Business Hilights
Tracking Nigeria's Headline Business News Online

Divestment to Helios group good for local content crusade—Tinubu

Group Chief Executive of Oando Plc., Mr. Jubril Adewale Tinubu has said the commencement of the partnership which consummated the offloading of49per cent of the voting rights in Oando’s midstream business subsidiary, Oando Gas and Power Limited (“OGP”), to Glover Gas & Power B.V., a special purpose vehicle owned by Helios Investment Partners LLP (“Helios”)

Only recently, Oando Plc Nigeria’s leading indigenous energy group listed on both the Nigerian and Johannesburg Stock Exchange, has announced the completion of a partial divestment of 49per cent of the voting rights in Oando’s midstream business subsidiary

Explaining more on the completion of the transaction, Tinubu said the strategic  partnership underlines Oando’s status as  the  indigenous  partner of choice for international firms  in our industry, while also acknowledging the  Group’s unwavering commitment to improving access to gas and power solutions  for industries,  consumers  and commercial counterparties  in  the sub-region.

According to him, “This partnership will firmly leverage OGP’s local knowledge and expertise, alongside Helios’s global network and financial capabilities to optimise our existing operations and expand our footprint”.

Corroborating CEO’s views, Co-founder and Managing Partner of Helios Investment Partners, Tope Lawani, averred that “The completion of this transaction underscores Helios’ commitment to investing in businesses that deliver energy access solutions to industries and consumers across the continent.

“We look forward to working closely with the OGP management team and other industry stakeholders to consolidate the company’s position as a premier provider of cost-effective and reliable gas and power infrastructure,” he noted.

Business Hilights recalls that Oando group remians the pioneer developer of Nigeria’s foremost natural gas distribution network and has subsequently grown to become the largest private sector gas distributor in Nigeria, delivering at peak, 70 million standard cubic feet per day (“mmscf/d”) to over 175 industrial and commercial customers via a vast network of gas infrastructure.

With over 260km in pipeline infrastructure built, OGP provides unique energy solutions primarily through its subsidiaries: Gaslink Nigeria Limited (“Gaslink”), Gas Network Services Limited (“GNSL”), and Central Horizon Gas Company (“CHGC”).

In May, OGP announced the development of a revolutionary mini Liquefied Natural Gas (LNG) facility via  its newly-created Transit Gas Nigeria Limited (“TGNL”) subsidiary in Ajaokuta, Kogi State.