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Oando, Oilserv awarded $727 million NNPC contract

Fikayo Owoeye by Fikayo Owoeye
April 19, 2018
in Business News, Company News
Nigerian Stock Exchange lifts suspension on Oando Plc shares

Wale Tinubu, Group Chief Executive Officer, Oando Plc

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The Nigerian National Petroleum Corporation (NNPC) has awarded the construction ofAjaokuta–Abuja portion (Lot 1) of the Ajaokuta-Kaduna-Kano Pipeline system to a consortium comprising Oando Plc, its midstream affiliate, Axxela Limited, and Oilserv Limited.

The $727 million Ajaokuta-Abuja Pipeline development is a 215km gas infrastructure with associated facilities such as Metering/Terminal Gas Station, Pigging Station, Block Valve Stations.

Oilserv Limited is an Oil & Gas (Pipelines & Facilities) Company that was incorporated in 1992 and commenced operations in 1995.

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Oando Plc, in December 2016 announced a partial divestment from Oando Gas and Power Limited, to Glover Gas & Power B.V., a special purpose vehicle owned by Helios Investment Partners, for $115.8 million. The company was subsequently rebranded as Axxela.

Oando Plc shares closed at N9.60 in today’s trading session on the Nigerian Stock Exchange (NSE), up 1.05%.

A technical suspension that had been in place since October last year, was last week removed after a back and forth between the Nigerian Stock Exchange (NSE) and the Securities and Exchange Commission (SEC).

 


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Tags: Oilserv LimitedWale Tinubu
Fikayo Owoeye

Fikayo Owoeye

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via fikayo.owoeye@nairametrics.com

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