(Cape Town, South Africa), Oando PLC (“Oando”or the “Company”) Africa’s leading energy solutions provider listed on theNigerian Stock Exchange (NGX) and Johannesburg Stock Exchange (JSE) is pleasedto announce that the Company has emerged winner of the ‘Deal of the Year’ awardat Africa Energy Week (AEW) 2024.
The Africa Energy Chamber(AEC), the organisers of the annualweek-long oil and gas conference, hosted and recognised different stakeholders ata Gala and Award night held at the Cape Town International Conference Center(CITCC), on Tuesday, November 5, 2024. In a category comprising other high-profiledeals in the sector and across Africa, Oando won the award inrecognition of the Company’s recently completed landmark $783 millionacquisition of the Nigerian Agip Oil Company (NAOC) from the Italian Energy firmEni on August 22, 2024.
This acquisition, 10 years in the makingsince Oando’s initial entry into the ConocoPhillips/NAOC/NNPC Joint Venture(JV) in 2014 when the Company acquired ConocoPhillips Nigeria business, doubledthe company’s stake in the JV to 40% and operator of the assets.
In receiving the award, the Company’s Group Chief Executive, Wale Tinubu CON, remarked “We are delightedand honoured to receive the 'Deal of the Year' award from Africa Energy Week.It's been a remarkable year on many fronts. First, we marked our 30thanniversary as a business, then concluded our strategic plan to acquire oursecond IOC in a decade, Nigerian Agip Oil Company (NAOC) and step up to therole of operator.
This award is more than just an accolade for a successful dealclosure; it represents a public acknowledgement of the culmination of 30 yearsof grit, hard work, resilience, and sheer belief in our vision. It is atestament to my belief that with the #HumansOfOando, impossible is nothing. I'dlike to thank the dream team, the #HumansOfOando, our financiers, and partnersfor their belief and role in making this award a reality.”
The acquisition is the culmination of adecade of preparation, strategic planning, and unwavering commitment to avision of becoming Africa’s first indigenous International Oil Company. It is atestament to the organisation’s 30-year journey spanning the entire energyvalue chain, with consistent and deliberate actions at each stage that have ledto the advancement of indigenous participation in the industry.
The Deal of the Year award“recognises the mosttransformative and impactful deal in the energy sector – honouringexcellence in negotiation, strategic alignment, innovation andcollaboration – and celebrates deals that drive advancements in energy andeconomic growth.”
With this year’s AEW theme of “Invest in Africa Energies: EnergyGrowth Through an Enabling Environment”, the AEC, through the AEW Awards 2024, recognisedother persons, International (IOCs) and National Oil Companies (NOCs) acrossthe continent through awards in 10 categories.
