Oando GCEO Wale Tinubu Condemns Nigeria’s Dependence on IOCs, Subsidy Payment

In a keynote address titled “The Winning Oil and Gas Industry Strategy” at the 3rd Guyana Energy Conference and Supply Chain Expo, Adewale Tinubu, Group Chief Executive Officer of Oando Plc, spoke out against Nigeria’s over-reliance on International Oil Companies (IOCs).

He also criticized the government’s payment of subsidies on fuel.

The conference, held at the Guyana Marriott Hotel in Georgetown, brought together a diverse group of attendees to discuss the theme “Fuelling Transformation and Modernisation.

” Oando, a leading indigenous energy company in Nigeria and Africa, used the event as a platform to showcase their expertise and achievements, bridging the gap with the Caribbean region.

Tinubu highlighted the similarities between Nigeria’s and Guyana’s oil industries, both of which have experienced substantial offshore oil discoveries that have significantly influenced their respective GDPs.

He stressed the importance of strategic planning and international cooperation in overcoming challenges faced by the industry globally and in Nigeria.

The Oando chief executive underscored the need for proactive investments in infrastructure, the unification of foreign exchange rates, and diversification of energy sources to ensure long-term resilience.

He also urged against subsidies, emphasizing the need to invest in people and recognize them as an asset in driving the industry forward.

The conference successfully fostered open dialogue, promoting a collaborative cross-regional approach to overcoming obstacles and embracing sustainable practices in Guyana’s evolving energy sector.

The Guyana Energy Conference provided a unique platform for Oando to showcase its expertise and achievements, while also emphasizing the need to empower national companies, aggressively ensure skills transfer, and build a robust indigenous energy sector in Nigeria.