Oando PLC, an energy solutions provider with operations across the entire value chain of the energy sector, including petroleum products marketing, supply & trading, exploration and production, and gas distribution is one of Africa’s largest integrated energy solutions providers with a proud heritage.
One of Nigeria’s largest independent conglomerates in the energy sector with primary listing on the Nigerian Stock Exchange and a secondary listing on the Johannesburg Stock Exchange. This made Oando the first Nigerian company to have a dual listing on both the Nigeria and Johannesburg Stock Exchange. Oando is Nigeria’s largest indigenous oil company with a production output of 54,000 bpd and a market capitalisation of $894 Million.
Through its upstream subsidiary, Oando Energy Resources (OER), Oando has a secondary listing on the Toronto Stock Exchange with a market capitalisation approximately $1 Billion
From its beginnings as a fuels marketer, the company has grown to become a sub-Saharan integrated energy company. Oando currently operates a group structure consisting of six subsidiaries across the energy value chain. The company plans to become Africa’s energy major.
Oando’s history is traced to ESSO Africa, a subsidiary of the Exxon Corporation of U.S.A. In 1976, the Nigerian government purchased a controlling stake in the company and rebranded the company as Unipetrol Nigeria. it became a Public Limited company and later on in the same year, the Nigerian government sold 60% equity to the Nigerian public. By February 1992, Unipetrol was listed on the Nigerian Stock Exchange.
In 1999, Unipetrol acquired a 40% stake in Gaslink Nigeria Limited, a gas utility company. The acquisition was motivated by a desire to utilize its exclusive gas sale and purchase agreement with the Nigerian gas company. In 2001, the company increased its stake to 51 per cent. so far, Gaslink has developed 250 km of gas pipeline infrastructure.
From an acquisition of 41%controlling stake from Unipetrol In 2000 by a private investment company, ocean and Oil, led by Nigerian entrepreneurs, Wale Tinubu and Omamofe Boyo and the subsequent 60% stake in Agip Nigeria Plc., there came a merger named Oando in 2003
In 2005, Oando Energy Services was incorporated as an integrated Oilfield Services company to achieve the group’s objectives in the upstream services industry.
In 2007, Oando Energy services acquired two oil drilling rigs in Nigeria’s Niger Delta. In 2008, the company emerged Nigeria’s first indigenous oil company with interests in producing deep water assets through the acquisition of equity in two oil blocs. By 2009, the company had acquired 5 swamp rigs and in 2010, the company launched its first Independent Power Plant for the Lagos Water Corporation. The project involved the construction of a 12.5MW power plant to provide uninterrupted power supply to the Lagos Water Corporation.
In 2011, Oando Gas and Power commissioned 128 km EHGC Pipeline, the pipeline was built under a joint venture arrangement with the Nigerian Gas Company (NGC), a subsidiary of the Nigerian National Petroleum Corporation (NNPC)].
In 2013, Oando Plc succeeded in raising over N55.2 billion from the capital markets as its Rights Issue recorded 101 per cent subscription. The company issued 4.548 billion shares to existing shareholders at N12 per share between December 2012 and February 2013 with the intention of raising N54.6 billion
In 2014, Oando Energy Resources (“OER”) listed on the TSX an affiliate company of Oando PLC entered into agreements with ConocoPhillips (“COP”) to acquire its entire business interests in Nigeria for a total cash consideration of ~ $1.5 Billion
In June 2015, Oando entered in to an agreement with HV Investments II B.V., (“HVI”), a joint venture owned by a fund advised by Helios Investment Partners (“Helios”) and The Vitol Group (“Vitol”), for a cash investment of US$276.8 million in Oando’s Downstream business.
Oando employs close to 1,000 personnel in various West-African countries. Oando Marketing Limited, the company’s downstream subsidiary owns Nigeria’s largest petroleum retail network with over 600 Petrol stations. Oando Supply & Trading, another subsidiary of the company is Nigeria’s largest independent importer of PMS.
The company is also a Nigerian Content Partner with AGIP Oil on OPL 282 and has a 45% interest in a marginal field, OML 56.
“A proudly African Company,” Oando’s exemplary standards of corporate governance was commended by the Nigerian Stock Exchange with the “Quoted Company of the Year Award” and the “Best in Downstream Petroleum Sector” for 2003, 2004, and 2006.
Oando plc is definitely one of the top brands in Nigeria
