Oando Plc, Nigeria’s energy giant led by oil magnate Wale Tinubu, has finalized a high-profile $650 million transaction with Nigerian Agip Oil Company Limited (NAOC), with risk cover provided by AfrexInsure, the specialist insurance subsidiary of Afreximbank. This deal marks a major milestone in Oando’s aggressive expansion campaign following its $783 million acquisition of NAOC in August 2024.
The deal, officially announced in February 2025, secures funding to optimize operations acquired from the Italian oil major Eni, while enabling Oando to scale up production and deepen its integrated energy play. It further demonstrates Oando’s ability to mobilize international capital and strengthen strategic partnerships as it eyes dominance across Africa’s hydrocarbon frontier.
Strategic Risk Backing from AfrexInsure
The financing arrangement is backed by AfrexInsure’s bespoke insurance services, which provide comprehensive protection against geopolitical and operational risks—a critical enabler in the high-risk oil and gas space.
According to Jonas Mushosho, CEO of AfrexInsure, “This partnership enhances financial sustainability, retains premium flows within Africa, and supports long-term industrialization goals.” The initiative is part of Afreximbank’s broader goal to strengthen Africa’s risk infrastructure and create a more resilient business environment for high-impact sectors like energy, manufacturing, and logistics.
Oando’s Energy Expansion Under Wale Tinubu
Wale Tinubu, the long-standing Group CEO of Oando, described the agreement as another significant step in the company’s mission to scale its energy operations across Africa. “This partnership with AfrexInsure is more than financial—it is strategic. It ensures our risk architecture is robust, especially following our acquisition of NAOC’s upstream assets,” Tinubu said.
Oando’s acquisition includes key stakes in oil mining leases (OMLs) 60, 61, 62, and 63, along with infrastructure from the Nigerian Agip Oil Company—assets that collectively account for over 30,000 barrels per day of oil equivalent production and provide substantial long-term reserves.
Through its investment vehicle Ocean and Oil Development Partners (OODP)—where Tinubu and co-founder Omamofe Boyo hold a combined 66.67% controlling stake—Oando has transitioned into a vertically integrated player with strong positioning across exploration, midstream infrastructure, and trading.
From Oil to Renewables and Global Markets
Beyond hydrocarbons, Oando is expanding into renewable energy, most notably through a 1.2 GW solar project, the largest of its kind in Nigeria’s history, developed in partnership with the Lagos State Government. This forms part of Oando’s broader commitment to an energy transition roadmap in line with global sustainability targets.
Internationally, the company is making moves to enter refining and gas monetization markets. In 2024, Oando reportedly secured the top bid for the lease of the Guaracara refinery in Trinidad and Tobago, a move that, if finalized, would mark the company’s first major footprint in the Caribbean refining sector.
Financial Strength Reinforced by New Deal
Oando’s financial performance continues on an upward trajectory. The company reported a 45% increase in revenue in 2024 to $2.76 billion, buoyed by stronger crude lifting volumes, higher international oil prices, and favorable FX movements. The Agip acquisition is expected to further lift earnings in 2025, with analysts projecting EBITDA growth exceeding 60% year-on-year.
With the $650 million insurance-backed deal in place, Oando is better equipped to manage volatility and maintain credit confidence, both with local regulators and international financiers.
Richlist Nigeria Commentary
Wale Tinubu’s leadership continues to transform Oando into a pan-African energy conglomerate. His ability to close billion-dollar deals while diversifying into renewables and foreign refining markets places him in the league of Africa’s most influential business leaders. Through OODP and Oando Plc, Tinubu maintains deep-rooted control of a multi-billion-dollar empire, adding to the legacy he shares with power players like Aliko Dangote, Femi Otedola, and Sayyu Dantata.
As Oando solidifies its stake in Africa’s oil future, the company’s audacious expansion strategy—bolstered by the AfrexInsure partnership—redefines what’s possible for indigenous energy champions on the continent.
