Italian oil giant Eni, on Wednesday, announced that the Federal Government has given approval to proceed with the proposed sale of Nigerian Agip Oil Company (NAOC) to Oando.
Oando is being run by Wale Tinubu, President Bola Tinubus nephew.
The oil company said in a statement, Eni has received formal consent from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the sale of NAOC Ltd to Oando Plc.”
The Italian oil company said the sale would enable Agip focus on its onshore oil operations.
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 Ltd), Enis wholly owned subsidiary focusing on onshore oil & gas exploration and production as well as power generation in Nigeria, to Oando PLC, Nigerias leading national energy solutions provider, the statement added.
Eni, however, excluded a five per cent stake in the Shell Production Development Company Joint Venture (SPDJV), stating that it was not covered in the business transaction.
NAOC Ltd participating interest in SPDC JV (Shell Production Development Company Joint Venture “ operator Shell 30%, TotalEnergies 10%, NAOC 5%, NNPC 55%) is not included in the perimeter of the transaction and will be retained in Enis portfolio, the statement.
The Gazette said source told the medium that, although Nigerian National Petroleum Corporation Limited officials had initially kicked against the sale, stating that Eni lacked authorisation to do so, they eventually backed down upon learning that the president himself had a stake in it.
Kazeem Badmus is a graduate of Mass Communication with years of experience. A professional in journalism and media writing, Kazeem prioritses accuracy and factual reportage of issues. He is also a dexterous finder of the truth with conscious delivery of unbiased and development oriented stories.
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