Lagos, Nigeria – Oando Plc is planning to raise up to $750 million (approximately N1.17 trillion) to fund a major drilling campaign aimed at boosting its oil output by as much as 300 percent, according to the company’s Chief Executive Officer.
Okay News reports that Wale Tinubu stated in an interview with Reuters that Oando, which recorded an average production of just over 32,000 barrels of oil equivalent per day in the 2025 fiscal year, is targeting the drilling of as many as 100 wells to significantly ramp up production. He explained that the ongoing Iran war has disrupted global energy supply chains, creating opportunities for African producers to attract new investment flows.
While investors had previously been hesitant due to perceptions of Africa as a high-risk environment, recent geopolitical tensions have shifted sentiment in favour of the continent. Over the past decade, Oando has raised between $3 billion and $4 billion, largely from European financiers, but funding from Europe has declined sharply in recent years as banks scale back exposure to fossil fuel projects.
This shift has pushed indigenous energy firms to seek alternative funding from institutions such as the African Export-Import Bank and the African Finance Corporation. Oando has also expanded beyond Nigeria, establishing operations in Angola and exploring new opportunities in Ghana and Ivory Coast as part of its regional growth strategy. This oil production expansion plan reflects the company’s ambition to capitalize on global energy market disruptions.
 to fund a major drilling campaign aimed at boosting its oil output by as much as 300 percent, according to the company's Chief Executive Officer.){kind=link}