PRESS RELEASE
New York, NY September 21, 2011 – Oando PLC, sub-Saharan Africa’s leading indigenous integrated energy group, is pleased to announce that the company is committing 1.5% of its pretax profits in 2011, and 1% in subsequent years, to support basic education in West Africa. Mr. Wale Tinubu, Group Chief Executive pledged the Commitment to Action during the 2011 Clinton Global Initiative (CGI) Annual Meeting in New York, United States of America on September 21, 2011.
Oando commits to increasing access to quality basic education for more than 60,000 children in 100 schools across West Africa by 2015. The company will achieve this by enhancing infrastructure to create conducive learning environments; providing educational resources and teaching aids for effective learning, and promoting technology driven empowerment programs in public schools.
Commenting on the commitment, Wale Tinubu, Oando Group Chief Executive said “We are passionate about increasing access to education in our region because we believe that knowledge is the bedrock of world-class aspirations.”
Mr. Tinubu also featured as panelist in a CGI Special Session on “Game-Changing Innovation: Technologies for Building Social and Economic Value.” The Special Session, which took place on Thursday, September 22, also featured John Chambers, Chairman and CEO, Cisco, Tarja K. Halonen, President of the Republic of Finland, Andrew N. Liveris, Chairman and CEO, the Dow Chemical Company, and Bob McDonald, Chairman of the Board, President and CEO, Procter & Gamble. Mr. Tinubu used the opportunity to draw attention to homegrown solutions to meet Africa’s huge energy challenges and to asked global leaders and other stakeholders to join Oando’s pursuit of sustainable community development through education.
Commenting further Mr. Tinubu said, “We are honoured to be part of the Clinton Global Initiative. CGI provides an important forum to rally leaders from around the globe to join with Oando to address the education and energy challenges that face Nigeria and sub-Saharan Africa, broadly.”
Oando initiated the “Adopt-A-School” programme in April 2007 as its corporate social responsibility strategy aimed at supporting the development of basic education in Nigeria and the West Africa sub region. The company has currently adopted 28 government-owned primary schools.
Note to Editors:
The Group posted a profit before tax (PBT) of N24.318 billion in its 2010 full year results. It has also grown 2011 Half Year PBT by 33% to N12.8 billion compared to N9.6 billion for the same period in 2010.
About Oando
As a proudly African company in the global energy industry, Oando is dedicated to performance, professionalism, integrity, and service excellence. From its origins as a downstream petroleum marketing company, Oando has transformed into an integrated energy group whose subsidiaries have achieved market leadership in their respective sectors. The Oando Group includes:
- Oando Exploration and Production: The leading indigenous oil and gas exploration and production company, with offshore, onshore, and swamp assets;
- Oando Energy Services: Nigeria’s leading oilfield services company, using industry best practices and advanced technology to deliver safe and environmentally sound operations in the Niger Delta;
- Oando Gas and Power: The developer of Nigeria’s foremost natural gas distribution network;
- Oando Supply and Trading: Africa’s largest independent petroleum trading company, supplying 20% of Nigeria’s fuel requirements; and
- Oando Marketing: West Africa’s leading oil retailer, with operations in Nigeria, Ghana, Togo, and the Republic of Benin.
About Wale Tinubu, Group Chief Executive Oando PLC
Mr. Tinubu (born 1967 in Lagos, Nigeria) is the Group Chief Executive of Oando PLC, a position he assumed in 2001.
He began his career as an attorney, where he worked on corporate and petroleum law assignments.
In 2002, Mr. Tinubu piloted the largest ever acquisition of a quoted Nigerian company, with the acquisition of Agip by the then Unipetrol through an international bid conducted by Agip Petroli International B.V. Under his leadership, Oando became the first company in Africa to have an inward listing on the Johannesburg Stock Exchange in addition to its local listing on the Nigerian Stock Exchange (NSE). He obtained a Bachelor of Laws degree (LLB) from the University of Liverpool, England in 1988 and a Master of Law degree (LLM) from the London School of Economics, United Kingdom, in 1989 where he specialized in International Finance and Shipping.
In August of 2011, Africa investor (Ai), a leading international investment and communications group, named Mr. Tinubu to the shortlist for its “African Businessman of the Year” award, which will be given out on September 26, 2011 in a ceremony at the New York Stock Exchange. He received a similar award last year from Africa Business Magazine and the Commonwealth Business Council. He has also been recognized as a “Global Young Leader” by the World Economic Forum, Geneva, Switzerland for his achievements as one of the leading executives, public figures, and intellectuals under 41.
About the Clinton Global Initiative (CGI)
Established in 2005 by President Bill Clinton, the Clinton Global Initiative (CGI) convenes global leaders to devise and implement innovative solutions to some of the world’s most pressing challenges. Since 2005, CGI Annual Meetings have brought together nearly 150 current and former heads of state, 18 Nobel Prize laureates, hundreds of leading CEOs, heads of foundations, major philanthropists, directors of the most effective nongovernmental organizations, and prominent members of the media. These CGI members have made nearly 2,000 commitments, which have already improved the lives of 300 million people in more than 180 countries. When fully funded and implemented, these commitments will be valued in excess of $63 billion. The 2011 Annual Meeting is currently taking place in New York City.
This year, CGI also convened CGI America, a meeting focused on developing ideas for driving economic growth in the United States. The CGI community also includes CGI U, which hosts an annual meeting for undergraduate and graduate students, and CGI Lead, which engages a select group of young CGI members for leadership development and collective commitment-making. For more information, visit www.clintonglobalinitiative.org.
