Olufemi Adeyemi

Oando received the award in acknowledgment of its significant achievement in finalizing the $783 million acquisition of the Nigerian Agip Oil Company (NAOC) from the Italian energy company Eni on August 22, 2024.

Oando PLC, a premier energy solutions provider in Africa and listed on both the Nigerian Stock Exchange (NGX) and the Johannesburg Stock Exchange (JSE), is proud to announce its recognition as the recipient of the 'Deal of the Year' award at the Africa Energy Week (AEW) 2024.

On November 5, 2024, the Africa Energy Chamber (AEC) hosted its annual oil and gas conference and gala awards ceremony at the Cape Town International Conference Center (CITCC). During the event, various industry stakeholders were recognized for their contributions to the sector. Among the honorees was Oando, which received an award for its recent acquisition of the Nigerian Agip Oil Company (NAOC) from the Italian energy company Eni.

The acquisition, valued at $783 million and finalized on August 22, 2024, marked a significant milestone for Oando. The company's involvement in the ConocoPhillips/NAOC/NNPC Joint Venture (JV) dates back to 2014, and this acquisition represents the culmination of a decade-long effort. By increasing its stake in the JV to 40% and assuming the role of operator for the assets, Oando has significantly strengthened its position within the industry.

Upon receiving the award, the Group Chief Executive of the Company, Wale Tinubu CON, commented “We are delighted and 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 30th anniversary as a business, then concluded our strategic plan to acquire our second IOC in a decade, Nigerian Agip Oil Company (NAOC) and step up to the role of operator.

This award is more than just an accolade for a successful deal closure; it represents a public acknowledgement of the culmination of 30 years of grit, hard work, resilience, and sheer belief in our vision. It is a testament to my belief that with the #HumansOfOando, impossible is nothing. I'd like to thank the dream team, the #HumansOfOando, our financiers, and partners for their belief and role in making this award a reality.”

Group Chief Executive, Oando PLC, Wale Tinubu, CON, receives the ‘Deal of the Year’ Award, for Oando’s landmark Nigerian Agip Oil Company (NAOC) acquisition from Italian energy company, Eni, presented here by former President and CEO, Africa Oil Corp, Keith Hill, at the Africa Energy Week Awards 2024 in Cape Town, South Africa
The acquisition marks the culmination of a decade of meticulous planning, strategic vision, and unwavering commitment to the goal of establishing Africa's first indigenous International Oil Company. This milestone reflects the organization's three-decade evolution across the entire energy value chain, characterized by consistent and deliberate efforts at every stage that have fostered increased local participation in the sector.

The Deal of the Year award recognizes the most transformative and impactful transaction within the energy industry. It celebrates excellence in negotiation, strategic alignment, innovation, and collaboration. This award honors deals that contribute to advancements in energy and stimulate economic growth.

In line with this year's AEW theme, "Invest in Africa Energies: Energy Growth Through an Enabling Environment," the AEC, through the AEW Awards 2024, recognized various individuals, International Oil Companies (IOCs), and National Oil Companies (NOCs) across the continent with awards in ten distinct categories.