Nigerian oil firm Oando has acquired a 100% stake in the Nigerian Agip Oil Company from Italian energy giant Eni for $783 million.
This acquisition significantly boosts Oando's participating interest in key oil mining leases 60, 61, 62, and 63 from 20% to 40%, according to reports.
The acquisition is expected to be immediately cash-generative, providing a substantial boost to Oando's revenue and cash flow. Group Chief Executive of Oando, Wale Tinubu, highlighted that the acquisition marks the culmination of a decade-long effort, significantly strengthening Oando's position in Nigeria's upstream sector and promoting sustainable practices in host communities.
“This is a major win for Oando and the entire indigenous energy sector. With full control of these assets, we are in a stronger position to drive Nigeria’s upstream growth while ensuring sustainable practices in our host communities,” Tinubu was quoted by the media as saying.
Oando is a "leading integrated energy solutions provider" in Nigeria. The company operates in the upstream, midstream, and downstream sectors of the oil and gas industry. Oando's services range from exploration and production to supply and trading, as well as marketing and distribution of refined products. It is one of Nigeria's largest indigenous energy companies and has a significant presence in several African countries.