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May 3, 2005

OANDO ADOPTS GROUP BUSINESS STRUCTURE

 The group to be differentiated by the Oando Brand consists of five main companies namely, Oando Marketing -- the marketing side of the business; Oando Supply and Trading -- Large scale import and export of Refined petroleum products and crude oil; Gaslink -- Local distribution of natural gas via pipelines; Oando Energy Services -- Oil and Allied Services; and Oando Power - Independent Power Plant Developer.

With this arrangement, Mr. Wale Tinubu emerges the Group Chief Executive Officer, with overall responsibility for strategic direction setting and performance monitoring across the group. He is ably supported by Mr. Omamofe Boyo as Group Deputy Chief Executive Officer.

The day-to-day activities of Oando Plc would be managed by the Chief Operating Officer - Mr Kamar Bakrin, whilst Managing Directors have been appointed for the subsidiaries namely; Mr Omamofe Boyo - Oando Supply and Trading; Mr Jite Okoloko - Oando Energy Services Limited and Mr Bolaji Osunsanya - Gaslink Nig Ltd. The Power business is being incubated in-house at group level and a substantive Managing Director shall be appointed prior to the launch of the first power plant next year. All the Companies within the Group report directly to the Office of the Group Chief Executive Officer.

The other group executives within the new structure include the Group Finance, Strategy & Risk Management - Frank Ihekwoaba, Group HR Strategy - Busola Alofe and the Group Legal Services - Oredeji Delano.

To ensure operational efficiencies across the group, all transactional type services would be handled by a Shared Services Centre comprising of Finance, Information Technology, Personnel Administration, Procurement & Services, Legal, Corporate Communications, Environment, Health & Safety and Internal Audit.

With this consolidation, Oando is set to emerge as the leading energy solutions company in Nigeria. This new structure will benefit the stakeholders of the company as follows:

In a similar vein, the customers of the individual companies within the group will immediately start maximizing the opportunities that the Oando group will present. Amongst these are:

While the benefits of this new development to shareholders include:
Increased profitability from increased efficiency in the company’s operations
Increased revenue from increased market share
Diversified investments in five separate companies

According to the Group Chief Executive Officer, Mr. Wale Tinubu, “Our strategic vision of being the last mile energy solutions provider led to developing an optimum organisational structure to tap the values and synergies available within the group. The group structure revolves around superior customer services offerings, and will undoubtedly result in a reduction in costs and increase shareholder value. This new development is our usual dynamic and progressive response to the market place. The Group shares a global customer base and accordingly; the natural thing was for us to develop a strong value proposition that delivers a basket of product offerings to our customers, thereby reducing their costs and shortening transactional time. By being a one-stop energy centre, we envisage a long term customer lock-in relationship that will provide fuels, lubricants, chemicals, gas and power.

One Company, One Vision”.

For more information, please contact:

Tokunboh Durosaro
Head, Corporate Communications
Oando Plc
Stallion House, 2 Ajose Adeogun Street
Victoria Island, Lagos
Phone: 01 2625857
Email: tdurosaro@oandoplc.com
www.oandoplc.com