Oando partners RMB, Stanbic IBTC on N28bn office project

Oando-Energy-Resources06 December 2013, Lagos – As part of efforts to boost its assets base and deliver value to shareholders and other stakeholders, Oando Plc has entered into a partnership with Rand Merchant Bank (RMB) and Stanbic IBTC Bank Plc on its new head office.

RMB and Stanbic are providing long-term funding for the Oando Plc, which has been estimated at $182 million(N28 billion).

The building located on the Ozumba Mbadiwe Drive, Victoria Island, Lagos is dubbed “The Wings Project.” It was envisioned seven years ago by Oando as a monolithic, but innovative 21st century structure.

It is strategically positioned along the highly sought after Victoria Island waterfront, which will comprise of two identical 15 storey glass towers sitting on a plinth that houses several car park floors, restaurants, gymnasiums, and a jetty.

Apart from RMB and Stanbic IBTC that are providing the funding, Oando also hired the services of Argentil Capital Partners to ensure all fiscal procedures were adhered to.

Argentil Capital Partners, is Nigeria-based energy and infrastructure advisory firm with in-depth knowledge and understanding of the regional energy, infrastructure and capital markets provided specialised financial services addressing Wings’ commercial due diligence, project valuation and structuring, and capital raising.

Commenting on the project at the ground breaking ceremony, the Chief Group Executive of Oando, Wale Tinubu, said: “Seven years ago we envisioned the Wings project as a further testament to our aspiration to conduct our corporate operations from an ultramodern edifice which exemplifies the desire, dedication, and intrinsically the overall growth of our people and our company.

“We acquired the land to start that journey, and today we stand here to begin a transition that will provide a home away from home for our employees, provide much-needed job opportunities for the populace of Lagos state, while also beautifying the Lagos waterfront and skyline. I also applaud all the partners involved for their patience and belief in the viability of the Wings project.”
He said working with RMB, Stanbic IBTC and Argentil Capital Partners on the project, showcases the value of partnerships of the integrated energy firm as it continues to execute key projects across the country.

He stated that the resounding success of these relationships has brought to fruition the realisation of an idea that was conceived over half a decade ago.

One of the towers will be occupied entirely by Oando personnel, while the other tower will be partly utilised by Oando’s joint development partners in the project-Stanbic and RMB. Each tower will comprise of 13 leasable floors, including 2 penthouse floors, and have approximately 900sqm in leasable space available per office floor.

– Goddy Ngene, This Day

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