Lagos, Nigeria- Dr. Ainojie ‘Alex’ Irune, Managing Director, Oando Energy Resources (OER), represented the company at the 2025 BusinessDay CEO Forum held at the Balmoral Convention Centre, Federal Palace Hotel, Victoria Island, Lagos. The forum convened Nigeria’s top business leaders under the theme “Nigeria: From Reform to Recovery”, to interrogate pivotal economic and sectoral questions shaping the nation’s future.
Participating on a panel titled “Oil and Gas in Transition – Reforms, Recovery and Deals that Matter”, Dr. Irune was joined by Chief Executive Officer, Renaissance Africa Energy, Tony Attah; Chief Executive Officer, Aradel Holdings, Adegbite Falade; and Chief Operating Officer, Seplat Energy, Samson Ezugworie. Together, they examined the industry’s shift from foreign-led production to indigenous leadership because of recent upstream asset acquisitions as well as the policy reforms driving renewed sectoral confidence.
In his remarks, Dr. Irune highlighted the operational setbacks that created the opportunity for local actors to assume greater ownership in the oil and gas industry.
“Five or six years ago, we hit rock bottom. Our production was down, three major trunk lines were affected, and daily pipeline incidents were routine. The International platers retreated offshore which created a gap, one that local companies like Oando, Seplat and Renaissance stepped into.”
He pointed to the broader shift in mindset across stakeholders, from operators to regulators, emphasizing the role of strengthened governance in enabling more collaborative and value-driven development.
“They say local problems typically have local solutions and these are the local solutions here: Seplat, Renaissance, Oando. There’s a huge shift in the mental posture of the players in the industry. Regulators now understand that we all stand as one; NNPC, the independents, the IOCs.”
Dr. Irune affirmed Oando’s commitment to national value creation and disclosed positive operational outcomes stemming from its asset transition.
“Since the Oando acquisition, we’ve doubled production. Renaissance has done the same, and I believe Seplat is poised to announce similar gains.”
Adding to this, Chief Executive Officer, Renaissance Africa Energy, Tony Attah, echoed similar sentiments on the evolving regulatory climate. He acknowledged that while the passing of the Petroleum Industry Act(PIA) was a long-awaited milestone, legislation already lags behind global developments, particularly in its lack of provisions for artificial intelligence. “The Act does not recognize AI, and today as we are sitting here you cannot survive without AI,” he stated, emphasizing the urgent need for revision.
Attah also underscored the critical role of regulators in safeguarding value across the chain, calling on them to clearly define pipeline security measures and lead industry-wide efforts to ensure production delivers tangible benefits to the nation. His remarks reinforced the shared commitment among industry leaders for stronger governance, technological responsiveness and a unified national energy agenda.
Dr. Irune concluded with a call for sustained focus and national alignment: “If we don’t get it right now, I worry we may never get it right. All the stars have aligned.”
Oando remains steadfast in its mission to drive sustainable energy growth through strategic investment, cross-sector collaboration, and a commitment to delivering long-term value for Nigerians and the wider African market.
