Home » Nigerian oil tycoon Wale Tinubu’s Oando completes acquisition of Italian-owned NAOC

Nigerian oil tycoon Wale Tinubu’s Oando completes acquisition of Italian-owned NAOC

Oando Plc finalizes purchase of 100 percent shares in NAOC from Italian multinational oil and gas company, Eni.

by Omokolade Ajayi
Wale Tinubu

Key Points: 

  • Oando Plc finalizes the acquisition of 100% shares of Nigerian Agip Oil Company Limited from Eni S.p.A.
  • Oando’s acquisition boosts stake in key oil blocks to 40%, enhancing production capabilities and infrastructure assets.
  • Oando subsidiary secures $550 million for Nigeria’s record $925 million oil loan, backed by NNPC and Afreximbank.

Oando Plc, Nigeria’s leading integrated energy solutions provider led by oil magnate Wale Tinubu, has completed the acquisition of 100 percent shares of Nigerian Agip Oil Company Limited (NAOC Ltd) from Eni S.p.A., an Italian multinational oil and gas company.

Oando finalizes acquisition

The landmark acquisition, unveiled by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wed., July 3rd, 2024, marks the culmination of a ten-month process following the initial agreement between Oando and Eni in September 2023.

NUPRC Chief Executive Officer, Gbenga Komolafe, confirmed the deal’s completion at the ongoing Oil and Gas Energy Week in Abuja, with a formal signing ceremony expected in the coming days.

This strategic acquisition positions Oando to reshape Nigeria’s oil and gas sector. The company will gain full ownership of all NEPL/NAOC/OOL Joint Venture assets, including oil and gas fields, production stations, pipelines, gas processing plants, and power plants. This deal increases Oando’s stake in OMLs 60, 61, 62, and 63 from 20 percent to 40 percent.

Oando sees strong growth in profit in revenue 

Oando Plc is a Nigerian multinational energy company with a rich history spanning exploration, production, and marketing of oil and gas products. Through its subsidiaries, the company also participates in the power generation and distribution sector.

Oando, under the leadership of oil and gas magnate Wale Tinubu, who holds a significant indirect stake through Ocean and Oil Development Partners (OODP), has witnessed remarkable growth in recent years.

The company reported a surge in profit to N74.7 billion ($51 million) in 2023, with average daily production reaching 20,837 barrels. Revenue climbed 71 percent year-on-year to N3.4 trillion ($2.3 billion), driven by increased trading activity and a favorable exchange rate environment.

Oando unit involved in Nigeria’s record $925 million oil loan

Further demonstrating its growing prowess, a subsidiary of Oando, Oando Trading, played a pivotal role in securing $550 million towards the recent closing of a $925 million financing deal for Project Gazelle.

This $3.3 billion structured crude oil-backed forward-sale finance facility, sponsored by the Nigerian National Petroleum Company Limited (NNPC) and coordinated by the African Export-Import Bank (Afreximbank), represents Nigeria’s largest syndicated loan in the international market and one of Africa’s biggest in recent years.

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