The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Monday approved the acquisition of Nigerian Agip Oil Company (NAOC) $783m acquisition by Oando Plc saying it conformed with current legislation and due procedure.
Olaide Shonola, Head of the Upstream Regulator’s Public Affairs Unit, said in a statement that NUPRC’s declared commitment to openness and faith in the public’s right to know about its regulatory actions made the explanation imperative.
Ripples Nigeria reports that former Vice President Abubakar Atiku had raised dusts over the expedited nature of the deal saying that President Bola Tinubu’s relationship with the CEO of the local oil company, Wale Tinubu caused the sale to be unnecessarily hurried.
