Oando
Category: Top Organizations in Nigeria
Oando is a Pan-African multinational energy corporation. It has it’s headquarters is in Victoria Island in Lagos, Nigeria with branches in various African countries.
Oando is Nigeria’s largest non-government owned company in the energy industry. It is the first Nigerian company to achieve a dual listing on both Nigerian and Johannesburg stock exchanges.
It has a market capitalization of $1 billion, $1.9 billion, $59.6 million operating income, $1.0 billion total equity and 1000 employees in various West African countries.
Oando’s origin can be traced to ESSO Africa in 1956. ESSO was a subsidiary of the Exxon Corporation of U.S.A. Nigerian government purchased a controlling stake in 1976 and rebranded the company as Unipetrol Nigeria.
On 1st March 1991, Unipetrol became a public Limited company and government sold 60% equity to the public. It was listed on the Nigerian Stock Exchange in February 1992.
In 1999, Unipetrol acquired 40% stake in Gaslink Nig Ltd and increased its stake by 51% in 2001.
In 2000, Ocean and Oil Company acquired 30% controlling interest in Unipetrol Plc. and later increased it to 42% in 2001.
In 2002, Ocean and Oil Unipetrol’s bid for 60% stake of Agip Nig Plc., the merged company was renamed Oando Plc. in 2003, making the company the largest downstream petroleum marketing company in Nigeria.
In 2005, Oando Energy Services was incorporated as an integrated oilfield services company and in 2007 Oando Energy Services acquired two oil drilling rigs in Nigeria’s Niger-Delta. In 2008, the company emerged in 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 it’s first independent power plant for Lagos Water Corporation.
Oando has over 600 petrol stations. Oando Supply and Training, a subsidiary of the company is Nigeria’s largest independent importer of PMS.
The company’s Executive Chairman is Mobolaji Olatunbbosun Osunsanya, Jubril Adewale Tinubu is the Group CEO, Omamofe Boyo is the Deputy Group CEO, Olufemi Adeyemo is the Executive Director
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