Oando
Nigerian integrated energy company active across oil and gas exploration, production, gas infrastructure, trading, and petroleum-product marketing.
Last updated October 14, 2026
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Overview
Oando Plc is a Nigerian integrated energy company headquartered in Lagos. Its activities span the upstream, midstream, and downstream segments of the oil and gas industry. The company traces its origins to Esso Africa, a petroleum-marketing business established in Nigeria in 1956 as a subsidiary of the United States-based Exxon Corporation. After the Nigerian government acquired a controlling interest in 1976, the business was renamed Unipetrol Nigeria and subsequently became a public limited company in 1991. Its shares were offered to the Nigerian public and began trading on the Nigerian Stock Exchange in 1992. The company’s transformation into Oando followed a series of ownership changes and acquisitions. Ocean and Oil, an investment company associated with Nigerian entrepreneurs Adewale Tinubu and Omamofe Boyo, acquired a controlling interest in Unipetrol between 2000 and 2001. In 2002, Ocean and Oil led Unipetrol’s acquisition of a majority interest in Agip Nigeria, a competing petroleum-marketing company. The combined business adopted the Oando name in 2003, creating one of Nigeria’s largest downstream petroleum-marketing companies at the time. Oando later expanded beyond fuel distribution. It developed gas-utility and gas-pipeline activities through Gaslink and Oando Gas and Power, established oilfield-services capabilities through Oando Energy Services, and acquired interests in Nigerian exploration and production assets. Its upstream activities were consolidated around Oando Energy Resources, which pursued producing, development, and exploration assets in the Niger Delta and offshore Nigeria. The group also entered power generation, including independent power plants serving public-sector and industrial customers. In the mid-2010s, Oando undertook major portfolio and capital-structure transactions. It sold the Eastern Horizon Gas Company franchise to Seven Energy in 2014 and arranged a transaction involving Oando Energy Resources and ConocoPhillips’ Nigerian interests, reported at approximately US$1.5 billion. In downstream operations, Oando partnered with Helios Investment Partners and Vitol, leading to the creation of OVH Energy, which became a major operator of petroleum-product distribution and retail assets in Nigeria and neighboring West African markets. Oando also agreed to sell a minority voting interest in its midstream subsidiary to a Helios-related vehicle. The company has continued to position itself as an indigenous African energy platform rather than solely as a retail-fuel marketer. Its business scope has included crude-oil and natural-gas production, gas processing and transportation, petroleum-product trading, service-station operations, liquefied petroleum gas, lubricants, and power solutions. Its infrastructure and commercial relationships have included gas supply to industrial customers and long-term gas-supply agreements supporting Nigeria LNG facilities. Oando’s corporate history has also included regulatory and governance challenges. The Nigerian Securities and Exchange Commission suspended trading in the company’s shares in 2017 while a forensic audit was pursued. Trading resumed in 2018. In 2019, the commission announced the conclusion of an investigation into allegations concerning the company and ordered measures involving certain directors and senior executives. Oando’s chief executive and deputy chief executive obtained a court injunction against implementation of the sanctions, and the parties reached a settlement in 2021. These events became a significant part of the company’s public-market history. Oando remains an active Nigerian energy company with an identity built around domestic ownership, vertical integration, and participation in the development of Nigeria’s oil and gas value chain. Its present profile is best understood through a combination of upstream production and exploration, midstream gas infrastructure, and downstream trading and marketing interests, although the ownership and operating structures of individual businesses have changed over time.
History
Oando’s roots lie in Esso Africa, a downstream petroleum-marketing company formed in Nigeria in 1956 as part of Exxon’s international business. The company’s early role was to improve the availability and distribution of petroleum products beyond Nigeria’s main commercial centers. In 1976, the Nigerian government acquired a controlling stake and renamed the company Unipetrol Nigeria. Unipetrol became a public limited company on 1 March 1991. Later that year, the government sold 60 percent of its equity to the Nigerian public through an initial public offering, and the company was listed on the Nigerian Stock Exchange in February 1992. Unipetrol began broadening its energy position in the late 1990s. In 1999 it acquired 40 percent of Gaslink Nigeria, a gas-utility company, increasing the holding to 51 percent in 2001. Gaslink subsequently developed approximately 250 kilometers of gas-pipeline infrastructure. The expansion reflected a strategic effort to use a gas sale-and-purchase arrangement with the Nigerian Gas Company and to establish a business beyond conventional petroleum retailing. A decisive ownership change occurred in 2000, when Ocean and Oil, a private investment company associated with Adewale Tinubu and Omamofe Boyo, acquired a 30 percent controlling interest in Unipetrol. Ocean and Oil increased its stake to 42 percent in 2001 through an irredeemable convertible loan-stock issue. In 2002, it led Unipetrol’s acquisition of a 60 percent interest in Agip Nigeria, a rival petroleum-marketing business owned by Agip Petroli. The combined enterprise was renamed Oando Plc in 2003 and became one of Nigeria’s largest downstream petroleum-marketing companies. The renamed group pursued vertical integration. Oando Energy Services was incorporated in 2005 as an oilfield-services business. It acquired drilling rigs in the Niger Delta in 2007 and, by 2009, had assembled a larger swamp-rig fleet. In 2008, the group became an indigenous Nigerian company with interests in producing deep-water assets through acquisitions involving two oil blocks. Oando also entered power infrastructure: in 2010 it launched a 12.5-megawatt independent power plant for the Lagos Water Corporation, followed by a 10.4-megawatt plant serving the Lagos State Secretariat Complex in 2013. Gas infrastructure was another important development. Oando Gas and Power commissioned the 128-kilometer Eastern Horizon Gas Company pipeline in 2011 under a joint venture with the Nigerian Gas Company. The system was designed to deliver up to 100 million cubic feet of gas per day and initially supplied United Cement Company’s cement facility in Cross River State. In 2012, Oando Exploration and Production signed a farm-in agreement for a 40 percent participating interest in the Qua Iboe field, also identified as OML 13, subject to government consent. Oando used the capital markets to support expansion. Its 2012–2013 rights issue was reported as more than fully subscribed and raised more than 55 billion Nigerian naira. In 2014, the group sold the Eastern Horizon Gas Company franchise to Seven Energy for a reported US$250 million. In the same year, Oando Energy Resources entered into agreements with ConocoPhillips to acquire the latter’s Nigerian business interests for approximately US$1.5 billion in cash, a transaction that substantially increased Oando’s upstream ambitions. The downstream portfolio was reorganized through partnerships with Helios Investment Partners and Vitol. In 2015, Oando agreed to a US$461 million cash investment in its downstream business by an entity associated with the two firms. In 2016, the parties entered a tripartite arrangement that created OVH Energy, formerly known as Oando Downstream. Oando also announced an agreement for a Helios-related vehicle to acquire 49 percent of the voting rights in Oando Gas and Power, further changing the ownership structure of the group’s midstream business. Oando’s public-company history was disrupted by regulatory scrutiny. The Nigerian Securities and Exchange Commission suspended trading in its shares in October 2017 while a forensic audit was undertaken. Trading resumed in April 2018. In May 2019, the commission announced the outcome of its investigation into allegations concerning the company, including orders relating to implicated board members and a five-year prohibition on the chief executive and deputy chief executive serving as directors of public companies. Adewale Tinubu and Omamofe Boyo obtained a Federal High Court injunction in June 2019 restraining implementation of the sanctions pending further proceedings. The parties reached a settlement in July 2021, with the stated aim of avoiding further market disruption and allowing the company to focus on operations and compliance. Operationally, Oando has continued to participate in Nigerian upstream production, gas development, gas transportation, trading, and downstream energy distribution. In 2020, it announced a gas and condensates discovery in deeper sequences of the Obiafu-Obrikom fields in OML 61 and announced renewed and expanded gas-supply agreements with Nigeria LNG covering existing facilities and the planned Train 7 project. The company’s historical trajectory therefore runs from foreign-owned petroleum marketing, through Nigerian public ownership and downstream consolidation, to a broader indigenous energy platform with interests across the oil and gas value chain.
- 2021
Settlement with the Nigerian SEC
[1]Oando and the regulator reach a settlement concerning the earlier investigation and sanctions dispute.
- 2018
Trading in shares resumes
[1]The Nigerian Securities and Exchange Commission directs that Oando shares resume trading after a regulatory suspension.
- 2016
OVH Energy partnership formed
[1]Oando, Vitol, and Helios establish OVH Energy through a restructuring of the downstream business.
- 2014
Upstream acquisition and gas-asset divestment
[1]Oando sells the Eastern Horizon Gas Company franchise to Seven Energy and agrees to acquire ConocoPhillips’ Nigerian interests through Oando Energy Resources.
- 2013
Capital raise and Alausa power plant
[1]Oando reports a heavily subscribed rights issue and commissions a 10.4-megawatt independent power plant at Alausa.
- 2011
Eastern Horizon Gas Company pipeline commissioned
[1]Oando Gas and Power commissions a 128-kilometer gas pipeline developed with the Nigerian Gas Company.
- 2005
Oando Energy Services incorporated
[1]The group establishes an integrated oilfield-services business to support upstream expansion.
- 2003
Oando name adopted
[1]Following the acquisition of a majority interest in Agip Nigeria, the merged downstream business is renamed Oando Plc.
- 1999
Entry into gas utilities
[1]Unipetrol acquires an initial 40 percent interest in Gaslink Nigeria.
- 1992
Stock-market listing
[1]Unipetrol is listed on the Nigerian Stock Exchange.
Products and positioning
An indigenous Nigerian integrated energy company serving the oil and gas value chain from upstream production and gas infrastructure to downstream trading and fuel marketing.
Exploration and production
Upstream oil and gas
Oando’s upstream activities include exploration, development, and production of crude oil and natural gas in Nigerian onshore and offshore assets. The business has operated through Oando Energy Resources and joint ventures involving Nigerian and international energy companies. Its portfolio has included producing assets, development opportunities, and exploration interests in the Niger Delta and deep-water areas.
Midstream gas · 1999
Natural-gas infrastructure
The group has developed and operated gas-utility and pipeline activities through Gaslink and Oando Gas and Power. These activities have included gas transportation, distribution, and supply to industrial customers. The Eastern Horizon Gas Company pipeline was designed to connect gas resources with customers such as cement manufacturers.
Downstream trading
Petroleum-product trading
Oando’s downstream trading activities involve the supply and marketing of refined petroleum products, including fuels used by transport, commercial, and industrial customers. The business forms part of the company’s broader strategy of participating in multiple stages of Nigeria’s energy supply chain.
Retail petroleum
Fuel retail network
Through its downstream operations and the later OVH Energy structure, Oando has been associated with a large West African retail network supplying petrol, diesel, lubricants, and related automotive products. Retail operations have extended beyond Nigeria into markets including Ghana, Benin, and Togo.
Power generation · 2010
Power solutions
Oando has developed independent power projects intended to provide more reliable electricity to institutional and industrial customers. Reported projects include a 12.5-megawatt plant for the Lagos Water Corporation and a 10.4-megawatt plant serving the Lagos State Secretariat Complex.
Controversies
2021
Settlement with the Nigerian SEC
Oando and the Nigerian SEC reached a settlement intended to prevent further market disruption and resolve the dispute while the company continued operating under applicable regulatory requirements.
2021
Oando reaches settlement with Nigeria's SEC
Oando reached a settlement with Nigeria's Securities and Exchange Commission after a dispute over the regulator's actions and allegations of corporate-governance abuse and financial mismanagement. The settlement requires Oando to withdraw legal actions, pay an undisclosed sum and undertake to improve governance.
2019
SEC investigation and proposed sanctions
In May 2019, the Nigerian SEC announced the conclusion of its investigation into allegations involving Oando. The announced measures included orders concerning certain board members and a five-year prohibition affecting the group chief executive and deputy group chief executive from serving as directors of public companies.
2019
Federal High Court injunction
A Federal High Court in Lagos granted an injunction sought by Adewale Tinubu and Omamofe Boyo that restrained implementation of the SEC sanctions pending further proceedings.
2017
Share-trading suspension and forensic audit
The Nigerian Securities and Exchange Commission suspended trading in Oando shares in October 2017 while a forensic audit was undertaken in connection with allegations concerning the company.
Brand decisions
2021
Settle regulatory disputeOtherBackground
Oando and the Nigerian SEC remained in dispute after the commission’s investigation and the court proceedings concerning proposed sanctions.
Action taken
The parties entered into a settlement aimed at preventing further market disruption and resolving the outstanding matter.
Aftermath
Management was able to refocus on operations while continuing to address statutory and regulatory compliance.
2020
Renew gas-supply agreements with Nigeria LNGProduct launchBackground
Oando sought to maintain and extend its role in supplying natural gas to Nigeria LNG facilities.
Action taken
The company announced agreements covering renewed supply for Trains 1–3 for ten years and supply associated with Train 7 for twenty years.
Aftermath
The agreements reinforced the strategic importance of Oando’s gas-production and supply relationships.
2016
Create OVH EnergyStrategyBackground
Oando reorganized its downstream activities with financial and commercial partners.
Action taken
Oando, Vitol, and Helios formed OVH Energy, formerly known as Oando Downstream.
Aftermath
The restructuring created a separately partnered downstream platform with retail and distribution activities in West Africa.
2015
Bring Helios and Vitol into the downstream businessM&ABackground
Oando sought capital and strategic partners for its downstream portfolio.
Action taken
Oando agreed to a cash investment by HV Investments II, a joint venture associated with Helios Investment Partners and Vitol.
Aftermath
The arrangement led to the subsequent creation and restructuring of OVH Energy.
Cash investment. US$461 million (2015)
2014
Acquire ConocoPhillips’ Nigerian interestsM&ABackground
Oando sought to expand its indigenous upstream position and increase its portfolio of Nigerian producing and exploration assets.
Action taken
Oando Energy Resources entered agreements to acquire ConocoPhillips’ entire Nigerian business interests for approximately US$1.5 billion in cash.
Aftermath
The transaction significantly increased Oando’s upstream scale and became one of the company’s defining expansion moves.
Cash consideration. Approximately US$1.5 billion transaction value (2014)
2011
Commission the Eastern Horizon gas pipelineProduct launchBackground
Oando pursued gas infrastructure to connect Nigerian gas supplies with industrial customers.
Action taken
Oando Gas and Power commissioned the 128-kilometer EHGC pipeline through a joint venture with the Nigerian Gas Company.
Aftermath
The pipeline supplied gas to industrial users and was designed for capacity of up to 100 million cubic feet per day.
2003
Combine Unipetrol and Agip Nigeria operationsM&ABackground
Ocean and Oil sought to consolidate Nigeria’s petroleum-marketing businesses after acquiring a majority interest in Agip Nigeria.
Action taken
The merged company adopted the Oando Plc name.
Aftermath
The transaction created one of Nigeria’s largest downstream petroleum-marketing companies and provided the platform for later vertical integration.
Recent events
- 2020
Oando reports gas and condensates discovery in the Niger Delta[1]
Other
Oando announced that the NNPC/NAOC/Oando joint venture had identified gas and condensate in deeper sequences of the Obiafu-Obrikom fields in OML 61.
- 2020
Oando signs renewed and expanded gas-supply agreements with NLNG[1]
Other
The company announced agreements covering continued supply for Nigeria LNG’s existing Trains 1–3 and supply associated with Train 7.
- 2018
Oando shares resume trading after regulatory review[1]
Regulation
The Nigerian Securities and Exchange Commission directed that trading in Oando shares resume after the suspension connected with the forensic-audit process.
Sources6 sources
- 1Oandoen.wikipedia.org
- 2Oando Plc official websiteoandoplc.com
- 3Oando reaches settlement with Nigeria's SECengineeringnews.co.za
- 4Leaf Investment acquires 15% shares in Oando Plcnairametrics.com
- 5Oando settles with Nigeria SEC over governance issuesiol.co.za
- 6Oando sponsors young professionals forum in partnership with SPEtribuneonlineng.com
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