History and Future Strategy of Oando
3
1956-1994
History of Oando (1956 - 2015)
Oando
The company commenced business in 1956 with
operations as a petroleum marketing company in
Nigeria under the name "ESSO West Africa
Incorporated", a subsidiary of Exxon Corporation
of the USA
The Federal Government of Nigeria (FGN) bought
Esso's interest in 1976 and thus became sole
• owners of the company. The company was then re-
branded "Unipetrol Nigeria Limited"
Unipetrol became a Public Limited Company in
1991 and 60% of the company's shareholding was
sold to the Nigerian Public under the first phase of
the privatization exercise
In February 1992, the company was quoted on the
Nigerian Stock Exchange (NSE)
Ocean and Oil Services limited was founded in
1994 to supply and trade petroleum products
within Nigeria and worldwide
2000
Unipetrol acquired 40% in the
equity of Gaslink Nigeria Limited to
utilize its exclusive Gas Sale and
Purchase Agreement with Nigeria
Gas Company, and later increased
the stake to 51% in 2001
Ocean & Oil holdings acquired 30%
controlling stake in Unipetrol
through the purchase of the FGN's
stake in the company
The company later increased its
controlling stake to 42% in 2001
Agip
2002
The company bid for
and acquired 60% in
the equity of Agip
Nigeria Plc from Agip
Petroli International
Oando
2003
Unipetrol Nigeria
Plc merged with
Agip Nigeria Plc
and was rebranded
"Oando"
Oando Marketing
emerged as a
Downstream Group
with the largest
footprint in Nigeria
Oando
2004
Oando Trading Limited
and Oando Supply &
Trading Limited was
incorporated
Oando Gas & Power
(OGP) emerged as a
result of Gaslink's gas
distribution franchise
and Oando's customer
base
Oando
2005
Oando became the
first African
company to achieve
a cross-border
inward listing on the
JSE
Oando Energy
Services (OES) was
incorporated
GASLINK
2007
Gaslink lays 100km
gas distribution
pipeline in Lagos
OES acquires 2
drilling rigs
BO
SO
2008
Oando emerged
Nigeria's first
indegenous oil
company with
interest in producing
deepwater assets by
the acquisition of
15% equity in OMLS
125 & 134
OES acquired an
additional drilling rig
2009
2 swamp rigs
acquired; bringing
the total rig count to
5
Gaslink phase 3 gas
pipeline completed
2010
OGP launched it's
first Independent
Power Plant, Akute
IPP, a 12.15MW
power plant for
Lagos Water
Corporation
The company
successfully
completed a $140
million rights issue
which was 128%
oversubscribed
chgc
2011
Central Horizon Gas
Company (CHGC) is
awarded mandate for
River state gas
distribution
Completed construction
and commissioned of the
128KM Eastern Horizon
Gas Company (EHGC)
Pipeline
FGN awards Oando/Agip
consortium $3Bn Central
Processing Facility
By Resour
2012
The company
completes the
reverse takeover of
Exile Resources to
subsequently
become Oando
Energy Resources
(OER), listed on the
Toronto Stock
Exchange (TSX)
40% farm-in to Qua
Ibo (OML 13)
Alausa Pawer
Limited
2013
Commissioned 10.4 MW Alausa
IPP to provide electricity to the
Lagos state Government
$341 million successful Rights
Issue, 101% subscribed
$200 million Private Placement
to a consortium of private
investors
2014
Oando acquires
Conoco Phillips
Nigerian business for
$1.5 billion
$250 million sale of
EHGC
OER successfully
completes $50 million
private placement
Oando
2015
Oando reaches
agreement to divest 60%
of downstream business
to Helios-Vitol consortium
for $461 million
$250 million successful
Rights Issue,
TH
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