Oando completes acquisition of Agip – signing of agreement to take place soon

The Nigerian Petroleum Regulatory Commission (NUPRC) said Oando Plc has completed the acquisition of 100 percent of Eni’s shares in its subsidiary, Nigerian Agip Oil Company Limited (NAOC Ltd).

In September 2023, Oando Plc announced plans to acquire NAOC, but the transaction was delayed due to regulatory approvals.

Speaking in the ongoing NOG Energy Week in AbujaGbenga Komolafe, Chief Executive Officer (CEO) of NUPRC, said the signing ceremony would be held soon.

“Some of you who were present at the panel session on Monday will have noticed that the chairman of the IPPG (Independent Petroleum Producers Group) raised the issue of the need for us to provide updates on the results of the ongoing asset sale programmes,” Komolafe said.

“Now I am here to update you on the four major asset sell-offs in Nigeria.

“The NAOC-Oando sale has been completed. The signing ceremony will take place any minute now.”

The NUPRC President also provided information on three other acquisition transactions.

“The Equinor divestment and the Odinmim project have also been completed. For the SPDC-Renaissance transaction, the documents have been filed. These documents are currently undergoing due diligence,” he said.

Speaking further on the proposed acquisition of ExxonMobil assets in Mobil Producing Nigeria Unlimited (MPNU), Komolafe said the company (Seplat) has expressed its willingness to seek ministerial approval.