Oando has secured a $800 million loan agreement with African Export-Import Bank (Afreximbank) to facilitate the indigenous energy group’s acquisition of the entire share capital of Nigerian Agip Oil Company (NAOC). The loan agreement was signed yesterday at the on-going Intra-African Trade Fair (IATF2023) in Cairo, Egypt.
Oando had in September 2023 announced that it had reached an agreement with Eni, an Italian multinational energy company with operations in 62 countries, including Nigeria, for the acquisition of 100 per cent of the shares of NAOC. The $800 million loan deal between Oando and Afreximbank was hailed as a significant step in fostering Africa’s growth aspirations, with Oando trailblazing efforts in diversified and sustainable energy. Afreximbank has signed deals woth $2 billion since the beginning of IATF2023, in a bold move aimed at fostering growth and strengthening partnerships across borders for Africa’s growth ambition