Oando Plc’s $783M Acquisition of Nigerian Agip Oil Company Secures ‘Deal of the Year’ Award at Africa Energy Week 2024
Detailed Report:
1. Overview of the Award and Recognition
Oando Plc, Nigeria’s indigenous energy company, has been awarded the prestigious ‘Deal of the Year’ accolade at Africa Energy Week (AEW) 2024. This recognition celebrates Oando’s acquisition of the Nigerian Agip Oil Company (NAOC) from Italian energy firm Eni, marking a milestone achievement in Africa’s oil and gas sector.
2. The Landmark Acquisition
Finalized on August 22, 2024, the $783 million deal with Eni marks a significant expansion for Oando, doubling its stake in the ConocoPhillips/NAOC/NNPC Joint Venture (JV) to 40% and establishing it as the operator of the assets. The transaction strengthens Oando’s role within Nigeria’s energy landscape, building on its earlier acquisition of ConocoPhillips’ Nigeria business in 2014.
3. Acknowledgement of Excellence in Strategy and Impact
During the award ceremony at Cape Town International Conference Center, AEW organizers praised Oando’s strategic commitment to enhancing indigenous participation in Africa’s energy sector. The award highlights Oando’s long-term vision and resilience, positioning it as Africa’s first indigenous International Oil Company (IOC) to complete such a transformative acquisition.
4. Oando’s Leadership on the Award
Wale Tinubu, Oando’s Group Chief Executive, expressed pride in receiving the award, attributing it to Oando’s three decades of hard work and strategic planning. He commended the dedication of the “#HumansOfOando” team, financiers, and partners, stating, “This award signifies more than a successful transaction; it is a testament to 30 years of resilience and vision.”
5. AEW’s Recognition of African Energy Innovation
The ‘Deal of the Year’ award is presented to deals that demonstrate excellence in negotiation, strategic alignment, innovation, and collaboration, while driving economic growth. This year’s AEW theme, ‘Invest in Africa Energies: Energy Growth Through an Enabling Environment,’ celebrated individuals and companies advancing Africa’s energy potential through 10 award categories.
This landmark acquisition not only celebrates Oando’s achievements but also underscores the company’s pivotal role in advancing the African energy sector through indigenous leadership.
Detailed Report:
1. Overview of the Award and Recognition
Oando Plc, Nigeria’s indigenous energy company, has been awarded the prestigious ‘Deal of the Year’ accolade at Africa Energy Week (AEW) 2024. This recognition celebrates Oando’s acquisition of the Nigerian Agip Oil Company (NAOC) from Italian energy firm Eni, marking a milestone achievement in Africa’s oil and gas sector.
2. The Landmark Acquisition
Finalized on August 22, 2024, the $783 million deal with Eni marks a significant expansion for Oando, doubling its stake in the ConocoPhillips/NAOC/NNPC Joint Venture (JV) to 40% and establishing it as the operator of the assets. The transaction strengthens Oando’s role within Nigeria’s energy landscape, building on its earlier acquisition of ConocoPhillips’ Nigeria business in 2014.
3. Acknowledgement of Excellence in Strategy and Impact
During the award ceremony at Cape Town International Conference Center, AEW organizers praised Oando’s strategic commitment to enhancing indigenous participation in Africa’s energy sector. The award highlights Oando’s long-term vision and resilience, positioning it as Africa’s first indigenous International Oil Company (IOC) to complete such a transformative acquisition.
4. Oando’s Leadership on the Award
Wale Tinubu, Oando’s Group Chief Executive, expressed pride in receiving the award, attributing it to Oando’s three decades of hard work and strategic planning. He commended the dedication of the “#HumansOfOando” team, financiers, and partners, stating, “This award signifies more than a successful transaction; it is a testament to 30 years of resilience and vision.”
5. AEW’s Recognition of African Energy Innovation
The ‘Deal of the Year’ award is presented to deals that demonstrate excellence in negotiation, strategic alignment, innovation, and collaboration, while driving economic growth. This year’s AEW theme, ‘Invest in Africa Energies: Energy Growth Through an Enabling Environment,’ celebrated individuals and companies advancing Africa’s energy potential through 10 award categories.
This landmark acquisition not only celebrates Oando’s achievements but also underscores the company’s pivotal role in advancing the African energy sector through indigenous leadership.