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Oando Wins ‘Deal of the Year’ Award at Africa Energy Week 2024 for Landmark $783 Million Acquisition of NAOC

Oando’s historic acquisition of Nigerian Agip Oil Company (NAOC) is celebrated as a game-changing move for indigenous oil and gas companies in Africa.

A logo of the Oando petrol station is seen in Abuja, Nigeria February 11, 2022. REUTERS/Afolabi Sotunde

Oando PLC, Africa’s leading energy solutions provider, was awarded the prestigious Deal of the Year at the Africa Energy Week (AEW) 2024, held at the Cape Town International Convention Centre (CTICC).

Wale Tinubu, CON Group Chief Executive, Oando PLC, receives the ‘Deal of the Year’ Award, for Oando’s landmark NAOC acquisition, presented here by Keith Hill, former President and CEO, Africa Oil Corp, at the Africa Energy Week Awards 2024 in Cape Town, South Africa.

The award recognized the company’s groundbreaking $783 million acquisition of Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni, a deal completed in August 2024.

This significant acquisition, the culmination of a decade-long journey, sees Oando increasing its stake in the ConocoPhillips/NAOC/NNPC Joint Venture to 40%, positioning the company as the operator of these valuable assets.

The acquisition is viewed as a transformative milestone in Oando’s 30-year journey, underpinned by strategic planning, resilience, and visionary leadership.

Wale Tinubu CON, Oando’s Group Chief Executive, expressed his gratitude at the AEW Gala, stating, “This award symbolizes the culmination of 30 years of perseverance, strategic foresight, and unwavering commitment to our vision.

It’s a celebration of the #HumansOfOando—our dedicated team, financiers, and partners who helped turn this vision into reality.”

The Africa Energy Chamber (AEC), the organisers of AEW, presented this award to Oando in recognition of its ability to negotiate, innovate, and collaborate effectively within Africa’s dynamic energy sector.

The Deal of the Year award celebrates transformative deals that advance energy and economic growth across the continent.

Oando’s achievement reflects a broader shift toward greater indigenous participation in Africa’s oil and gas industry, paving the way for future local champions in the energy sector.

Vivian Akinyosoye
Vivian Akinyosoye is a seasoned journalist with a background in English Language and a Masters degree in International Law & Diplomacy. She officially began her career in journalism when she joined Channels Television Lagos Nigeria in 2000. Her work in Channels allowed her to hone her skills as a journalist laying a solid foundation for a successful career as a versatile reporter covering Human angle stories, Health, Aviation, Metrofile, Travels, Business and Finance. She served as State House Correspondent Abuja in her early years with Channels TV and has trained at the London Academy for Film, Media and TV. She also served briefly with Silverbird Television Lagos Nigeria before joining African Voices 1 Network Intl (AV1 News) where she currently serves as Lead Editor, Business & Finance.

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