NUPRC Announces Completion of Oando’s Acquisition of Nigerian Oil Company Agip

The Nigerian Petroleum Regulatory Commission (NUPRC) announced that Oando PLC has completed the acquisition of 100% stake in Nigerian Agip Oil Company Limited (NAOC Ltd).

Gatekeepers News reports that this information was disclosed by the Chief Executive Officer of NUPRC, Engineer Gbenga Komolafe, during the ongoing Oil and Gas Energy Week in Abuja.

According to Komolafe, the acquisition is part of an asset sale agreement between Oando and ENI, with the signing ceremony expected to take place in the coming days.

He also provided updates on other ongoing acquisitions in the industry, including the Equinor-Project Odinmim transaction which has been completed and Shell Petroleum Development Company of Nigeria Limited’s (SPDC) agreement with Renaissance Consortium which is currently undergoing due diligence.

Komolafe stressed the importance of ensuring that asset stripping is conducted in accordance with the law and best practices, citing examples of countries that have had negative experiences with asset stripping.

He outlined the requirements that investors must meet to obtain approvals in Nigeria, including demonstrating financial capacity, technical skills and freedom from legal encumbrances.