Oando Plc, one of Nigeria’s leading indigenous and integrated energy solutions group in sub-Saharan Africa, has completed the N70.5 billion recapitalisation of its downstream business with HV Investments II B.V.
Oando downstream is comprised of Oando Marketing Plc, a petroleum product retailing and distribution company with over 350 retail outlets and strategically located terminals in Nigeria, Ghana and Togo; Oando Supply & Trading Limited, a leading indigenous physical trader of petroleum products in the sub-Saharan region, supplying and trading crude oil and refined petroleum products; and Oando Trading Limited, an entity involved in the trading of crude oil and refined petroleum products in international markets.
HV Investments II B.V. is a joint venture owned by a fund advised by Helios Investment Partners, a premier Africa-focused private investment firm, and Vitol Group, the world’s largest independent trader of energy commodities and the ninth largest corporation in the world by revenue.
The deal, which was first announced on June 30, 2015, would have an immediate injection of an estimated N70.5 billion into Oando’s downstream operations and the larger Oando group.
The Group Chief Executive of Oando, Mr. Adewale Tinubu, while commenting on the successful transaction, said: “Despite global economic headwinds, we have taken the proactive approach to establish a strategic partnership, which will leverage Oando’s sector dominance, considerable local knowledge and expertise, together with HVI’s vast international, financial, and technical capabilities.
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