Commodity trading and risk management Cloud provider Aspect Enterprise Solutions today reaffirms its leadership position in the key West African market with the announcement of a major CTRM deal with the region’s Oando Supply & Trading.
Nigeria’s largest independent and privately owned oil trading company, Oando made the switch to AspectCTRM for trading and risk management in a phased install beginning at its London office followed by Lagos. Aspect’s system now forms a major part of the workflow for front, and mid to back-office staff across the three facilities.
Aspect undertook integration of its own system with Oando’s Oracle Financials back-office accounting and ledger solution. Aspect also migrated in existing data from Oando’s previous legacy CTRM/ETRM system.
Oando chose the Aspect solution in a competitive tender involving several other established vendors with competing solutions. What won the deal for Aspect was its real time operation and synchronization across multiple sites, its ability to integrate with multiple legacy systems and the company’s clear commitment to the West African market.
Ibironke Olaniyi, head of risk management and internal control at Oando, is the architect of the company’s internal risk management system and procedures. “We looked at several top of the market CTRM solutions but it soon became clear that AspectCTRM was closest to our needs, best able to merge data from our legacy trade and risk platform and offered straight-forward integration with the back office,” she said.
“Furthermore, Aspect as a company is obviously highly committed to West Africa as a key territory. This is evident not only from its growing customer base but also the fact it has engineered and delivered several custom software modules expressly to handle local trading nuances.”
Oando first became an Aspect customer some nine years ago when it signed up for AspectDSC, the company’s online real-time market data, news and analytics solution available on both desktop and mobile platforms. As AspectDSC integrates automatically with AspectCTRM, curve upload functionality is included as standard within AspectCTRM.
Oando Supply & Trading, established in 2004, has grown to become one of Africa’s largest independent privately owned oil trading companies. It is a large-scale exporter and importer of petroleum products and a leading supplier to Nigeria. With access to trading lines in excess of $1Bn it can call on almost 160 million liters of physical storage in major markets.