Oando PLC has completed the acquisition of 100 per cent shares of Nigerian Agip Oil Company Limited (NAOC Ltd).
Chief Executive Officer of Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe disclosed on Wednesday at the ongoing Oil and Gas Energy Week in Abuja sponsored by the Nigerian National Petroleum Company (NNPC) Limited.
He said that Oando Plc, a leading indigenous energy solutions provider, has completed its divestment agreement with ENI for the acquisition of 100 per cent of the shares of NAOC Ltd.
According to him, the signing ceremony is to be conducted in the coming days.
Responding to the need to fast-track the conclusion of the ongoing divestments in Nigeria, Komolafe stressed that the NUPRC recognises that divestment is within the rights and purview of investors in view of the principles of free entry and free exit.
He, however, said the job of a regulator such as NUPRC is to ensure that as a gatekeeper, divestment is done in line with the rule of law and best practices.
He explained that countries like Brazil, Canada, and the UK have had very bad experiences with divestments.
Oando had announced the proposed acquisition of Agip from ENI, subject to Ministerial Consent and other required regulatory approvals.
Eni also confirmed signing an agreement with Oando PLC – Nigeria’s leading indigenous energy solutions provider listed on both the Nigerian and Johannesburg Stock Exchange – for the sale of Nigerian Agip Oil Company Ltd (NAOC Ltd), the wholly Eni-owned subsidiary focusing on onshore oil & gas exploration and production in Nigeria, as well as power generation.
ENI noted however that it will still maintain its presence in Nigeria through the Nigeria Agip Exploration (NAE) and Agip Energy.
It also said the transaction was in line with the company’s 2023-2026 plan.
