Nigerian private equity titan Temitope Lawani to pocket $39.1 million in Vitol deal

Nigerian multimillionaire businessman Temitope Lawani is set to pocket $39.1 million in cash from his stake in Vivo Energy, as Vitol moves to acquire the British company in a $2.3-billion deal.

Lawani, a managing partner and co-founder of Helios Investment Partners LLP, holds a beneficial stake in Vivo Energy, amounting to 21,111,221 ordinary shares.

Vivo Energy is a British downstream petroleum company and a leading marketer and distributor of Shell- and Engen-branded fuels and lubricants in Africa.

Lawani’s stake in the company will see him pocket $1.85 per share in cash consideration from the Dutch Vitol Group for all the 21,111,221 ordinary shares that he holds.

Vitol will pay $2.3 billion to acquire all Vivo shares that are not already owned by its shareholders.

Vitol is expected to take over the operations of the British downstream petroleum company and integrate its assets into its operations following the conclusion of the deal.

The $2.3-billion transaction is executed through Vitol Investment Partnership, a special purpose vehicle owned by the Dutch group. It will see shareholders pocket $1.79 in cash for each Vivo share owned, which will be payable to all Vivo shareholders.

Shareholders will also receive a cash payment of $0.04 per share through a final dividend for 2021 and a special dividend of $0.02 per share for 2022.

This translates to a payout of $1.85 per share, which represents a 24.6-percent premium to Vivi’s closing price of £1.11 pence on Wed., Nov. 24, the last business day prior to the announcement.

Following Shell’s sale of a portion of its downstream business in 2011, Vitol Group has been a founding shareholder of Vivo through Vitol Africa B.V. and VIP Africa II B.V.

In aggregate, the group currently holds a 36-percent interest in the company.