Business
Oando Reaches Market Capitalisation of N1 trillion
Oando, a prominent and leading oil and gas company, has reached a market capitalization of N1 trillion, placing it among an exclusive group of companies.
This milestone follows a significant increase in its share price, which rose by 207.6% in August.
In early August, Oando announced its intention to complete a $783 million acquisition of Nigeria Agip Oil Company, a subsidiary of Eni.
This announcement contributed to increased investor interest, driving up the company’s stock price and resulting in a trading volume of 547 million shares.
With this development, Oando has joined the “Stocks Worth Over One Trillion” (SWOOTS) club, alongside other major companies such as Zenith Bank, SEPLAT, BUA Cement, and Dangote Cement.
Oando was the best-performing stock in August 2024, with its share price skyrocketing by 207.6% month-to-date in August.
The stock has climbed over 700% year-to-date, as of the market opening on September 3, 2024.
The stock is currently experiencing a strong bullish price action, buoyed by the positive sentiment surrounding the company’s performance and strategic moves.
Positive sentiment was further bolstered by the announcement of the Agip Oil acquisition.
This strategic move by Oando, according to experts, is not only solidifies its position as a leading indigenous energy player but also sends a strong message to the global energy community. It demonstrates the capability and ambition of Nigerian companies to compete on an international stage, challenging the traditional dominance of IOCs and paving the way for a more diversified and sustainable energy landscape.
Beyond the immediate impact on Oando’s operations, this acquisition is expected to have far-reaching implications for the Nigerian economy. The empowerment of indigenous energy companies like Oando aligns seamlessly with the Renewed Hope Agenda of President Bola Ahmed Tinubu, which emphasizes the importance of fostering local content development and promoting the participation of Nigerian businesses in the energy sector.
Business
ISAT Group Rebrands, Partners Afro Mobile to Launch High-Speed Broadband Services in Nigeria by Q3 2026
New identity signals bold expansion as landmark investment accelerates affordable, high-speed connectivity for millions of Nigerians.
Nigeria’s digital economy is set for a major boost as ISAT Group unveiled a new corporate identity and announced a strategic alliance with Afro Mobile, ahead of its Q3 2026 commercial launch.
The partnership is underpinned by Afro Mobile’s acquisition of a 40% equity stake in ISAT Group and a US$3 billion financing package structured by Equiline Finance, positioning the alliance among the largest indigenous broadband investment initiatives in Nigeria’s telecommunications sector.
The rebranding marks ISAT Group’s evolution into a next-generation digital connectivity company focused on broadband, satellite communications and enterprise solutions. Together, the partners will expand affordable, high-speed internet access to homes, businesses, government institutions and underserved communities nationwide.
ISAT Group Chief Executive Officer, Dr. Adeyanju Binuyo, described the development as a transformational milestone.
“Our vision extends beyond connectivity. We are building the digital infrastructure that will power businesses, connect communities, stimulate innovation and accelerate Nigeria’s digital economy. This partnership demonstrates our commitment to making world-class broadband accessible to every Nigerian.”
Group Chairman, Mr. Ganiyou AFOLABI Moustapha, said the alliance reflects ISAT Group’s long-term confidence in Nigeria’s future.
“This investment is a strong vote of confidence in Nigeria’s digital economy. Together with Afro Mobile, we are building a resilient indigenous broadband platform that will create jobs, drive innovation and support inclusive national development.”
With operations commencing in Q3 2026, ISAT Group and Afro Mobile are poised to emerge as a leading indigenous broadband provider, delivering next-generation connectivity that will help bridge Nigeria’s digital divide and power the country’s next phase of economic growth.
Business
UBA Foundation Drives Environmental Awareness with Tree Planting in Lagos Schools for WED 2026
UBA Foundation tree planting initiative marks World Environment Day 2026 with sustainability drive across Lagos schools to promote climate action
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