Vitol partners with private equity firm Helios in $276M deal to buy 60% of Oando's downstream business

Wale Tinubu, CEO, Oando

Nigeria‘s Oando has agreed to sell a 60 percent stake in its downstream business to Vitol and Helios Investment Partners for $276 million, the energy company said on Tuesday.

Oando, which is shifting away from being a marketer of refined petroleum products into an oil and gas explorer, completed the acquisition of ConocoPhillips’s upstream oil and gas business in Nigeria last year.

Its downstream business, with a market share of 12 percent in Nigeria, will be set up as an independent entity, but will retain the Oando brand, the company said in a statement. The consortium will acquire 51 percent of the voting rights.

Oando’s downstream assets include more than 400 petrol stations in Nigeria and an interest in a bulk distribution company in Ghana, it said.

Read more: UPDATE 1-Nigeria’s Oando sells 60 pct of downstream business to Vitol | Reuters