NAOC Acquisition: Oando Secures Africa’s Oil, Gas Deal of the Year Award

Recognition validates quality of our work, says energy company

Emmanuel Addeh in Abuja

Oando Plc has been awarded the Oil and Gas Deal of the Year, Africa, at the 2025 IJGlobal Investor Awards, in recognition of its acquisition of the Nigerian Agip Oil Company Limited (NAOC) from the Italian multinational energy company Eni.

The transaction is still widely regarded as one of the most consequential and momentous upstream Merger and Acquisition (M&A) transactions in Nigeria in recent years.

The award was announced at IJGlobal’s annual ceremony following an independent assessment by senior international energy and infrastructure finance professionals, who evaluated transactions based on innovation, execution strength and sector-wide impact.

The IJGlobal Investor Awards, organised by IJGlobal, a global authority on energy and infrastructure finance, celebrate outstanding project finance, corporate finance and M&A transactions across key markets. Past recipients include leading international investors, energy majors and top-tier financial institutions whose transactions have reshaped industry benchmarks.

Reacting to the recognition, Oando’s Chief Legal Officer, Efuntomi Akpeneye, said the award underscored the discipline behind the transaction. “Our mandate was clear: deliver a structure that protects the company, strengthens our long-term position and aligns with global standards for complex M&As.

“This deal demanded rigorous due diligence, precise risk management and a firm understanding of the regulatory landscape. The recognition validates the quality of work done and reinforces our commitment to executing transactions that reshape Oando’s strategic trajectory,” she said.

The NAOC acquisition has been described as a defining shift in Nigeria’s upstream landscape. The deal significantly expanded Oando’s operated asset base, increased its reserve capacity and consolidated its position as one of Nigeria’s leading indigenous energy players. It also delivered a material change in operational control and future development prospects across key onshore and shallow-water assets.

Beyond its commercial scale, the transaction required extensive technical, legal and regulatory structuring due to its complexity and the legacy nature of the assets involved, a statement from the company said.

The process entailed coordination with multiple regulatory agencies, deep due diligence on historical operations, assessment of asset-level obligations and the design of a transaction framework focused on continuity, compliance and value preservation.

With the IJGlobal award, Oando said it has further cemented its growing profile as a strategic consolidator in Nigeria’s energy sector. The company noted that  the acquisition aligned with its broader ambition to build a resilient, future-ready energy business that can meet Africa’s rising energy needs while aligning with global sustainability imperatives.

“The deal is expected to have far-reaching implications for indigenous participation, asset control and future investment flows into Nigeria’s upstream oil and gas sector, the statement added.