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Tinubu’s Nephew Oando, others listed to take over Trinidad’s Refinery

President Bola Ahmed Tinubu of Nigeria

Nigeria’s oil company, Oando Plc, owned by Wale Tinubu, the nephew of President Bola Ahmed Tinubu, has been shortlisted by the Trinidadian government as one of three final bidders for the takeover of the state-owned refinery, Petrotrin.

Trinidad and Tobago’s Finance Minister, Colm Imbert, made the announcement during a recent national budget presentation. Among the 10 initial proposals, three companies were shortlisted: CRO Consortium (a group of three Trinidadian companies), INCA Energy (an American firm), and Nigeria’s Oando Plc.

The bidding process, which began in February 2024, involved the services of US-based Scotia Capital to manage the procurement by inviting “expressions of interest” from potential buyers. Imbert stated that a formal selective Request for Proposals (RFP) would now take place to determine the final bidder and assess the feasibility of restarting the refinery.

Nigeria continues to import petroleum products from Trinidad and Tobago, as reported by the National Bureau of Statistics.

Meanwhile, Nigeria’s state-owned refineries in Port Harcourt, Warri, and Kaduna remain non-operational, with the Nigerian National Petroleum Company Limited (NNPCL) missing several deadlines to restart production at Port Harcourt.

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