Wale Tinubu’s Oando Acquires Nigerian Agip Oil Company for $783 Million

Oando PLC has finalised the acquisition of the Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni for $783 million. Wale Tinubu, the nephew of President Bola Tinubu, owns Oando. The company’s subsidiary, OVH Energy Marketing Limited, recently acquired the Nigerian National Petroleum Company (NNPC) retail division.

Acquisition of AGIP oil increases Oando’s stake in Oil Mining Leases (OMLs) 60, 61, 62, and 63 from 20 per cent to 40 per cent. This boosts the company’s ownership in NEPL/NAOC/OOL Joint Venture assets. These assets include 40 discovered oil and gas fields, 24 producing, and critical infrastructure such as 1,490 km of pipelines and the Brass River Oil Terminal. The deal also adds the Kwale-Okpai power plants, with a total capacity of 960MW, to Oando’s portfolio.

Recall that a month ago, the Italian oil giant Eni received approval from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to sell its subsidiary, Nigerian Agip Oil Company (NAOC), to Oando.

The now-finalised transaction will significantly enhance Oando’s total reserves, which now stand at 1 billion barrels of oil equivalent. Wale Tinubu described the NAOC acquisition as a significant milestone. However, Nigerians, including former Vice President Atiku Abubakar, have expressed worries that Nigeria’s future is being “mortgaged” to President Tinubu’s inner circle.

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