Nigerian Tycoon, Temitope Lawani’s Vivo Energy To Acquire Somagaz Group

FUNSHO AROGUNDADE

Vivo Energy, a British energy company owned substantially by Nigerian-born magnate, Temitope Lawani, has reached an agreement to acquire Somagaz, an integrated operator that imports, stores, bottles and distributes liquefied petroleum gas (LPG) in Mayotte.

The Pan-African energy company will take control of the activities of Somagaz SAS and its subsidiaries, Sigma SAS (in charge of LPG supply, storage and bottling) and SN Somagaz SAS (in charge of LPG distribution to customers) in Mayotte.

This deal is coming eight months after Vivo Energy acquired 74 per cent stake of Petronas, a Malaysian-owned energy company in Engen Petroleum, a Cape Town, South Africa-based energy firm.

The Petronas deal was a multi-million dollars transactional deal that strengthen Vivo’s  foothold in the South African region.

For over 27 years, Somagaz has been developing its business in Mayotte’s fast-growing LPG market.

The company operates in strict compliance with French and European safety, health and environmental standards.

The logistics facility has a capacity of 1,000 tonnes.

The company distributes LPG cylinders to a network of around 140 retail outlets, plus cylinder and bulk distribution to industrial customers across Mayotte.

“We are delighted to announce the acquisition of Somagaz, adding a new market to Vivo Energy’s network of 23 African and Indian Ocean countries today. This acquisition fits perfectly with our growth strategy, enabling us to expand our LPG business, reach new customers and deliver further value,” said Stan Mittelman, CEO of Vivo Energy.

The group has a network of over 2,650 service stations in 23 countries operating under the Shell and Engen brands and exports lubricants to a number of other African countries.

Lawani is a co-founder and Managing Partner of Helios Investment Partners, the largest private equity firm in Africa, focusing on technology, infrastructure, and sustainability.

The young billionaire owns a direct 1.55 per cent stake in Vivo Energy and an indirect 26.27 per cent stake through his private investment firm.

With over 25 years of principal investment experience, Lawani also serves on the Boards of Directors of Helios Towers, Vivo Energy, Axxela, ZOLA Electric, OVH Energy and Mall for Africa.