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 

325

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

BusinessNews

French Firm Orano Pursues Legal Action Against Niger Over Revoked Mining Licence

French nuclear fuel company Orano has launched international arbitration against Niger following...

Former Anambra governor and Labour Party presidential candidate, Peter Obi, has condemned recent calls for the Federal Government to purchase a new aircraft for the Vice President, calling the suggestion "insensitive and detached from the country's harsh economic realities."
News

Recent Stampedes at Palliative Venues Reflects Systemic Failures in Our Society – Obi

Former Governor of Anambra State and Labour Party presidential candidate in the...

Port Harcourt Refinery
News

Port Harcourt Refinery Shuts Down Less Than a Month After Resumption, Despite $1.5 Billion Rehabilitation Claims

The Port Harcourt Refinery has ceased operations for the second time in...