oando commenced business operations as a petroleum marketing company in 1956.
when did oando commence business operations as a petroleum marketing company?
1956
oando's earliest roots can be traced to the formation of esso africa in 1956. esso africa was a petroleum marketing company, a subsidiary of the exxon corporation of usa. to increase availability of petroleum products in the hinterland, in 1976 the nigerian government purchased a controlling stake in the company and rebranded the company as unipetrol nigeria. on 1 march 1991, unipetrol became a public limited company. later on in the same year, the nigerian government sold 60% equity to the nigerian public in an initial public offering. by february 1992, unipetrol was listed on the nigerian stock exchange.
oando
in 2000, ocean and oil, a private investment company led by nigerian entrepreneurs adewale tinubu and omamofe boyo acquired a 30% controlling interest in unipetrol plc. in 2001, ocean and oil increased its stake in unipetrol to 42% via an irredeemable convertible loan stock issue.





















































in 2002, ocean and oil led unipetrol's bid for a 60% stake of agip nigeria plc, a rival petroleum marketing firm, owned by agip petroli bv, an italian-based oil company. the merged company was named oando plc in 2003, making the company the largest downstream petroleum marketing company in nigeria.
oando