Nigerian tycoon Temitope Lawani-linked Vivo Energy to acquire controlling stake in Engen

Vivo Energy Group Plc, a British downstream petroleum company partly owned by Nigerian multimillionaire businessman Temitope Lawani, is poised to solidify its presence in South Africa through the acquisition of a controlling stake in Engen Petroleum. This multimillion-dollar deal represents a significant step toward Vivo Energy’s growth and expansion in the region.

The planned acquisition, aimed at fortifying the company’s footprint in the African region, is part of an agreement where Vivo Energy has consented to acquire the 74-percent ownership stake held by Petronas, a Malaysian state-owned energy company, in Engen Petroleum, a Cape Town-based energy firm.

The successful culmination of this highly-anticipated deal, whose monetary worth remains confidential but is rumored to be worth multiple millions of dollars, will bring about the merger of Engen and Vivo Energy.

The resulting entity will become one of Africa’s leading energy distribution companies, positioning Vivo Energy for a promising trajectory of robust revenue and profit growth.

With the planned acquisition of Engen, Vivo Energy is poised to become a major player in the African oil industry. Upon completion, the company’s fuel stations will soar to a total of 3,900, surpassing its present 2,600 service stations.

The strategic move will allow Malaysian state energy company, Petronas, to fully realize its investments in Engen since first acquiring stakes in 1996. Vivo Energy will not only maintain but also expand the Engen brand into new markets, solidifying its presence as a leading provider of fuel and energy solutions across seven African countries.

Vivo Energy, a British petroleum company headquartered in London, leads the market as a prominent marketer and distributor of Shell and Engen-branded fuels and lubricants throughout Africa.

With a vast distribution network spanning 24 countries and comprising more than 2,600 service stations, Vivo Energy has established itself as a key player in the African petroleum industry.

The company is partially owned by Temitope Lawani, the co-founder and managing partner of Helios Investment Partners, the largest Africa-focused private investment firm globally.

Lawani holds a direct 1.55-percent stake in Vivo Energy and an indirect exposure of 26.27 percent through his private investment firm, solidifying the company’s position as a dominant force in the African petroleum market.