LAGOS Feb 3 Shares of Nigerian energy firm
Oando surged 10 percent on Monday after it said it
had ended a long wait to secure funds to acquire the upstream
oil and gas business of ConocoPhillips in Nigeria.
Oando shares, which dropped nearly 30 percent last week,
rose 1.86 naira to 21.11 naira at 0951 GMT, outperforming the
broader index which was up 0.27 percent.
Shares in Oando, which is also listed in Johannesburg
and Toronto, were hammered last week after it
announced plans to raise 250 billion naira ($1.5 billion) in its
second attempt in a month to raise cash, fuelling speculation it
was struggling to close the $1.79 billion ConocoPhillips deal it
agreed on more than a year ago.