Oando PLC, Nigeria’s foremost indigenous energy solutions provider, has announced that the Nigerian Government has approved its acquisition of 100% of the shares of Nigerian Agip Oil Company Limited (NAOC).
The approval was granted by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), allowing Oando and Eni to proceed with finalizing the transaction.
The acquisition is set to enhance Oando’s position in the oil and gas industry, strengthening its portfolio and operational capacity.
Wale Tinubu, Group Chief Executive of Oando PLC, expressed his satisfaction with the approval, stating, “We are delighted that Eni has received the Government’s approval to proceed with the completion of this strategic transaction. We extend our gratitude to the Honourable Minister of Petroleum Resources and the Chief Executive Officer of the NUPRC for their concerted efforts in ensuring the execution of the grant of consent under the novel and robust divestment framework established by the recently enacted Petroleum Industry Act.”
This acquisition aligns with Oando’s long-term vision to expand its footprint in the energy sector and capitalize on new opportunities.
The integration of NAOC’s assets will bolster Oando’s production capacity and operational efficiency, contributing to its overall growth strategy.
The Petroleum Industry Act has played a crucial role in facilitating this acquisition, providing a structured framework for divestment and fostering a conducive environment for investment in the oil and gas sector.
This move is expected to attract further investments and enhance Nigeria’s energy landscape.
With this acquisition, Oando aims to leverage its enhanced capabilities to drive innovation and sustainable practices within the industry.
The company is committed to ensuring a seamless integration process, focusing on maximizing value and delivering long-term benefits to stakeholders.
As Oando continues to expand its operations, the acquisition of NAOC positions the company to better meet the growing energy demands in Nigeria and beyond.
This strategic move underscores Oando’s commitment to contributing to the country’s economic development and energy security.
The approval of the acquisition is a testament to Oando’s strategic vision and ability to navigate complex regulatory environments.
As the company embarks on this new chapter, it remains focused on delivering value and pioneering advancements in the energy sector.
