At the Intra-African Trade Fair held in Cairo, Egypt, a momentous financial agreement unfolded between AfreximBank and Oando PLC, Nigeria’s premier indigenous energy solutions provider. This pivotal deal involved the signing of an $800 million loan document, a financial maneuver strategically orchestrated to facilitate Oando’s acquisition of 100% of the shares of the Nigerian Agip Oil Company (NAOC).
The significance of this acquisition was emphasized by the deal’s moderator, who characterized it as a “significant and strategic acquisition of 20% participating interest in the Nigerian Agip Oil Company Limited across OMIs 60, 61, 62, and 63.”
This development traces its roots back to Monday, September 4, 2023, when Oando PLC officially disclosed its agreement with Eni, an Italian multinational energy company operating in 62 countries, including Nigeria. The agreement outlined Oando’s intent to acquire the entire shareholding of the Nigerian Agip Oil Company.

Subject to Ministerial Consent and various regulatory approvals, the completion of this assets acquisition transaction would elevate Oando’s existing participating interests in OMLs 60, 61, 62, and 63 from 20% to 40%. Beyond the numerical shift in ownership, the transaction would significantly augment Oando’s control over all NEPL/NAOC/OOL Joint Venture assets and infrastructure.
These assets include a notable array of forty discovered oil and gas fields, with twenty-four currently in production. Additionally, the portfolio encompasses approximately forty identified prospects and leads, twelve production stations, about 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, and the Kwale-Okpai phases 1 & 2 power plants boasting a total nameplate capacity of 960MW, along with associated infrastructure.
The Intra-African Trade Fair (IATF) 2023, which commenced on November 9, has evolved into a fertile ground for substantial business dealings. The event serves as a testament to AfreximBank’s unwavering commitment to propelling the African continent forward through financial collaborations and strategic partnerships.
Beyond the realm of mere financial transactions, the collaboration sealed at IATF 2023 signifies a broader commitment to fostering growth and fortifying partnerships across borders. It underscores a shared vision for Africa’s growth ambitions, emphasizing the role of financial institutions in supporting and catalyzing economic development.
As the global economic landscape continues to evolve, strategic acquisitions and financial collaborations become crucial tools for companies seeking to expand their influence and capitalize on emerging opportunities. Oando PLC’s move to secure an $800 million loan through the partnership with AfreximBank exemplifies the proactive approach that companies are taking to position themselves advantageously in the competitive energy sector.
The African energy landscape, with its vast resources and untapped potential, has become a focal point for both local and international players. The agreement between AfreximBank and Oando PLC signifies not only a financial arrangement but also a vote of confidence in the growth prospects of the African energy sector. It reflects a belief in the ability of indigenous companies like Oando to leverage their expertise and contribute significantly to the development of the continent’s energy resources.
The expansion of Oando’s participating interests in OMLs 60, 61, 62, and 63 is poised to have a ripple effect on the entire energy value chain. With increased ownership stakes, Oando gains greater influence in decision-making processes and resource allocation, positioning itself as a key player in shaping the trajectory of the Nigerian Agip Oil Company’s operations.
Moreover, the transaction’s success hinges on obtaining Ministerial Consent and navigating various regulatory approvals. This underscores the importance of adherence to regulatory frameworks and compliance procedures in executing complex acquisitions within the energy sector. As the energy industry continues to be a critical driver of economic growth, regulatory oversight becomes paramount to ensure responsible and sustainable development.
The Intra-African Trade Fair has emerged as a dynamic platform for facilitating such high-profile transactions. Beyond its role as a venue for deal signings, the IATF serves as a melting pot of ideas, innovations, and collaborative initiatives. It provides a conducive environment for key stakeholders to engage in meaningful discussions, explore potential partnerships, and contribute to the overall economic development of the continent.
The collaboration between AfreximBank and Oando PLC goes beyond the immediate financial implications. It signifies a shared commitment to advancing Africa’s economic agenda through strategic investments in critical sectors. By supporting Oando’s acquisition of the Nigerian Agip Oil Company, AfreximBank plays a pivotal role in empowering indigenous companies to take the lead in developing and managing Africa’s valuable natural resources.
In conclusion, the financial collaboration between AfreximBank and Oando PLC at the Intra-African Trade Fair is a testament to the evolving landscape of economic partnerships in Africa. Beyond the numbers and legalities of the agreement, it symbolizes a broader vision for sustainable growth, cross-border cooperation, and the elevation of indigenous companies as drivers of economic development. As the African continent continues to navigate the complexities of global markets, strategic collaborations of this nature become essential building blocks for a prosperous and self-reliant future.
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