Oando moves to Nigeria's top league with $1.5B ConocoPhillips deal

Wale Tinubu, CEO, Oando

Nigerian oil company Oando completed a $1.5 billion deal to buy ConocoPhillips’s assets in Nigeria on Wednesday, catapulting it to be one of the top players in the West African country’s emerging indigenous oil and gas exploration industry.

ConocoPhillips has waited for more than a year to close the deal with Oando, which is listed in Lagos, Toronto and Johannesburg, because the local firm struggled to raise finance and had to navigate local bureaucracy.

Read more: ConocoPhillips deal propels Oando to Nigeria's top league | Reuters.