Home Business Italian Eni To Sell Its Subsidiary, Agip Oil, To Wale Tinubu’s Oando 
BusinessNews

Italian Eni To Sell Its Subsidiary, Agip Oil, To Wale Tinubu’s Oando 

444

Italian oil giant Eni has received formal consent from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to sell its subsidiary, Nigerian Agip Oil Company (NAOC), to Oando Plc. Oando is run by President Bola Tinubu’s nephew, Wale Tinubu.

In a statement posted on the company’s website on Wednesday, Eni said it has received formal consent to complete the transaction. During an industry conference in Abuja on July 3, NUPRC CEO Gbenga Komolafe announced that Oando has successfully acquired 100% of Eni’s shares in its subsidiary, Nigerian Agip Oil Company (NAOC). He indicated that an official announcement regarding the deal would follow shortly.

Confirming this in the statement, Eni said:

Having already obtained all other relevant local and regulatory authorities’ authorisations, this achievement will allow Eni to proceed to the completion of the transaction for the sale of Nigerian Agip Oil Company Ltd (NAOC), Eni’s wholly owned subsidiary focusing on onshore oil & gas exploration and production as well as power generation in Nigeria, to Oando PLC, Nigeria’s leading national energy solutions provider, listed on both the Nigerian and Johannesburg Stock Exchange.

Eni’s 5% stake in the Shell Production Development Company Joint Venture (SPDC JV) is excluded from the sale and will remain part of the company’s portfolio. The sale is the first approved under the Petroleum Industry Act (PIA) and the new upstream regulatory body, the NUPRC. NUPRC initially resisted the move but approved it after Eni obtained all relevant local and regulatory authorities’ authorisations.

The Nigerian onshore oil industry has recently witnessed significant exits by other major international oil companies.

Read: DSS Joins Call Against Protest, Says Organisers Want Regime Change

About The Author

Related Articles

News

CSS Imposes 0.5% Import Tariff On Goods From ECOWAS Member States

The Confederation of Sahel States (CSS), comprising Mali, Burkina Faso, and Niger,...

Niger Expels Chinese Executives
NewsSecurity

Niger Withdraws from Lake Chad Military Force, to Focus on Internal Security

Niger has withdrawn from the Multinational Joint Task Force (MNJTF), a regional...

Malian Armed Forces
NewsSecurity

Malian Military Reports Success in Joint CSS Operation Against Terrorists

The Malian Armed Forces (FAMa) have announced major successes in ongoing counterterrorism...

NewsSecurity

Mali Delegation Visits Mauritania, Strengthens Diplomatic Ties

A high-level Malian delegation, led by the Minister of Malians Abroad and...