Exploring Nigeria’s Energy Potential Adewale Tinubu, Group Chief Executive of Oando Plc, has highlighted the transformative potential of Nigeria’s energy sector, emphasizing the role of indigenous energy companies in taking over divested assets from International Oil Companies (IOCs). Speaking at the prestigious World Economic Forum (WEF) in Davos, Switzerland, Tinubu revealed that Oando Plc is prepared to harness artificial intelligence (AI) and other advanced technologies to optimize its upcoming drilling campaigns. The goal? To tap into over 1 billion barrels of oil reserves effectively while strengthening decision-making and reducing exploration costs. Nigeria Shines at WEF 2025 The WEF, an exclusive gathering of world leaders, global executives, and non-governmental organizations, offered a platform for the Nigerian delegation to engage with global stakeholders. Key attendees from Nigeria included Vice President Kashim Shettima, Finance Minister Wale Edun, Industry and Trade Minister Jumoke Oduwole, and Adewale Tinubu himself. This meeting brought together leaders from business, academia, and civil society to address pressing global challenges and explore collaborative solutions. Unlocking Nigeria’s Untapped Energy Resources Tinubu shared insights on the Nigerian energy sector, emphasizing that indigenous energy companies are now at the forefront of driving innovation and efficiency in oil exploration. Oando Plc, one of the first Nigerian companies to successfully acquire an IOC’s onshore assets (AGIP), is well-positioned to unlock the sector’s full potential. “As a company, we have over a billion barrels of reserves, 300,000 barrels per day of processing capacity, and 2 billion cubic feet of daily gas capacity. The net present value of these assets exceeds $10 billion,” Tinubu stated. By leveraging local expertise, advanced technologies, and strategic partnerships, Nigerian firms like Oando are poised to accelerate resource extraction and maximize value from the nation’s abundant energy reserves. The Role of Government and Regulators Tinubu emphasized the critical need for government support and regulatory alignment to fully harness the potential of the oil and gas sector. This collaboration is key to addressing economic challenges, boosting foreign investment, and improving Nigeria’s balance of trade. “We need to increase exports significantly to strengthen the Naira and improve trade balances. The oil and gas industry offers the quickest route to achieving this,” he explained. A Just Energy Transition for Africa On the global front, Tinubu addressed the ongoing discussions about decarbonization and energy transition. He reiterated that Africa contributes minimally to global carbon emissions despite representing about 20% of the world’s population. Nevertheless, Oando Plc is committed to sustainability by integrating carbon capture technologies to reduce its carbon footprint. “We’re working to ensure that every molecule of carbon we emit is mitigated through effective carbon capture techniques,” Tinubu added. Conclusion Adewale Tinubu’s remarks at WEF underscore Nigeria’s immense energy potential and the transformative role of indigenous companies in driving economic growth and sustainability. By adopting advanced technologies, fostering government collaboration, and prioritizing environmental responsibility, Nigeria can position itself as a global energy leader. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
The Ogun State Government has collaborated with the Standard Organisation of Nigeria (SON) to train stakeholders and technical staff from the Ministries of Environment and Transportation, Ogun State Environmental Protection Agency (OGEPA), Vehicle Inspection Officers, and Fire and Safety Officers on the upcoming large-scale conversion of PMS vehicles to CNG-powered vehicles in the state. This initiative follows the state’s recent adoption of CNG buses and electric bikes as part of its transportation network, aligning with the Presidential Initiative (Pi-CNG) aimed at transitioning to cleaner and alternative fuel sources. Ola Oresanya, the Commissioner for Environment, highlighted during the workshop that converting vehicles to CNG power not only lowers transportation costs but also reduces carbon emissions and enhances air quality. He emphasized that with this partnership and training, Ogun State is committed to strengthening its leading position in establishing safety procedures for CNG vehicle retrofitting and spearheading the use of CNG-powered trucks and electric tricycles for public transportation across the country. Engr. Gbenga Dairo, the Commissioner for Transportation, reiterated the administration’s dedication to supporting the initiative, noting that strict regulations and enforcement are essential for ensuring a safe environment. SON’s Director General, Dr. Ifeanyi Chukwunonso, represented by Director of Laboratory Services David Ikhebome, along with Safety Plus Managing Director Omolara Odebunmi, expressed their commitment to improving the quality of CNG products and stressed the importance of ongoing training for stakeholders and technical personnel on CNG safety and application across various vehicles. Both representatives commended the Ogun State government for its proactive leadership in promoting this initiative. READ ALSO: Equatorial Guinea First Lady Demands Action After ANIF Scandal
