Helios Investment Partners LLP, a premier Africa-focused private investment firm has announced the purchase of 49% voting rights in the Oando’s midstream business subsidiary, Oando Gas and Power Limited. The purchase was enabled through a special purpose vehicle, Glover Gas & Power B.V.
Co-founder and Managing Partner of Helios Investment Partners, Tope Lawani said at the event: “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.”
Oando Gas and Power Limited is one of Nigeria’s foremost natural gas distributuion companies and boasts of being the country’s largest private sector gas distributor in Nigeria, delivering 70 million standard cubic feet per day (“mmscf/d”) at its peak.
Commenting on the completion of the transaction, Oando PLC’s Group Chief Executive, Jubril Adewale Tinubu said: “The commencement of this 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. 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.” Source: Asoko Insight