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Oando Can Overhaul Electricity Supply in Nigeria

By on October 3, 2012

Oando CEO, Wale Tinubu

Shareholders of Oando Plc have expressed faith in the company’s capability to deliver dividends in the transformation of the Nigerian power sector.                                

They boasted that the company, which is listed on the Nigerian Stock Exchange (NSE), the Toronto Stock Exchange in Canada and the Johannesburg Stock Exchange in South Africa can transform the power situation in Nigeria for good.

In his words, the National Coordinator, Independent Shareholders Association (ISAN), Mr. Sunny Nwosu, affirmed, “I am confident in the managerial capacity of the Oando Group and their track records speak strongly for them.”

He confirmed that Oando is competent enough to turn the PHCN discos around, like it did with Unipetrol – a former government-run fuel vending business which is now the bigger, stronger entity that is Oando.

According to another shareholder, Alhaji Musa Shittu, “Oando has always relied on sound technical partnerships in the development of its energy platform. Those partnerships have enabled its emergence as a leader in the different areas of the energy sector in which it operates. If you look at the company’s consortium for the PHCN bids, its partners are tested and proven names in the global world of efficient electricity distribution.”

He continued, “These establishments that have delivered similar transformations in other countries like India and South Africa and there is little doubt that the Nigerian Power Sector will benefit from their combined expertise.

“The issue of power in this country is a national emergency, and only companies with the pedigree, commitment, and evident know-how to fix the sector should be considered. As a country we cannot afford to play politics with this process,” Shittu added.

Selling PHCN to Oando, a native listed company with over 260,000 Nigerian shareholders is similar to selling to the public.

Expressing their pleasure and satisfaction with the process, the stakeholders commended the Bureau of Public Enterprise and the National Council for their professionalism and transparency on privatization in the PHCN bid.

They however, concluded by urging those in charge of the privatization process to consider indigenous companies that have been on ground a long time, with knowledge and experience on the terrain.

3 Comments

  1. Jim Kraw

    October 3, 2012 at 8:57 am

    3 Questions. 1.What’s does the Acronym “OANDO” stand for?
    2. Is it owned buy a Nigerian(s)?
    If 2 is yes the answer 3.What do they do for a Living?

  2. Osit

    October 3, 2012 at 5:17 pm

    Oando stands for Ocean and Oil, they are Nigerian and are a petroleum company

  3. Olaotan

    October 3, 2012 at 8:18 pm

    ….and from what I know of them, they are professional, competent and innovative.