ICYMI: Oando’s market cap crosses N1trn — two weeks after Agip deal

Oando Plc has crossed the N1 trillion market capitalisation threshold.

The oil and gas firm’s market value climbed at the close of trading on September 2, according to data obtained from the Nigeria Exchange Limited (NGX).

TheCable observed that the share value of the company rose by 9.9 percent to N84.55 — from N76.9 on August 30 — boosting Oando’s valuation to N1.05 trillion, up from N955.9 billion.

Since September 2, the firm has maintained its spot in the trillion naira league of companies as its stock value continues to increase.

On Tuesday, the share value rose by 7.62 percent to N91, bringing the market capitalisation to N1.31 trillion.

However, at the close of trading on Wednesday, the stock price dropped by 9.9 percent to N81.9.

Despite the decline, the market valuation of the firm stood at N1.01 trillion.

Oando market capitalisation increase comes two weeks after the company completed the acquisition of a 100 percent shareholding interest in the Nigerian Agip Oil Company (NAOC) from Eni, an Italian oil major.

Speaking on the transition on August 25, Atiku Abubakar, former vice-president, had asked the federal government to explain why Oando received accelerated approval to buy the onshore assets of Agip and Eni while other transactions — such as the Shell-Renaissance and the ExxonMobil-Seplat deals — continue to suffer delays.

In response to Atiku’s claim, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), on August 26, said the divestment of NAOC to Oando was conducted in accordance with the Petroleum Industry Act (PIA) 2021 and the commission’s standard consent approval process.

On September 2, Oando Plc warned individuals and entities against spreading false information about the transaction.