NUPRC: Oando’s acquisition of Agip completed — signing to take place soon

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says Oando Plc has completed the acquisition of 100 percent shares of Eni in its subsidiary, Nigerian Agip Oil Company Limited (NAOC Ltd).

In September 2023, Oando Plc announced plans to acquire NAOC, but the deal was delayed due to regulatory approvals required.

Speaking at the ongoing NOG Energy Week in Abuja, Gbenga Komolafe, chief executive officer (CEO) of NUPRC, said the signing ceremony of the deal would take place soon.

“For some of you who were at the panel session on Monday, the Chairman of IPPG (Independent Petroleum Producers Group) raised issues about the need for us to give update on the divestments programmes on-going,” Komolafe said.

“Now, I am here to give you real-time update on the four major divestments in Nigeria.

“The NAOC-Oando divestment has been concluded. Signing ceremony will come up any moment.”

The NUPRC CEO also gave updates on three other acquisition deals.

“The Equinor and project Odinmim divestment is also completed. For the SPDC – Renaissance deals, documents have been submitted. Those documents are undergoing due diligence as we speak,” he said.

Speaking further on the proposed takeover of ExxonMobil’s assets in Mobil Producing Nigeria Unlimited (MPNU), Komolafe said the company (Seplat) had expressed commitment to apply for ministerial consent.