Minister lauds Oando on N54bn investment in new office complex

Dr Ibe Kachukwu, Minister of State, Petroleum Resources, has commended the management of Oando Plc on its N54 billion ($150 million) investment in a new office complex inaugurated in Lagos on Tuesday.

According to the minister, the new multi-billion naira office complex called “The Wings” in Victoria Island, Lagos, is a huge investment made by an indigenous company in the oil and gas industry.

“This good edifice would bring great success, progress and achievements to the company.

“You have demonstrated huge strengths in teamwork, total commitment and focus in achieving this great success we are here to inaugurate,” he said.

Kachikwu said the President Muhammadu Buhari’s administration was passionate about supporting local oil companies to grow, adding: “We need to have Nigerian branded oil companies.”

He said in the few months the ministry would be launching “Project-100” which seeks to identify 100 viable local projects in Nigeria that need support.

According to him, the concept of Project 100 is to identify 100 Nigerians with skill, capacity and the energy required to make in-roads into certain sectors.

“And I have told the ministry to identify their handicaps and how we can help them to get to the finish line. That is something that I am going to be working on very seriously,” said the minister.

In his remarks, Mr Wale Tinubu, the Group Chief Executive Officer, Oando Plc, said 150 million dollars was invested in the new office complex.

Tinubu said in spite the challenges faced by the oil and gas industry, the company was able to carry out the investment in Nigeria based on the belief of its management in the Nigeria project.

“The site used for this edifice was earlier planned for a mega filling station.

“We were affected by the crash of crude oil price. We were also affected by the 60 per cent devaluation and we, despite this, invested with our bankers.

“Work started here in 2014 and was completed in 2017,” he said.

According to him, the twin-tower strategically located at Ozumba Mbadiwe, Victoria Island, Lagos would serve as the corporate head office for oil and gas conglomerate.

Our correspondent report that for many years, Oando Plc operated from Femi Otedola’s Zenon building in Ajose Adeogun Street, Victoria Island.

On Dec. 4, 2017, the company commenced relocation to the new office complex.