It was a jubilant mood for downstream giant, Oando when the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, commissioned the company’s $150million office complex tagged ‘The Wings’.
Kachikwu urged the management to be more transparent in their operations as it entered new building. According to him, “Oando has shown uniqueness as a Nigerian oil company showing support to the Government and the Nigerian populace. The building has been developed using water, sand, cement, bricks, steel, concrete, wood and glass, all are elements attributable to transparency and strength. The future is very demanding, I urge you to continue to inspire and be creative in the solutions that you proffer in your sector and for the nation.”
In his remarks, Wale Tinubu, the Group Chief Executive, Oando PLC noted “At Oando, passion is not only one of our core values, it drives our ambitions. The idea for the Wings Office Complex was conceived in 2009 and the build kick-started in 2013. At the time it seemed a lofty dream; both in terms of size and the type of structure we envisaged. We commenced the construction of Wings at a time when the price of oil was around $100; despite the 2014 crash in oil prices to $23 per barrel, the 60% devaluation of the naira and the 13-month long economic recession, we pushed on.”
Tinubu stated clearly that the two towers stand tall as testament to indigenous companies like Oando who continue to lead and set the standard for excellence. The project signifies the end to a series of capital projects that the company has pioneered, invested in and built. He made it known that for Four years after the ground breaking ceremony of Wings, Oando has surmounted all odds to complete the world class office complex which gives credence to the Company’s resilient and audacious spirit.
Considering the skepticism associated with investing in Nigeria, more so the Oil & Gas sector in recent times, Oando commendably scored the trust and support of two South African companies RMB Westport and Redefine Properties, who put equity in the project.
The Wings Office Complex is home to leading brands such as Ericsson and RMB Bank and Oando employees. It was built with the intention of accommodating all its Lagos based staff, to act as the commpany’s new Head Office, enabling it to finally relinquish leased space in Lagos.
Oando revealed that it embarked upon the journey in 2013, when the price of oil was around $100 per barrel. A year later, in 2014, they experienced both macro and micro environmental challenges; a global recession that saw the value of oil fall as low as $23 per barrel; the devaluation of the naira and a 13-month long economic recession. The assumption would be that the Company would give up with all the economic and sectoral challenges faced within the period of construction, but they didn’t.
Owing to its daunting challenges with its stakeholders, it is believed that this new office complex will reveal the intrepidity and financial strength of the company while restoring its confidence.