Oando Plc has secured a $650 million deal with Nigerian Agip Oil Company, supported by risk management solutions from AfrexInsure, the specialized insurance arm of the African Export-Import Bank (Afreximbank).
This agreement strengthens the relationship between Oando and Afreximbank, ensuring that the company’s investments in Nigeria’s energy sector are protected through tailored insurance solutions.
A statement from the APO Group, on behalf of Afreximbank, highlighted the strategic significance of this collaboration. AfrexInsure’s risk management support will help enhance Oando’s resilience by addressing operational and geopolitical risks, furthering Afreximbank’s commitment to economic growth and regional stability.
Jonas Mushosho, CEO and Principal Officer of AfrexInsure, emphasized the importance of the partnership in supporting Africa’s economic development. He stated, “This collaboration will help promote local content in Africa’s oil and gas sector, strengthening the continent’s financial sustainability and boosting trade and development.”
Mushosho also noted the risks multinational companies face in Africa’s volatile economic and political environment and stressed that affordable trade and specialty insurance could encourage investment in industrialization and export development. AfrexInsure is committed to providing the necessary risk management services to boost investor confidence in Africa.
Oando’s Group Chief Executive, Wale Tinubu, expressed optimism about the partnership, praising Afreximbank’s support for the company’s energy vision in Africa. He added, “With our recent acquisition, a strong risk management strategy is crucial, and we are confident that AfrexInsure’s involvement will ensure comprehensive coverage of our risks.”