Latest news with #OandoPLC
Zawya
3 days ago
- Business
- Zawya
Oando PLC's Cross-Border Expansion to be Spotlighted at African Energy Week (AEW) 2025
Following a transformative year marked by a landmark Nigerian acquisition and entry into Angola's upstream sector, Jubril Adewale Tinubu, CON., Group Chief Executive, Oando PLC will speak at African Energy Week (AEW) 2025: Invest in African Energies in Cape Town. Tinubu will share insights into how Oando PLC is scaling its operations across Africa while maintaining strategic discipline and positioning itself as a key player in the continent's evolving energy landscape. In August 2024, Oando PLC finalized its $783 million acquisition of the Nigerian Agip Oil Company from Eni – a move that increased Oando's participating interests in four onshore oil mining leases (OMLs 60, 61, 62, and 63) from 20% to 40%. This deal nearly doubled the company's reserve base to an estimated one billion barrels of oil equivalent, while enhancing its operational footprint and infrastructure portfolio in Nigeria. With an ambitious target to scale production to 100,000 barrels per day by 2028, the acquisition solidifies Oando PLC's position as a dominant force in Nigeria's upstream sector. Meanwhile, Oando PLC is advancing its continental growth strategy through its upstream subsidiary, Oando Energy Resources (OER), which was recently awarded operatorship of Block KON 13 in Angola's onshore Kwanza Basin. Secured through a competitive bidding process led by Angola's National Agency for Petroleum, Gas and Biofuels, the block carries estimated prospective resources of 770 million to 1.1 billion barrels. OER holds a 45% participating interest and will lead the block's development in partnership with Effimax and Sonangol. This marks a significant milestone for the company as it enters Angola's upstream market for the first time and reinforces its long-term vision of regional integration. In addition to its African ventures, Oando PLC was recently named preferred bidder for the Petrotrin refinery lease in Trinidad and Tobago, underscoring its strategy to diversify globally while reinforcing its vertically integrated business model. The refinery opportunity aligns with Oando's broader goals of expanding refining capacity, improving energy security and maximizing value across the supply chain. 'Oando PLC represents the kind of bold, forward-looking leadership that Africa's energy sector needs. Their strategic expansion into markets like Angola, coupled with a commitment to innovation and integration, sets a powerful example of what indigenous companies can achieve. We're proud to welcome Wale Tinubu to AEW 2025 as we continue driving investment and collaboration across the continent,' states Ore' Onagbesan, Program Director for AEW. At AEW 2025: Invest in African Energies, Tinubu will engage with policymakers, investors and industry leaders to outline Oando's vision for responsible, return-driven growth across Africa and beyond. As the company scales its operations and seeks new investment and technical partnerships, his participation will provide a first-hand look into the strategic thinking behind one of Africa's most dynamic energy companies. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. Distributed by APO Group on behalf of African Energy Chamber.
Zawya
31-03-2025
- Business
- Zawya
Oando PLC Joins Afreximbank's AfrexInsure Portfolio
AfrexInsure, the wholly-owned Specialty Insurance Subsidiary of African Export-Import Bank ('Afreximbank' or the 'Bank') ( has announced its onboarding of Oando PLC as one of its strategic clients, further strengthening the business relationship between Oando PLC and the Bank. With Oando on board its clientele portfolio, this new development aligns with Afreximbank's financial support to the company, with critical risk management solutions, ensuring that the Bank's investment in Oando PLC's operations in Nigeria is safeguarded through tailored Specialty Insurance Solutions. By mitigating operational and geopolitical risks, the collaboration would enhance Oando's resilience, promote sustainable energy development and reinforce Afreximbank's commitment to economic growth and regional stability in the trade ecosystem. Commenting on the partnership, Jonas Mushosho, CEO and Principal Officer of AfrexInsure, said: ' This strategic collaboration between Oando and AfrexInsure will help promote local content in Africa's oil and gas sector. The collaboration, which also underscores a shared commitment aimed at fostering economic empowerment and contributing to the sustainable development of Africa's natural resources, will also strengthen the African insurance sector by retaining premium flows within the continent and fostering Africa's financial sustainability.' Mr. Mushosho, who noted that Oando PLC and Afreximbank had established a significant business relationship aimed at enhancing trade development in Africa's energy sector, added that, many multinationals doing business in Africa face high levels of risk in the current volatile and uncertain environment. Greater availability of affordable trade and trade related specialty insurance solutions could mitigate those risks and encourage firms to engage in enhanced industrialisation and export development activities. 'This win by AfrexInsure shows how we are supporting the growth of trade and development in Africa by providing required Insurance management services, giving investors the confidence to make investments in Africa. By using African securities, specialty insurance premiums raised in Africa are retained on the continent and are used to contribute to its overall trade and economic development,' he said. Commenting on this announcement, Wale Tinubu CON, Group Chief Executive, Oando PLC, said: ' We have a longstanding relationship with Afreximbank where we have seen the Bank support our vision for energy in Africa, not only with essential financing but also with invaluable guidance and advisory support. Following our recent acquisition, a tailored risk identification and mitigation approach is paramount. We are confident that our collaboration with AfrexInsure will provide the necessary oversight to ensure both the adequacy and comprehensiveness of our risk management strategy.' Afreximbank's partnership with Oando has included a pivotal role in financing the company's strategic initiatives in Nigeria's oil and gas sector, including: Facilitating a US$650-million financing for Oando PLC's acquisition of Nigerian Agip Oil Company Assets in August 2024, which is expected to enhance Oando's production capacity from 20,000 to 100,000 barrels of oil equivalent per day, boosting Nigeria's oil output and economic growth; and Oando PLC's June 2024 participation, through its Oando Trading subsidiary ('Oando Trading'), in Project Gazelle, the US$3.3-billion structured crude oil-backed finance facility sponsored by the Nigerian National Petroleum Company Limited, in which Oando Trading contributed US$550 million to a US$925-million accordion facility arranged by Afreximbank. Established by Afreximbank, AfrexInsure provides specialty insurance products to ensure that right-fit insurance solutions are secured for African clients. The subsidiary provides comprehensive and tailored solutions that secure assets owned by clients and that meet bankability requirements of project funders. It draws on expertise, personalized approach and market knowledge to guarantee that Intra-African Trade Champions and multinationals receive value from programmes backed by top rated insurers capable of paying claims. By placing its programme with pan-African (re)insurers and strong local underwriters, AfrexInsure achieves the retention of premiums in Africa, making it possible for such funds to be invested on the continent where African businesses can access them at lower cost. Distributed by APO Group on behalf of Afreximbank. About Afreximbank: African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2023, Afreximbank's total assets and contingencies stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt.
