Oando Plc completes a $210m partnership deal with Vitol group and Helios Investment, now OVH Energy

By LubesToday

---

The downstream sector of the Oando PLC group has on monday 4th of July concluded a merger between her downstream subsidiary, Oando Marketing PLC, Vitol Group and Helios Investment. The CEO of Vitol Group, Ian Taylor, the G.C.E of Oando PLC, Wale Tinubu as well as the Co-founder of Helios Investment Tope Lawani where all pictured together on the group's twitter account with the caption "Another Step in the right direction".

The recapitalization of the downstream business was pegged at $210m. The transaction as said by the group will stimulate the much needed international confidence in the Nigerian economy and position the country as conducive for investments. This will further instill the partnersip confidence the international business community have in Oando PLC.

The C.E.O of Oando Marketing Mr. Yomi Awobokun was quoted as saying that "OVH energy will not just be a major force in Nigeria, it will be one of the most powerful influencers in Africa's downstream sector. We will create business models that will open up/promote economic opportunities and job creation".

On market speculations, many hoped this merger may alter the brand name. However, it was gathered that the new coporate brand will continue to leverage on the existing Oando brand name as well as the Lubricant sector of the company.

We hope this development as promising as it looks, imparts the Lubricant industry positively as we expect to see more innovations in coming days.

Source:https://lubestoday..com.ng/2016/07/oando-marketing-plc-merges-with-vitol.html