According to Oando PLC, the acquisition of one hundred percent of the shares in Nigerian Agip Oil Company Limited has been successfully completed.
The company released a statement on Thursday in which it disclosed this information. The statement read, “Today marks a historic milestone for Oando PLC as we proudly announce the completion of our agreement with Eni for the acquisition of one hundred percent shares of Nigerian Agip Oil Company Limited (NAOC Ltd).”
Oando announced the location of the signing ceremony, which was place at The Peninsula Hotel in London, in a message that was published on its X handle.
A statement was made stating that the signing event solidified the company’s position as the foremost indigenous energy solutions provider in Nigeria.
“Our commitment to driving Nigeria’s energy transition and strengthening our portfolio is aligned with this strategic acquisition,” the company said.
The growth potential that this creates for Oando PLC, our shareholders, and the Nigerian energy sector is something that we are quite thrilled about, with great enthusiasm.
“We are excited to leverage the acquired assets to further our goal of providing energy solutions that are both efficient and sustainable for everyone,” Oando said.
In a statement that was published on its website on Thursday, Eni also announced that the sale of its fully owned subsidiary, Nigerian Agip Oil Company Ltd., to Oando had reached a satisfactory conclusion.
“The deal, which received approval from all relevant authorities, is in line with Eni’s strategy, which focusses on the rationalisation of upstream activities through the rebalancing of its portfolio and the sale of non-strategic assets.
The five percent participating interest in SPDC Joint Venture is not included in the deal because it will be kept in Eni’s portfolio. This portion of the transaction is not included. It was underlined that Eni will continue to maintain its presence in the country by investing in deepwater projects and Nigerian LNG. Additionally, the company will investigate new potential relating to the agri-feedstock sector.The Related News
According to a report that was published at the end of July, Eni was granted permission by the Nigerian Upstream Petroleum Regulatory Commission to sell its subsidiary, Nigerian Agip Oil Company, to Oando.
Eni had stated that the NAOC’s main concerns are the onshore exploration and production of oil and gas in addition to the production of power.
According to the announcement, the five percent share that NAOC holds in the Shell Production Development Company Joint Venture was not included in the sale and will continue to be held by Eni.
According to the statement, “Eni continues to demonstrate its dedication to the nation by placing investments in deepwater projects and Nigerian LNG.”
There have been a number of multinational oil corporations in Nigeria that have reportedly divested their interests in the deepwater, according to the early reports.
Although Oando made the announcement in September 2023 that they intended to acquire the NAOC, the transaction was postponed because regulatory permissions were necessary.
According to a July 3 declaration by the NUPRC, Oando had successfully completed the acquisition of all of Eni’s shares in its subsidiary, NAOC. The NUPRC also stated that an announcement was on the way.
After a few weeks had passed, the Italian oil corporation said that it had gained approval from all other relevant municipal and regulatory authorities.
This achievement will allow Eni to proceed to the completion of the transaction for the sale of Nigerian Agip Oil Company Ltd (NAOC Ltd), which is Eni’s wholly owned subsidiary focussing on onshore oil and gas exploration and production as well as power generation in Nigeria, to Oando PLC, which is Nigeria’s leading national energy solutions provider and is listed on both the Nigerian and Johannesburg Stock Exchanges, according to the statement. “Having already obtained all other relevant local