Business
Afreximbank Provides $650m for Oando’s Acquisition of Nigerian Agip Oil Company
The African Export-Import Bank (Afreximbank) has announced its role in providing a substantial $650 million in financing for Oando’s acquisition of a full 100% stake in the Nigerian Agip Oil Company Limited (NAOC).
This financial backing was crucial in enabling Oando, one of Nigeria’s leading energy firms, to complete the acquisition.
In a statement released on Friday, Afreximbank detailed the breakdown of the funding, which consisted of a senior $500 million loan and a junior $150 million reserve-based lending facility.
These funds were secured to support Oando Petroleum and Natural Gas Company Limited in purchasing the 20% participating interest held by NAOC in the NEPL/NAOC/Oando Joint Venture, a key asset in Nigeria’s energy sector.
Oando had earlier confirmed the successful completion of the acquisition in a statement released on Thursday, marking it as a significant achievement for the company.
“Today represents a historic milestone for Oando Plc, as we officially announce the completion of our agreement with Eni for the acquisition of 100% of the shares in Nigerian Agip Oil Company Limited,” the statement read.
The acquisition solidifies Oando’s position in Nigeria’s oil and gas industry, granting the company more control over vital assets in the NEPL/NAOC/Oando Joint Venture.
Afreximbank’s Executive Vice President for the Global Trade Bank, Haytham Elmaayergi, highlighted the importance of the bank’s involvement in the deal.
He emphasized that the funding represents a key element of Afreximbank’s broader strategy to promote local participation in Africa’s oil and gas sector.
“By facilitating the acquisition of major energy assets by an indigenous company like Oando, the bank is contributing to economic empowerment, fostering regional trade, and supporting the sustainable development of Africa’s natural resources,” Elmaayergi stated.
The deal reflects a growing trend towards strengthening local ownership of critical energy assets within Africa, which aligns with long-term goals of boosting economic growth, enhancing local expertise, and promoting sustainable energy development across the continent.
Oando’s acquisition of NAOC is expected to have significant implications for both Nigeria’s oil production capacity and the overall landscape of Africa’s energy industry.
Dangote Petroleum Refinery has lowered the price of Premium Motor Spirit (PMS), or petrol, to N825 per litre, down from N835, as competition heats up in Nigeria’s fuel market.
This follows last month’s price reduction, when the 650,000 barrels per day refinery dropped the price from N865 to N835. The recent price change is aimed at providing more value to customers while strengthening Dangote’s position as a leader in the domestic market.
Skype, once a go-to platform for video and voice calls, is officially shutting down today, May 5, marking the end of its 22-year journey connecting people around the globe. The app was one of the first to revolutionize online communication, offering free calls over the internet long before it became common.
During its prime in the mid-2010s, Skype boasted over 300 million active users each month. Microsoft bought Skype in 2011 for a massive $8.5 billion, planning to make it a key part of its communication tools. However, as newer apps like WhatsApp, Zoom, and even Microsoft’s own Teams grew in popularity, Skype slowly lost its place.
In February, Microsoft announced it would officially shut down Skype on May 5 to focus more on Teams, which now handles most of its communication services. This move affects both free and paid users, although Skype for Business will stick around for a little longer.
Business
United Bank Of Africa, UBA, Delivers 23% Total Dividend for 2024, CEO Promises More to Come
United Bank of Africa, UBA, pays 171 Billion in total to its shareholders for the 79 percent increase for 2024.
This information was revealed during the 63rd Annual General held on the 25th of April, 2025. The UBA shareholders approved of the 3 naira dividend share, which will com bine with 2 naira interim dividend and will represent a 23 percent total dividend for 2024 in total.
It can be noted that UBA now has the highest Nigerian stocks and the CEO, Oliver Alawuba has assured the shareholders of the dividends that will be paid.”What we can assure our shareholders today is that UBA will continue to pay more dividends.”
Actor Woli Arole Urges Christians to Speak Against Growing Greed in Churches
“I Still Love Her” – Mr Macaroni Opens Up About a Lost Love and Relationship Struggles
Veekee James Shares Marital Advice: “See Your Husband as the Best Among Men”
-
Sport20 hours agoCapello Says 17-Year-Old Lamine Yamal is the Best Player in the World
-
Sport20 hours agoLamine Yamal Thanks Xavi for Letting him Play for Barcelona and Win La Liga
-
Sport18 hours agoMessi Congratulates Barcelona on Winning 2024/2025 La Liga Title
-
Sport18 hours ago“I Would Never Compare Myself To Messi, He’s The Best Player Ever” – Yamal says
-
News18 hours agoPresident Tinubu to Attend Pope Leo XIV’s Inauguration in Rome
-
News20 hours agoMakinde Tells Nigerians to Protect Their Culture and Not Let It Disappear
-
News20 hours agoGovernor Adeleke Says Dancing Makes Him Happy and Doesn’t Stop His Good Work
-
Entertainment15 hours agoJustin Bieber Breaks Silence on Allegations Linking Him to Sean “Diddy” Combs