Oando acquires $650m Agip deal, considering AfrexInsure’s support
Group Chief Executive of Oando Plc, Mr Wale Tinubu
Oando acquires $650m Agip deal, considering AfrexInsure’s support
Oando Plc has secured a $650 million deal with Nigerian Agip Oil Company, supported by risk management solutions from AfrexInsure, the speciality insurance subsidiary of the African Export-Import Bank.
The agreement further enhances the business relationship between Oando and Afreximbank, ensuring the company’s investment in Nigeria’s energy sector is safeguarded through tailored insurance solutions.
In a statement released on Monday by the APO Group on behalf of Afreximbank highlighted the strategic importance of the partnership.
The statement noted that AfrexInsure’s risk management support would enhance Oando’s resilience by mitigating operational and geopolitical risks, reinforcing Afreximbank’s commitment to economic growth and regional stability.
Also in the statement, the CEO and Principal Officer of AfrexInsure, Jonas Mushosho, underscored the significance of the collaboration in fostering Africa’s economic development.
“This strategic collaboration between Oando and AfrexInsure will help promote local content in Africa’s oil and gas sector.
“By retaining premium flows within the continent, we are strengthening Africa’s financial sustainability while enhancing trade and development,” Mushosho stated.
He further noted that multinationals operating in Africa face significant risks due to the volatile economic and political landscape.
“Greater availability of affordable trade and speciality insurance solutions can help mitigate these risks, encouraging firms to invest in industrialization and export development. AfrexInsure is committed to providing the necessary risk management services to boost investor confidence in Africa,” he added.
Oando’s Group Chief Executive, Wale Tinubu, also expressed optimism about the partnership.
“We have a longstanding relationship with Afreximbank, where we have witnessed the bank’s unwavering support for our energy vision in Africa. Beyond essential financing, they have provided invaluable guidance and advisory support.
“With our recent acquisition, a robust risk identification and mitigation approach is critical, and we are confident that our collaboration with AfrexInsure will ensure the adequacy and comprehensiveness of our risk management strategy,” Tinubu said.
