Oando PLC (“Oando”) an integrated oil and gas company headquartered in Nigeria, has 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.
The post-investment 100% ownership structure is reflected in the voting rights below:
a) Oando PLC will hold 49%
b) HV Investments will hold 49%
c) A Nigerian Helios Affiliate will hold 2%
This unique partnership will allow for accelerated expansion and increased investment for Oando Downstream within the sector, whilst the organisation’s management structure will remain unchanged, and directors instituted to the Board to represent Vitol and Helios.
Yomi Awobokun will continue as Chief Executive Officer, Oando Downstream, and Oando PLC Group Chief Executive, Wale Tinubu, will maintain his position as Chairman of the Board.
This transaction is testament to Oando’s indigenous commitment to building the downstream sector. Furthermore, this tri-partied alliance is poised to bring investment to the sector and further expand Oando Downstream’s operations whilst assuring business continuity.
For more information, please contact:
Ainoije ‘Alex’ Irune
Head, Corporate Communications
Oando PLC
+234 (1) 448 4500
Tokunboh Akindele
Head, Investor Relations
Oando PLC
+234 (1) 2702496