Oando PLC, Africa’s leading energy solutions provider, recently emerged as the winner of the coveted ‘Deal of the Year’ award at Africa Energy Week (AEW) 2024.
The award ceremony took place on November 5, 2024, at the Cape Town International Conference Center.
The Africa Energy Chamber (AEC) recognized Oando for its landmark $783 million acquisition of Nigerian Agip Oil Company (NAOC) from Italian energy firm Eni on August 22, 2024.
This strategic acquisition doubled Oando’s stake in the joint venture to 40% and positioned the company as the operator of the assets.
Oando’s Group Chief Executive, Wale Tinubu, expressed his delight and honor in receiving the award, stating,
“This award represents a public acknowledgement of the culmination of 30 years of grit, hard work, resilience, and sheer belief in our vision.”
Tinubu attributed the success to the dedication of the #HumansOfOando, financiers, and partners.
The acquisition marks the culmination of Oando’s decade-long strategic plan to become Africa’s first indigenous International Oil Company.
This achievement demonstrates the organization’s commitment to advancing indigenous participation in the industry.
The ‘Deal of the Year’ award recognizes transformative and impactful deals in the energy sector, honoring excellence in negotiation, strategic alignment, innovation, and collaboration.
Oando’s acquisition of NAOC exemplifies these qualities, driving advancements in energy and economic growth.
AEW 2024’s theme, “Invest in Africa Energies: Energy Growth Through an Enabling Environment,” highlighted the importance of strategic partnerships and investments in Africa’s energy sector.
The AEC recognized outstanding achievements across 10 categories, honoring individuals, International Oil Companies (IOCs), and National Oil Companies (NOCs) for their contributions.
Oando’s win underscores the company’s position as a leading player in Africa’s energy industry, demonstrating its commitment to driving growth and development.
As Oando continues to expand its operations, this award solidifies its reputation as a trailblazer in the sector.
With this achievement, Oando PLC reinforces its vision of becoming a leading energy solutions provider, fostering economic growth and energy development across Africa.
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