Oando PLC, a major indigenous energy solutions provider listed on both the Nigerian Exchange Limited and the Johannesburg Stock Exchange, has announced that Eni has received formal consent from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the acquisition of 100% of the shares of Nigerian Agip Oil Company (NAOC).
As announced on the Oando Website, this regulatory approval was secured, and both Eni and Oando PLC are set to proceed with completing the transaction.
The acquisition is a significant development in the Nigerian energy sector and aligns with the guidelines established by the recently enacted Petroleum Industry Act. One of the PIB Act’s objectives is to streamline and formalize the process for asset divestment and transfers. The Act provides clear guidelines for the sale and transfer of assets, including the need for regulatory consent.
Wale Tinubu, CON, Group Chief Executive of Oando PLC, commented on the development: “We are pleased that Eni has received the necessary government approval to move forward with the completion of this transaction. We appreciate the efforts of the Honourable Minister of Petroleum Resources and the Chief Executive Officer of NUPRC in facilitating this process under the new divestment framework provided by the Petroleum Industry Act.”
This approval marks a key step in the ongoing evolution of Nigeria’s energy industry.
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