Oando Shares Surge on the Nigerian Stock Exchange following approval of $1.65B Acquisition of ConocoPhillips Nigeria

Wale Tinubu, CEO, Oando

Shares in Oando Plc rose the maximum 10 percent allowed on Nigeria‘s stock exchange on Friday after the oil firm said it had won government approval to complete a $1.65 billion acquisition of ConocoPhillips’ Nigerian assets.

Oando, which has triple listings in Johannesburg and Toronto, rose to 30.37 naira ($0.19) per share, helping lift the index of Nigeria’s top five oil and gas firms up 4.51 percent.

Read more: Oando shares surge on $1.65 bln ConocoPhillips' Nigeria deal | Reuters.