Oando
 |
|
| Public | |
| Traded as | : OANDO JSE: OAO : OER |
| Industry | Oil and Gas |
| Founded | 1956 (ESSO) |
| Headquarters | Victoria Island, Lagos, Nigeria. |
|
Area served
|
West Africa |
|
Key people
|
Adewale Tinubu (GCE) Omamofe Boyo (DGCE) |
| Products |
Oil Petroleum Natural gas Petrochemical Fuel Lubricant |
| Revenue |
 ₦ 449.8 Billion (2013)
|
|
₦ 16.5 Billion (2013)
|
|
| Total equity |
₦ 162 Billion (2013)
|
|
Number of employees
|
1,000 |
| Website | www.oandoplc.com |
Oando is Nigeria's largest independent conglomerate in the energy industry, including petroleum products marketing, supply & trading, exploration and production, and gas distribution, and the first Nigerian company to achieve a dual listing on both the and Johannesburg Stock Exchanges. Oando is Nigeria's largest indigenous oil company with a production output of 54,000 boepd 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.
Oando’s earliest roots can be traced to the formation of Esso Africa in 1956. Esso Africa was a petroleum marketing company, a subsidiary of the Exxon Corporation of USA. In 1976, the Nigerian government purchased a controlling stake in the company and rebranded the company as Unipetrol Nigeria. On 1 March 1991, Unipetrol became a Public Limited company. Later on in the same year, the Nigerian government sold 60% equity to the Nigerian public in an Initial Public Offering. By February 1992, Unipetrol was listed on the Nigerian Stock Exchange.
In 1990 Benedict Peters became the co-founder of Ocean and Oil Limited, known today as Oando
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.
In 2000, Ocean and Oil, a private investment company led by Nigerian entrepreneurs Adewale Tinubu and Omamofe Boyo acquired a 30% controlling interest in Unipetrol Plc. In 2001, Ocean and Oil increased its stake in Unipetrol to 42% via an irredeemable convertible loan stock issue.
In 2002, Ocean and Oil led Unipetrol's bid for a 60% stake of Agip Nigeria Plc, a rival petroleum marketing firm, owned by Agip Petroli BV, an Italian-based oil company. The merged company was named Oando PLC in 2003, making the company the largest downstream petroleum marketing company in Nigeria.
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Wikipedia