Wale Tinubu's Oando Lands 650 Million Agip Deal Backed By Afrexinsure

Oando secures 650 million Agip deal with AfrexInsure backing, boosting expansion in Nigerias energy sector.

AfrexInsures risk management shields Oandos investment, strengthening investor confidence in Africas oil industry.

Oandos revenue jumps 45 to 2.76 billion in 2024, fueled by higher crude production and global expansion.

Oando Plc, one of Nigerias leading oil companies led by Wale Tinubuan oil mogul and nephew of President Bola Ahmed Tinubuhas secured a 650 million transaction with Nigerian Agip Oil Company. The deal is backed by AfrexInsure, the specialized insurance arm of the African Export-Import Bank Afreximbank, providing critical risk management support.

The agreement strengthens Oandos presence in Nigerias oil and gas sector and deepens its long-standing partnership with Afreximbank. By covering operational and geopolitical risks, AfrexInsures involvement boosts investor confidence in Africas energy industry.

In a statement released Monday, Afreximbank highlighted the importance of the partnership in stabilizing and driving economic growth. The bank emphasized that AfrexInsures tailored insurance solutions are designed to reinforce Oandos resilience and address sector-specific challenges.

This follows Oandos 783 million acquisition of Nigerian Agip Oil Company in August 2024 , cementing its position as a dominant force in Africas energy sector. AfrexInsure CEO Jonas Mushosho underscored the broader impact of the collaboration, saying:

This partnership keeps premium flows within Africa, strengthens financial sustainability, and supports trade and industrialization across the continent. He also stressed the need for accessible trade and specialty insurance to help manage economic volatility and attract more investment into Africas industrial and export sectors.