Wale Tinubu’s Oando Eyes Gold, Lithium, Others in Six States

*Bitumen samples dispatched to China

Oando, a Nigerian energy company listed in Lagos and Johannesburg, is on course to spread its wings.

The company, led by oil magnate Wale Tinubu, is making a play to develop key minerals including lithium, gold, tin and bitumen across several states. 

Its newest entity Oando Mining advanced its early-stage development strategy in the first half of this year, with a focus on technical validation, state-level partnerships, and commercial structuring, according to an earnings release. 

”Reconnaissance and sampling programmes were conducted across lithium prospects in Kebbi State, with positive assay results confirming mineralisation and supporting further exploration,” the company said. “A production sharing contract was finalised with the Kebbi State Government for joint development of lithium and gold assets.“

It said the technical partner selection process for lithium progressed, with two vendors advancing to commercial evaluation. 

“Gold exploration gained momentum, with promising assay results of up to 17g/t from artisanal license areas in Kaduna State,” Oando said. “Engagements with the Kaduna State Government are ongoing to establish a framework for joint asset development.”

For bitumen, samples were dispatched for testing to Oriental Yuhong in China, while technical and commercial discussions commenced with the Ondo State Government, according to the release. 

“Additionally, Canadian firm Crucible Engineering was engaged to support technical advisory and investor outreach,” it said.

Oando said initial assessments were also carried out on tin licenses in Kwara, Kaduna, and Kogi states. “A historical tin-producing lease in Kwara has become a focus area, aligned with our early cash flow strategy.”

Activities in Plateau State remain suspended due to ongoing security concerns, according to the company, which said investments made during the period totalled about N15.8 million, covering sample testing, ESIA certification, reconnaissance surveys, and license fees.

“Looking ahead, Oando Mining aims to complete technical and economic evaluations, prioritise high-potential assets, and make an investment decision on at least one project by the end of Q3 2025,” it said. “These efforts are integral to our vision of building a credible and commercially viable mining business, focused on near-term production and long-term sector leadership.”