The Trinidadian government has shortlisted Oando Plc, a Nigerian oil company owned by President Bola Ahmed Tinubu’s nephew, Wale Tinubu, as one of three potential buyers for its state-owned Petrotrin refinery.

Trinidadian Finance Minister Colm Imbert revealed this during a national budget presentation. The shortlisted companies were selected from an initial 10 proposals.

Oando Plc is competing with CRO Consortium, a Trinidadian consortium, and INCA Energy, a US-based company. The bidding process, initiated in February 2024, involved US-based Scotia Capital.

According to Imbert, the next step is a formal Request for Proposals process to determine the winner. Proposals were evaluated on five key criteria, including a clear restart plan and timeline.

Notably, Nigeria imports petroleum products from Trinidad and Tobago, as per National Bureau of Statistics data. This development contrasts with Nigeria’s own state-owned refineries in Portharcourt, Warri, and Kaduna, which have been inactive for years.

The Nigerian National Petroleum Company Limited has also faced challenges in restarting petroleum production at the Portharcourt refinery, missing multiple deadlines.