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Oando secures funding for ConocoPhillips’ acquisition

03 February 2014, 15:23

Lagos - Oando Energy Resources, a subsidiary of Oando Plc, on Monday said it had secured funding for the acquisition of the Nigerian businesses of oil major, ConocoPhillips (COP) and is only awaiting the final regulatory approvals to seal the deal.

The money for the acquisition of COP Nigerian assets came from a private placement of its shares, third party lenders,and a loan from Oando plc, reports The Nation

Oando has entered into two financial deals to raise a total of $800 million to partly fund its acquisition of the upstream oil and gas business of ConocoPhillips.

Wale Tinubu, Group Chief Executive Officer of Oando, expressed optimism that ministerial consent is a near certainty and expect final approval will be granted within the next month.

Read more at The Nation


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