Oando PLC (“Oando” or the “Firm”) (www.OandoPLC.com) Africa’s main power options supplier listed on the Nigerian Inventory Change (NGX) and Johannesburg Inventory Change (JSE) is happy to announce that the Firm has emerged winner of the ‘Deal of the 12 months’ award at Africa Power Week (AEW) 2024.
The Africa Power Chamber (AEC), the organisers of the annual week-long oil and fuel convention, hosted and recognised completely different stakeholders at a Gala and Award night time held on the Cape City Worldwide Convention Middle (CITCC), on Tuesday, November 5, 2024. In a class comprising different high-profile offers within the sector and throughout Africa, Oando gained the award in recognition of the Firm’s lately accomplished landmark $783 million acquisition of the Nigerian Agip Oil Firm (NAOC) from the Italian Power agency Eni on August 22, 2024.
This acquisition, 10 years within the making since Oando’s preliminary entry into the ConocoPhillips/NAOC/NNPC Joint Enterprise (JV) in 2014 when the Firm acquired ConocoPhillips Nigeria enterprise, doubled the corporate’s stake within the JV to 40% and operator of the belongings.
In receiving the award, the Firm’s Group Chief Government, Wale Tinubu CON, remarked “We’re delighted and honoured to obtain the ‘Deal of the 12 months’ award from Africa Power Week. It’s been a exceptional yr on many fronts. First, we marked our thirtieth anniversary as a enterprise, then concluded our strategic plan to amass our second IOC in a decade, Nigerian Agip Oil Firm (NAOC) and step as much as the function of operator.
This award is extra than simply an accolade for a profitable deal closure; it represents a public acknowledgement of the end result of 30 years of grit, onerous work, resilience, and sheer perception in our imaginative and prescient. It’s a testomony to my perception that with the #HumansOfOando, unimaginable is nothing. I’d wish to thank the dream crew, the #HumansOfOando, our financiers, and companions for his or her perception and function in making this award a actuality.”
The acquisition is the end result of a decade of preparation, strategic planning, and unwavering dedication to a imaginative and prescient of turning into Africa’s first indigenous Worldwide Oil Firm. It’s a testomony to the organisation’s 30-year journey spanning all the power worth chain, with constant and deliberate actions at every stage which have led to the development of indigenous participation within the business.
The Deal of the 12 months award “recognises probably the most transformative and impactful deal within the power sector – honouring excellence in negotiation, strategic alignment, innovation and collaboration – and celebrates offers that drive developments in power and financial progress.”
With this yr’s AEW theme of “Spend money on Africa Energies: Power Development Via an Enabling Atmosphere”, the AEC, via the AEW Awards 2024, recognised different individuals, Worldwide (IOCs) and Nationwide Oil Firms (NOCs) throughout the continent via awards in 10 classes.
Distributed by APO Group on behalf of Oando PLC.