Oando PLC, the energy solutions provider, has just bagged an $800 million loan from the African Export-Import Bank (Afreximbank) to fund the acquisition of the Nigerian Agip Oil Company (NAOC). This means they’re taking over 100% of NAOC’s shares, and it’s a big move for Oando. The CEO, Wale Tinubu, is pretty excited about it. He says it’s going to open up a lot of new opportunities for them and help them produce more oil and gas. The deal is not final yet, they still need approval from the government and other regulators, but it looks like it’s going to happen. If it does, Oando will have a bigger stake in all of NAOC’s assets, including a bunch of oil and gas fields, production stations, pipelines, gas processing plants, and even a power plant. This is a major step for Oando, and it’s got a lot of people talking about it.
