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.
Nigerians react as a user claims and shares that the price of rice in Nigeria is already reducing.
“Rice prices are finally dropping, minimum wage can buy a bag now. Step by step, we’re getting there. Nigeria will work in our lifetime.”
It can be noted that rice was sold at ₦85k to ₦90k, however, according to a market survey, the price of rice has dropped to ₦56k to ₦62k.
Nigerians now have a new choice when it comes to making calls and browsing the internet. A new telecom company called LEBARA has launched in the country with a new idea. Instead of the usual airtime system that most networks use, this company is offering something different, subscribers will now buy call minutes and data directly.
What makes this different is that customers will only pay for what they actually use. If you buy 100 minutes, those minutes are yours until you use them up. If you make a call that lasts only 30 seconds, the rest of your time remains, leaving you with 99 minutes and 30 seconds. Nothing is taken away without your knowledge, and every second is accounted for.
The company is rolling out its services with the new 0724 number series, and it already has connections with all the major networks in Nigeria. This means subscribers will be able to call friends, family, and business contacts across MTN, Airtel, Glo, 9mobile and others without any problems. They have also been licensed as a Tier 5 Mobile Virtual Network Operator, which is the highest category approved by the Nigerian Communications Commission (NCC).
Company officials explained that the goal is to give Nigerians more freedom, fairness, and transparency. For years, people have raised concerns about airtime being deducted too quickly or without clear explanation. By introducing a minutes-based model, the new operator wants to end that problem once and for all. Subscribers can clearly see what they paid for, how much they have used, and what is left.
Victim of child abuse pleads and urges American billionaire and businessman, Elon Musk, to halt the spread of a link that showcases her abuse on the social media platform, X.
The victim shared as she pleaded with Musk: “Hearing that my abuse — and the abuse of so many others — is still being circulated and commodified here is infuriating.”
The victim then expressed anger and disappointment that she is still reminded of her hurtful past and pleaded that Elon stop the link as he is the owner of the platform.
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