It was June 2016 when the story of Oando PLC’s exit from its downstream business began. At the time, the Nigerian oil giant was making strategic moves, driven by a desire to focus on upstream operations, leaving behind its footprint in the fuel retail space.
Oando sold 60% of its shares in Oando Marketing Limited to two global powerhouses: Vitol Group and Helios Investment Partners. The deal gave birth to a new entity: OVH Energy BV, combining the strength of all three companies. Yet, Oando still maintained a presence in the downstream sector, though with a reduced role.
Fast forward to October 2017, Oando took the next step in its divestment plan, reducing its stake by another 35%. With every share transfer, the company moved closer to its ultimate goal—full exit. And in November 2019, the last piece of the puzzle fell into place when Oando transferred its remaining 5% shareholding to Vitol and Helios. This marked the end of Oando’s journey in downstream operations.
But, as with any major shift, some questions remained. Why was the Oando brand still visible on fuel stations across Nigeria? The answer lies in a Brand License Agreement signed back in 2016, allowing OVH Energy to use Oando’s name and logo for a 10-year period. However, Oando made it clear that the license was terminated in March 2023, with OVH given until September 2024 to completely remove the Oando brand from all assets.
Misleading Claims and Legal Action
Recently, whispers of misinformation began spreading. False claims suggesting that NNPC Limited had transferred ownership of petrol stations to Oando’s CEO, Adewale Tinubu, gained momentum. These rumors, reckless and without foundation, sought to tarnish Oando’s reputation. The company had no choice but to step forward and set the record straight.
In a firm statement issued on 2 September 2024, Oando made it clear—those claims were baseless, and the divestment had been completed long before President Bola Tinubu’s administration took office. In fact, Oando’s exit from the downstream sector was completed in 2019, with the focus now solely on upstream operations.
The company warned that it would take all necessary legal actions to protect its name and that of its Group Chief Executive. Falsehoods, Oando said, would not be tolerated, and it demanded that the “libelous content” circulating online be removed immediately. Failure to comply would result in legal consequences.
Oando’s journey from its downstream roots to becoming a solely upstream-focused company is one marked by strategic decisions and a firm commitment to transparency. Now, as the final deadline for removing the Oando brand from OVH Energy products and assets approaches, the company remains steadfast in its mission.
For Oando, this is more than just about business—it’s about protecting a legacy built on trust and integrity. And as the story continues to unfold, the company has one clear message for those spreading falsehoods: the truth will always prevail.
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