Oando Plc has finalized a substantial $650 million deal with Nigerian Agip Oil Company, supported by specialized risk management solutions from AfrexInsure, the specialty insurance subsidiary of the African Export-Import Bank (Afreximbank). This strategic agreement further strengthens the business relationship between Oando and Afreximbank, ensuring investments in Nigeria’s energy sector are protected through tailored insurance solutions.
AfrexInsure CEO and Principal Officer Jonas Mushosho emphasized the significance of the partnership 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 noted that multinationals operating in Africa face significant risks due to the volatile economic and political landscape, and that greater availability of affordable trade and specialty insurance solutions can help mitigate these challenges, encouraging firms to invest in industrialization and export development.
Oando’s Group Chief Executive, Wale Tinubu, expressed optimism about the partnership, highlighting their longstanding relationship with Afreximbank: “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.”
The partnership represents a significant step toward increasing African participation in the continent’s energy sector while providing crucial risk management support for major investments.
Source: Punch Ng
