Key Points
- Oando acquired NAOC from Eni in a $783 million deal.
- Deal doubles Oando’s stake in key assets.
- Award highlights Oando’s commitment to African energy growth.
At the 2024 Africa Energy Week (AEW), Oando Plc, led by Nigerian oil magnate Wale Tinubu, claimed the “Deal of the Year” award for its $783 million acquisition of Nigerian Agip Oil Company (NAOC) from Italy’s Eni, marking a transformative milestone completed in August 22, 2024.
The award, presented by the Africa Energy Chamber (AEC) to Nigeria’s leading integrated energy solutions provider during a gala event at the Cape Town International Conference Centre (CITCC) in South Africa, recognized the impact and strategic significance of the NAOC deal.
Oando’s NAOC deal marks energy milestone
The “Deal of the Year” award celebrates outstanding contributions to the energy sector, highlighting excellence in negotiation, alignment with strategic goals, innovation, and collaborative efforts to drive growth and progress in Africa’s energy landscape.
The acquisition, a decade in the making, represents a milestone in Oando’s journey. Since Oando’s first involvement with the ConocoPhillips/NAOC/NNPC Joint Venture in 2014, when it acquired ConocoPhillips Nigeria’s business, Oando has steadily expanded its influence in the joint venture. The recent acquisition doubled Oando’s stake to 40 percent, establishing the company as the operator of the assets.
Oando’s landmark year: Tinubu celebrates acquisition
Wale Tinubu, Nigerian oil magnate and Group Chief Executive of Oando Plc, expressed his pride in the award, noting that 2024 had been a landmark year for Oando, marked not only by the company’s 30th anniversary but also by the completion of its ambitious plan to acquire a second international oil company within a decade.
“This award is more than an acknowledgment of a successful deal,” Tinubu remarked. “It represents public recognition of three decades of dedication, resilience, and an unwavering commitment to our vision. This acquisition reflects Oando’s steady evolution across the energy value chain and our commitment to advancing indigenous participation in the sector.”
Oando honoured for deal, celebrates key stakeholders
He acknowledged the dedication of Oando’s staff, financiers, and partners, whose support made the deal and its recognition possible.
Reflecting the 2024 AEW theme, “Invest in Africa Energies: Energy Growth Through an Enabling Environment,” the AEC honored numerous stakeholders at the awards, celebrating both International Oil Companies (IOCs) and National Oil Companies (NOCs) across Africa through awards in 10 categories.
