By Our Reporter
Oando Public Liability Company has completed its acquisition of the Nigerian Agip Oil Company, NAOC, from Italian energy giant Eni for a total of $783 million.
Thie news was contained in a press release that the deal had been sealed representing a significant milestone in Oando’s long-term strategy. The transaction includes among others reimbursement and consideration for the asset.
The statement stressed that the acquisition is expected to solidify Oando’s position in nations oil and gas industry by enhancing its operational footprint and expanding its upstream capabilities.
Earlier, the Italian Oil Major, Eni, reported it had received the approval of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to sell its unit, Nigerian Agip Oil Company (NAOC), to Oando.
Eni said NAOC focuses on onshore oil and gas exploration and production as well as power generation in Nigeria.
Wale Tinubu, Group Chief Executive of Oando PLC, highlighted the significance of the newly sealed acquisition as the culmination of a decade-long effort that began with Oando’s acquisition of ConocoPhillips’ Nigerian assets in 2014.
Mr. Tinubu said that, “This is a win for Oando and every indigenous energy player as we take our destiny in our hands and play a pivotal role in the next phase of Nigeria’s upstream evolution.”
He further emphasized Oando’s commitment to optimizing the acquired assets’ potential while maintaining a focus on responsible practices, sustainable development, and contributing to Nigeria’s goal of boosting oil production.
Meanwhile, the new acquisition deal has set some tongues wagging over the possibilities of President Tinubu’s influence in the transaction, the allegation, a businessman, Mr. Wale Tinubu has refuted, cautioning nay sayers not to drag him into politics.
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