…As Oando commissions $150m office complex
Adewale Sanyaolu
The Group Chief Executive Officer of Oando Plc, Mr. Wale Tinubu, has said that the company was happy with the progress of the forensic audit being carried out by the Securities and Exchange Commission (SEC).
Tinubu stated this during an interactive session with the media on the sidelines of the commissioning of the company’s new office, ‘Wings Complex’, on Victoria Island, Lagos yesterday.
He stated that the company was co-operating with the relevant authorities in the audit, adding that every shareholder of the group has a right to be included in order to know what the company is made up of, and to participate in the governance structure in a bid to help it to deliver better returns to investors.
The Oando boss said the significance of the office complex constructed between, whose construction 2014 and 2017, was to build an environment that would serve as a long lasting infrastructure for its head office, which would be environmental friendly and demonstrate the latest in building technology.
He disclosed that the initial plan was to use the site as a petrol station, adding that the decision was later jettisoned having realised that the company has built so many of such in the past.
‘‘We took a board decision that the site would not be ideal for a filling station considering its strategic location overlooking the waterfront on the ever busy Ozumba Mbadiwe Road, alongside the serene ambience, which we felt was an ideal place that could house our headquarters,’’ he said.
Tinubu explained that the large expanse of land left the management with no other option than to build a twin tower in order to maximise the space, saying that one wing of the complex and some floors on the other wing would eventually be rented to other companies, thereby boosting the revenue base of the company.
The Wings Complex, according to him, was built at a cost of $150 million with Oando attracting about 75 per cent equity capital into the country from a consortium of banks, including Standard Chartered Bank of South Africa and RMB.
Earlier in his remarks, the Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, lauded the resolve of Oando by adding value to activities in the oil and gas sector. He, however, implored the management to exhibit transparency in its operations and make such its watchword. ‘‘Part of the materials used in the construction of this building is glass. And as you know, glass represents transparency.
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