LAGOS, April 10 – Nigerian oil producer Oando Plc is seeking to raise up to $750 million this year to fund an ambitious drilling campaign aimed at increasing production by as much as 300%.
The move comes as improving investor sentiment toward African energy assets opens new financing opportunities, driven in part by global supply disruptions linked to geopolitical tensions.
Chief Executive Officer Wale Tinubu said the company is benefiting from a shift in perception, as investors reassess risks following conflicts in the Middle East and Eastern Europe.
Oando is among a group of indigenous firms that have expanded by acquiring onshore assets from international oil majors such as ConocoPhillips and Eni, which have been reducing exposure in Nigeria.
The company has historically relied on European banks for funding but is now increasingly turning to African and global alternatives, including African Export-Import Bank and African Finance Corporation, as well as commodity trading houses such as Vitol, Trafigura, Glencore and Mercuria.
Tinubu noted growing interest from Gulf-based banks, alongside increased participation from private equity and hedge funds in African hydrocarbon projects.
The company is also expanding regionally, with a recent move into Angola and ongoing exploration of opportunities in Ghana and Ivory Coast.
Despite the renewed momentum, Tinubu emphasised the need for deeper pools of long-term capital within Africa, including pension funds, to support large-scale energy investments.
The planned fundraising underscores a broader shift in global energy markets, as African producers seek to capitalise on rising demand and reposition themselves within evolving supply chains.
