Oando Plc Chief Executive Officer, Jubril Adewale Tinubu, has said that African businesses must strengthen corporate governance, transparency and institutional structures
African Businesses Must Strengthen Governance, Transparency – Oando CEO Tinubu
Tinubu: Stronger Corporate Governance Key to Unlocking Capital for African Businesses
Group Chief Executive, Oando Plc; Jubril Adewale Tinubu has said that African businesses must strengthen corporate governance, transparency and institutional structures if they are to attract the long-term capital required to scale globally.
Tinubu, who spoke during a discussion organised by the Royal African Society in London on the future of mining, oil and gas in Africa, said stronger governance remained critical to making African businesses more attractive to international investors.
Reflecting on Oando’s listing on the Johannesburg Stock Exchange about two decades ago, he said the experience forced the company to adopt international financial reporting standards, strengthen its board with independent directors and become more accountable to investors.
According to him, while the process was initially uncomfortable, it ultimately became one of the most valuable exercises undertaken by the company.
He said the experience demonstrated that governance should not be regarded merely as a regulatory requirement but as a mechanism for building investor confidence and improving access to capital.
“Global capital hesitates over what it cannot examine,” Tinubu said, stressing that companies seeking international funding must be structured in ways that allow investors to properly assess their operations, financial performance and long-term prospects.
He noted that many African businesses originated as family-owned enterprises with informal governance structures, which could become obstacles when such companies sought institutional or international investment.
“Governance, hence, is more than a compliance exercise. It is the instrument that makes a company legible to the world,” he said.
Tinubu also highlighted changes in the global financing landscape, particularly the decision by some European financial institutions to reduce exposure to African hydrocarbons as part of their net-zero commitments.
He argued that the withdrawal of some Western lenders had not eliminated Africa’s energy needs or the demand for financing in the sector. Rather, it had created opportunities for African financial institutions to assume greater responsibility for funding the continent’s development.
He cited the African Export-Import Bank (Afreximbank), which he said had emerged as a major financier of Africa’s oil and gas industry, with more than $25 billion committed to the sector.
The Oando chairman said Africa must continue developing businesses capable of absorbing and deploying capital efficiently, noting that the continent still had significant opportunities across energy, infrastructure and other productive sectors.
“What doesn’t get financed doesn’t get built,” he said, adding that considerable opportunities remained for investors prepared to partner with African businesses.
He urged African companies to embrace stronger governance, transparent reporting and professional management as foundations for sustainable growth and greater access to global capital.
