The Nigerian government has given Eni, the Italian oil company, permission to proceed with the planned sale of Nigerian Agip Oil Company (NAOC) to Oando, under the leadership of Wale Tinubu, Chief Bola Tinubu’s nephew.
The oil business released a statement saying, “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 business claimed that Agip would be able to focus on its onshore oil operations as a result of the deal. This statement followed an exclusive Peoples Gazette investigation that disclosed the transfer of Eni’s onshore assets to Oando was a prerequisite for the president to reinstate Shell and Eni’s oil prospecting licence OPL 245, which was granted last year.
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“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), 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,” the statement added.
However, Eni stated that it was not covered by the business transaction and omitted a five percent ownership in the Shell Production Development Company Joint Venture (SPDJV).
“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 Eni’s portfolio,” the statement.
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When they discovered that the president had a stake in the deal, Nigerian National Petroleum Corporation Limited officials eventually withdrew their original opposition to the sale, claiming that the Italian corporation needed authority to make such a move, sources told Newsmen.
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