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).
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.
