Oando Plc on Thursday announced the acquisition of 100 per cent shares of Nigerian Agip Oil Company Limited.
Oando described the purchase in a statement as a historic milestone.
It said, “Today marks a historic milestone for Oando PLC as we proudly announce the completion of our agreement with Eni for the acquisition of 100 per cent shares of Nigerian Agip Oil Company Limited (NAOC Ltd).”
The signing ceremony was held at The Peninsula Hotel in London.
“This strategic acquisition aligns with our commitment to driving Nigeria’s energy transition and bolstering our portfolio.
“We are excited about the growth opportunities this presents for Oando PLC, our shareholders, and the Nigerian energy sector.
“We look forward to leveraging the acquired assets to further our goal of providing efficient and sustainable energy solutions for all,” Oando disclosed.
Group CEO of Oando Wale Tinubu disclosed in a notification sent to the Nigerian Exchange Ltd (NGX) that the acquisition cost $783 million.
In a statement on its website on Thursday, Eni also announced the closing for the sale of its wholly owned subsidiary, Nigerian Agip Oil Company Ltd to Oando.
“The transaction, which received the approval of all relevant authorities, is in line with Eni’s strategy focused on the rationalization of the upstream activities by rebalancing its portfolio and divesting non-strategic assets.
“The 5 per cent participating interest in SPDC Joint Venture) is not included in the transaction, as it will be retained in Eni’s portfolio. Eni will continue to be present in the country through investment in deepwater projects and Nigeria LNG, while also exploring new opportunities related to the agri-feedstock sector,” it clarified.
