Wale Tinubu’s Oando enters lithium mining in Kebbi

Wale Tinubu, the CEO of Oando Plc, is going beyond oil in a big way. The Nigerian energy mogul, who has long been known for guiding one of the country’s biggest indigenous oil companies, is now moving into mining as demand for important minerals around the world rises.

Oando, which has been a major player in the oil and gas for decades, is quietly building a new arm—Oando Mining—to explore opportunities in lithium and other minerals vital to the clean energy transition. The company’s decision comes after it paused petrol trading, focusing instead on areas that promise stronger long-term returns.

Oando Mining expands lithium exploration push

According to a recent company report, Oando Mining has strengthened its exploration team by hiring seasoned local geologists to lead multiple field programs across Nigeria. The firm said it is now running simultaneous exploration campaigns on its lithium licenses, including a key project in Kebbi State operated under a production-sharing contract.

For the final quarter of 2025, Oando plans to complete field evaluations, rank its lithium prospects and select the most commercially viable site for pilot-scale production. The interest in lithium comes as the global tech and electric vehicle industries increase their demand for rechargeable batteries, thus driving up the metal’s strategic value.

Beyond lithium, Oando Mining has started exploring tin and bitumen. The company recently concluded a five-day reconnaissance survey that confirmed the presence of both alluvial and hard-rock tin and wolframite deposits. Early sampling results, the firm said, were encouraging.

Oando is also in advanced discussions with a Canadian engineering company that specializes in bitumen and oil sands development.

The potential partnership could bring in technical expertise and new investment from Canada’s strong bitumen industry. “The project aligns with Oando Mining’s strategy of pursuing early cash flow opportunities through smallscale production while advancing long-term exploration,” the company said in its earnings release.

Oando shifts focus to crude, gas exports

The new direction comes at a time of major transition for Oando’s core business. Its trading division has had to adapt quickly to Nigeria’s shifting fuel market following the ramp-up of the Dangote Refinery, which has significantly reduced the country’s gasoline imports. With domestic supply stabilizing, Oando is now redirecting its trading focus toward higher-margin areas, including crude exports, gas, and metals trading.

Oando said it is working on offtake-linked financing structures to boost trading volumes and improve margins. The strategy aligns with Tinubu’s goal of building a diversified energy portfolio—one that combines oil, gas, renewables, and now, minerals. 

Financially, the company has faced mixed results this year. Revenue for the first nine months of 2025 fell 20 percent to N2.54 trillion ($1.75 billion) down from N3.19 trillion ($2.2 billion) in the same period last year largely due to reduced gasoline imports. The company temporarily halted its petrol marketing operations as the Dangote refinery’s full-scale production reshaped supply patterns.

“Across our trading business, refined products volumes remained under pressure, largely due to the well-deserved and expected success of the Dangote refinery in meeting Nigeria’s import needs,” Tinubu said in a statement. “Our focus had shifted to expanding global crude exports and leveraging structured pre-export transactions, an area in which we have continued to record robust success.”

Oando lifts profit, eyes mining growth

Despite the dip in revenue, Oando reported a strong rebound in profitability. Net profit after tax rose 164 percent to N210 billion ($145 million) in the first nine months of 2025, up from N76 billion ($52.4 million) a year earlier. The company credited higher production volumes and recovery from past operations for the surge. Total assets increased to N6.77 trillion ($4.67 billion) from N6.43 trillion ($4.43 billion) at the end of 2024.

Oando, which is listed on both the Nigerian Exchange and the Johannesburg Stock Exchange, remains majority-owned by Ocean and Oil Development Partners, a joint venture controlled by Tinubu, which holds about 66.7 percent of the company. For Tinubu, whose leadership has guided Oando through market shifts, the move into mining signals another phase in the company’s growth, from a traditional oil firm to a broader energy and resources group.