CORPORATE NEWS: OANDO plc's $115.8m deal and Equity Assurance new director.

OANDO PLC: HARD CURRENCY DEAL

Oando PLC has struck a deal with Helios Investment Partners to let go of 49% stake in its subsidiary, Oando Gas and Power ltd for $115.8m.

According to notice sent to the Nigerian stock exchange, Helios is to acquire the stake on behalf of its clients. The deal also means that Oando PLC will only exercise 49% voting rights in the company making it technically, no more a subsidiary of Oando.

Oando Gas and Power ltd is one of Nigeria's play makers in the gas sector delivering gas to over 175 industrial and commercial concerns in Nigeria via above 260km pipeline network.

It does this through three subsidiaries : Gaslink ltd; Gas Network services ltd and Central Horizon gas company.

According to Oando, at peak, Oando Gas and Power Ltd delivers some 70m cubic feet of gas daily.

Oando PLC CEO Adewale Tinubu hopes the new partnership will position gas as a key driver for Nigeria's economic empowerment.

Besides, the $115.8m will come in handy for Oando PLC especially in view of the stress in servicing foreign currency denominated borrowings since the Naira took a dive at the inter bank market.

EQUITY ASSURANCE NEW DIRECTOR.

Mr Kyari Abba Bukar has been appointed a director of Equity Assurance PLC.

According to release from Equity Assurance, the new non-executive is currently the managing director of Central Securities clearing system PLC.

He also brings to bear many years of boardroom experience as a former Chairman of Nigerian Economic Summit Group after about six years as an ordinary member and as managing director of Value Card Nigeria now called Unified Payment Systems.

He was also an executive director of FSB (now Fidelity bank) and a senior manager with Hewlett Packard 

Mr Bukar holds BSc Physics from Ahmadu Bello University and a masters in nuclear engineering from Oregon State University, USA.

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