Wale Tinubu recounts $9,000 bet that became $300 million

Nigerian energy mogul Wale Tinubu often speaks about scale and patience in the same breath. In a recent post on X, formerly Twitter, the Oando Plc chief executive revisited a decision made more than 20 years ago that still shapes how he views capital and risk.

In 2001, Oando committed N1 million—worth less than $9,000 at the time—to a small gas business that would later be known as Axxela. Sixteen years later, when Oando sold the company, that modest cheque had grown by more than 33,000 times into an enterprise valued at $300 million, a figure that has since climbed further following a new exit completed in 2026.

Tinubu reflects on Axxela journey

Wale Tinubu’s reflection followed the latest sale of Axxela, now one of Nigeria’s largest private gas distribution companies. BlueCore, a newly formed energy consortium, acquired the business from Helios Investment Partners and Japan’s Sojitz Corp.

Helios, the London-based private equity firm co-founded by Nigerian investor Tope Lawani, sold its 75 percent stake, while Sojitz exited its remaining 25 percent via tag-along rights. The parties did not disclose financial terms. Tinubu said the deal brought back memories of Axxela’s early days, when it was still part of Oando Gas & Power and operating far from the scale it has today.

“It’s a personal pleasure to see Helios and Sojitz complete the sale of their equity interest in Axxela to BlueCore,” Tinubu wrote. He traced the numbers plainly: a N1,000,000 investment in 2001 that had grown by more than 33,000 times into an enterprise worth over $300 million by 2017, which he said had nearly doubled again by the 2026 exit.

Axxela deal strengthens Nigeria’s gas sector

For businesspeople, the story is a familiar one. Returns often come slowly, built over years of steady execution rather than quick wins. Tinubu used the moment to credit the people behind the figures, including early Oando Gas & Power staff who helped build the business and later expanded into gas exploration, drilling, production and processing. He also pointed to Helios’ role in scaling the company and welcomed BlueCore as the new owner.

The Axxela deal closed barely a week before Tinubu’s comments. Helios had first signaled its intention to exit in November, marking the end of a long chapter in Nigeria’s gas infrastructure. BlueCore, formed to expand gas and power assets across Nigeria and West Africa, brings together Afrigaz Energie, a portfolio company of the Stanbic IBTC Infrastructure Growth Fund, alongside Levene Energy Development, emPERSAND and energy&. The group has said Axxela’s pipeline network and customer base offer a solid base for further investment as demand rises for cleaner fuel alternatives and more reliable electricity supply.

Tinubu’s vision shapes Oando’s future

Tinubu’s reflection also comes at a time when Oando itself is again reshaping its footprint. In August 2024, the company completed a $783 million acquisition of Eni’s Nigerian subsidiary, the Nigerian Agip Oil Company, one of the largest transactions in the country’s energy sector in recent years. The deal repositioned Oando with an ambitious production target of 100,000 barrels of oil per day by 2027, alongside daily gas output of up to 1.4 billion cubic feet.

At the same time, Oando is reallocating capital toward businesses expected to deliver returns. The company has paused petrol trading and is expanding into mining through Oando Mining, focusing on lithium and other minerals. It has formed a team of geologists and launched field programs, including lithium licenses in Kebbi State. Evaluations are ongoing for pilot production, alongside early work on tin and bitumen, where surveys confirmed tin and wolframite deposits.

For Tinubu, the lesson from Axxela remains clear. Value is rarely built in a rush. It comes from measured decisions, time and an understanding of local markets. What began as a bet of less than $9,000 ended as a business worth more than $300 million, a result that continues to shape how he thinks about capital in Nigeria’s energy economy.