Oando Advocates Discipline, Collaboration to Boost Africa’s Upstream Financing

Oando Plc, Africa’s leading indigenous energy solutions provider, has called for disciplined capital structures, collaborative leadership, and robust risk management to sustain Africa’s upstream momentum and unlock vital financing for long-term energy development.

The managing director of Oando Energy Resources, Dr Ainojie ‘Alex’ Irune, and general manager of Commercial, Akinbambo Ibidapo-Obe, who participated in crucial high-level discussions on upstream leadership and financing for Africa’s energy future at the Nigeria International Energy Summit (NIES) 2026, held last week, both articulated a unified perspective on the importance of aligning policy, governance, and scale to attract investment.

Speaking at the Upstream Leadership Dialogue, Dr Irune said Africa’s upstream resurgence is no longer speculative, but the result of deliberate collaboration, innovation, and renewed confidence across the sector.

“What many once viewed as a myth has become a tangible story,” Dr Irune said.

“We are seeing new partnerships and a different way of approaching an industry that had been written off. The focus now must be on sustaining that momentum and unlocking the scale of opportunity ahead.”

He noted that while Nigeria’s upstream sector has strong technical capability, achieving national production ambitions will depend on access to capital that recognises the realities of upstream development.“

We are often clear about production targets, but the conversation around cost and capital is less explicit,” he said. “To scale sustainably, we must rethink traditional financing pathways and pursue capital structures that provide patience, alignment, and long-term support.”

Building on this perspective during the Financing Africa’s Energy Future panel, general manager, Commercial, Oando Energy Resources, Bambo Ibidapo-Obe, explained how scale, integration, and risk management are central to Oando’s approach to unlocking competitive capital.

“Scale and integration give you the right to go after capital, but they are not enough on their own. What truly unlocks competitive capital is managing risk and reducing the risk premium,” Ibidapo-Obe said.

He noted that Oando’s recent growth, including a near doubling of its reserve base to almost one billion barrels, strengthens its capital positioning when combined with operational control and flexibility.

“Scale only works when you are in the driver’s seat,” adding, “Being an operator allows us to match projects to capital, retain agility, and structure investments in a way that lenders and investors understand and support.”

Ibidapo-Obe also highlighted the role of regulatory clarity in improving investor confidence, pointing to the Petroleum Industry Act (PIA) as a key enabler in reducing uncertainty and supporting financing decisions.

“With greater policy clarity, capital can see that risk has reduced. That clarity, combined with scale, integration, and governance, creates a much stronger foundation for attracting long-term investment,” he added.

In his closing remarks, the minister of state for Petroleum Resources (Oil), Heineken Lokpobiri, reaffirmed the federal government’s commitment to regulatory reforms, collaboration with industry stakeholders, and the development of local capacity, describing these as essential to delivering concrete outcomes and sustaining investor confidence.

Dr Irune concluded by emphasising that Oando’s presence at NIES 2026 underscores its commitment to building a resilient upstream business grounded in disciplined capital allocation, robust governance, and enduring partnerships.

He asserted that Oando would continue to strategically align its leadership, enhance policy engagement, and optimise commercial execution to ensure that its energy portfolio is positioned for sustainable growth and enduring value creation not only in Nigeria but throughout Africa.