing against Trinidad’s CRO Consortium and U.S.-based INCA Energy.

The selection process, overseen by Scotia Capital (USA) Inc., is expected to determine the final winner, who will be tasked with restarting the Petrotrin refinery if deemed feasible. Minister Imbert emphasized that the government would not expose taxpayers to the financial burden that plagued the refinery’s previous operations, stating, “A formal selective Request for Proposals process will now be initiated to determine the winner, with a view to restarting the refinery.”

The stringent evaluation of the bidders focused on five key criteria: their plans and timeline for restarting the refinery, the integrity of the refinery’s assets, crude oil sourcing, and the required utilities such as power, water, and natural gas. Financial backing was also crucial, with bidders required to present solid financing plans supported by credible institutions to demonstrate their capability to reopen and operate the refinery successfully.

Petrotrin, once a vital part of Trinidad’s economy, became a financial liability in recent years. Incurring billions in losses annually, the government finally shut down the facility in 2018 after a staggering $2 billion loss. Minister Imbert explained that the previous attempts to sell or lease the refinery had failed due to the preferred bidders’ inability to secure the capital necessary for its revival. This time, the government imposed more stringent conditions to ensure financial viability from the start.

Reopening the refinery is seen as a potential economic boost for Trinidad, creating employment opportunities and contributing to national growth.

Oando Plc has made significant strides in recent months. Its market value soared to an all-time high of $1 trillion, up from $74 billion as of September 2024, placing it among the top 10 most capitalized companies on the Nigerian Stock Exchange. This remarkable growth followed Oando’s acquisition of the Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni in a deal valued at approximately $783 million, which included asset reimbursement and considerations.

Given Oando’s solid financial standing and successful track record in recent acquisitions, the company stands as a formidable contender for the Petrotrin deal. If capital and financial stability are decisive factors, Wale Tinubu’s Oando appears well-positioned to secure the acquisition and bring the once-shuttered refinery back to life.