Oando Plc’s Chief Executive Officer, Wale Tinubu, has filed a lawsuit against Peoples Gazette, demanding N1 billion in damages over a report alleging that his company’s acquisition of Nigerian Agip Oil Company (NAOC) was influenced by his family ties to President Bola Tinubu.
The lawsuit, filed in August 2024 at the Federal Capital Territory (FCT) High Court, seeks compensation for reputational damage Oando claims to have suffered due to the publication. Tinubu is also asking the court to order *Peoples Gazette to retract its story and publish an apology in three national newspapers.
The report in question, published in July 2024, detailed how the Nigerian government approved Oando’s acquisition of Agip’s Nigerian assets after initial resistance from the Nigerian National Petroleum Corporation (NNPC). The article suggested that the deal was finalized due to Wale Tinubu’s close relationship with President Tinubu, raising concerns about undue influence.
However, Wale Tinubu strongly refuted the claims, insisting that the acquisition process had begun long before his uncle declared his candidacy for the presidency. “The Defendant alleged that the 1st Claimant’s acquisition of Agip Oil’s stake in the NNPC/NAOC/Oando Joint Venture was unduly influenced by Bola Ahmed Tinubu GCFR, the President of the Federal Republic of Nigeria,” he stated in court filings.
He further argued that the report painted Oando as a “corrupt and inefficient organisation that can only achieve its business targets through unethical and unscrupulous means.”
In its defense, Peoples Gazette cited Oando’s financial performance as evidence of possible political influence. The company had recorded an N81.2 billion loss after tax in 2022, during former President Muhammadu Buhari’s administration. However, in 2023—the year Bola Tinubu became president—Oando reported a profit after tax of N60.3 billion.
Additionally, Oando’s market valuation surged from N70 billion to N1 trillion within the first year of President Tinubu’s tenure. In a November 2024 statement, the company acknowledged its “remarkable turnaround.”
Despite these figures, Wale Tinubu maintains that Oando received no special treatment or benefits from the government.
Beyond the lawsuit, Peoples Gazette accused Tinubu of using security forces to intimidate its journalists. According to the newspaper’s Deputy Managing Editor, Boladale Adekoya, police officers have repeatedly harassed its newsroom staff.
“All our stories on Wale Tinubu and Oando are properly sourced and followed our rigorous editorial processes,” Adekoya stated in a text message response to the lawsuit. “We welcome the opportunity to present our facts in court.”
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He further urged Tinubu to stop deploying “hot-tempered” police officers to intimidate journalists and allow the legal process to run its course. “It has long been established that truth is the strongest defense against baseless accusations of defamation,” Adekoya added.
Peoples Gazette also cited unnamed sources who alleged that President Tinubu had a personal stake in the Oando-Agip deal. One official claimed that Minister of State for Petroleum Heineken Lokpobiri repeatedly mentioned the president’s interest in the acquisition.
“He kept saying the president had an interest in the deal,” the source revealed. “We later found out that the deal was the main reason the president traveled to Paris.”
The report further claimed that the president’s decision to return deepwater oil field OPL 245 to European oil giants Eni and Shell was part of an arrangement leading to Oando’s acquisition of Agip’s Nigerian assets in late 2023.
As of now, Peoples Gazette stands by its report, emphasizing that it will defend its claims in court. Meanwhile, Wale Tinubu seeks not just financial damages but also a public apology to restore Oando’s image.