The Chief Executive Officer of Oando Plc Group, Wale Tinubu has called on indigenous oil and gas companies to invest in the business especially as prices are low. He gave the advice in Abuja at the just concluded Nigeria Oil and Gas Conference tagged “Driving Nigeria’s Oil and Gas Industry Towards Sustained Economic Development and Growth”.
Tinubu advised the federal government to embrace Public and Private Partnership (PPP) in local refining adding that there is a lot of indigenous capacity that can provide a solution to refineries as well as create employment opportunities.
In his address where he shared on the “Evolution of Oando: Survival and Growth Strategies, he enumerated the journey of how Oando as a downstream company transformed to an integrated energy solutions provider highlighting the challenges the company faced along the line and how it accomplished its feat with tenacity.
He advised indigenous players in the conference on consistency, value addition and how to remain relevant in the industry saying that the company received support from the Nigerian National Petroleum Corporation (NNPC) in the early days of the business.
According to him “we branched out towards infrastructural opportunities, once again with the NNPC. We built the first gas distribution network in Lagos. It was called Gaslink Lagos, NNPC gave out the gas in the project and today, there are about 130 industries taking gas from us and we have been able to drop, by at least 40 per cent, the cost of power to those industries and in the process stimulate economic growth”.