Lagos, Nigeria – Oando PLC (“Oando” or the “Company”), Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange (NGX)and the Johannesburg Stock Exchange (JSE), has been named winner of the “Domestic Impact Deal of the Year” at the 2025 IFLR Africa Awards for its landmark $783 million acquisition of Nigerian Agip Oil Company (NAOC) from Italian energy giant, Eni.
This award underscores the Company’s reputation for executing pioneering deals that deliver tangible national impact and long-term economic value. The NAOC (now known as Oando Energy Resources Nigeria Limited) acquisition,completed in August 2024, marked a strategic milestone for Oando, doubling its participating interest in the OMLs 60-63 Joint Venture to 40% and securing operatorship of an expansive portfolio of upstream assets across the Niger Delta. These assets include forty discovered oil and gas fields, of which twenty-four are currently producing, approximately forty identified prospects and leads,twelve production stations, approximately 1,490 km of pipelines, three gas processing plants with a total name plate capacity of 960MW, and associated infrastructure, and the Brass River Oil Terminal and associated infrastructure.The transaction significantly increased Oando’s total 2P reserves to over 1.0billion barrels of oil equivalent (boe), solidifying the Company’s status as a key player in Nigeria’s upstream sector.
The IFLR Africa Awards, hosted by the International Financial Law Review (IFLR), celebrates the most innovative cross-border legal transactions across the continent. The “Domestic Impact Deal of the Year” award recognizes deals that demonstrate exceptional legal complexity, market impact, and strategic execution within a domestic framework.
Speaking on the award, Efuntomi Akpeneye, Chief Legal Officer, Oando PLC, commented: "This recognition by IFLR is a significant milestone for us, underscoring the strategic depth, exceptional quality of work, and resilience our legal team consistently brings to the table. At Oando, we have proudly built an in-house legal team that does far more than provide support—we are integral in shaping the company’s trajectory. This deal marked a pivotal moment for both our business and legal team, and this award is a testament to that. I am incredibly proud of what we have accomplished together and excited for what’s ahead as we continue to drive Oando’s expansion across Africa and beyond."
In addition to this win, Oando was also shortlisted in two other categories: In-House Legal Team of the Year: Energy and Deal of the Year:Loans. These additional nominations validate the Company’s operational maturity and sustained internal capability, reflecting its continued leadership and diversified strategic approach. Through the acquisition and subsequent recognition, Oando has not only achieved landmark milestones but has also demonstrated the internal strength required to sustain and replicate its success.
The win at IFLR follows a string of achievements for Oando in the past year, including being honoured with the ‘Energy Deal of the Year 2024’ at the Nigeria International Energy Summit (NIES) and ‘Deal of the Year Award’ at Africa Energy Week 2024. This recognition by IFLR affirms Oando’s role as a leader in delivering high-impact, strategically aligned deals that advance the energy landscape across Africa.
