In a bid to renew Oando Gas and Power Limited’s ambition and strategic growth plan, the midstream business subsidiary of Oando PLC (Oando), has announced a change of its corporate name to Axella limited (Axella).
The name Axella is coined from the word accelerate and excellence, noted the company. According to it, the name focuses on developing innovative solutions to bridge the Sub-Saharan African energy gap, while illustrating Axella’s determination to be and indispensable energy player through its insight-driven approach and inventive team ethos.
This rebranding follows the execution of a definite agreement between Oando PLC and Helios Investment Partners LLP, a premier Africa-focused private investment firm, to acquire 49% of the voting rights in Oando’s midstream business subsidiary, Oando Gas and Power Limited (OGP).
Oando, in a notification to the Nigerian Stock Exchange (NSE) said the agreed transaction of $ 115.8 million is conditional upon the receipt of regulatory approvals and subject to customary purchase price adjustments.
OGP the pioneer developer of Nigeria’s foremost natural gas distribution network, delivers at peak, 70 million standard cubic feet per day to over 175 industrial and commercial customers.
On the rebranding, Axella’s chief executive officer, Bolaji Osunsanya, said, “ This is a reaffirmation of our operational independence as we become sub-Saharan Africa’s preferred and fast-growing gas and power portfolio company. It enables partnerships to deliver value adding energy solutions to our customers, whilst facilitating sustainable economic development in our chosen markets”.
He also noted that the change in their corporate identity, gives the company the opportunity to re-introduce their business to the market while demonstrating the far-reaching impacts of operations.