Oando Plc, Nigeria’s Indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange, is pleased to announce that Eni has received formal consent from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the sale of 100% of the shares of Nigerian Agip Oil Company (NAOC) acquisition.
Recall that Oando Plc announced the agreement with ENI on September 4, 2023, allowing both parties to proceed with the transaction’s completion.
The Group Chief Executive of Oando Plc, Wale Tinubu, CON, stated that the company is pleased that Eni has received the government’s approval to proceed with the completion of this strategic transaction. He extended gratitude on behalf of the company to the Honourable Minister of Petroleum Resources and the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for their concerted efforts in ensuring the execution of the grant of consent under the novel and robust divestment framework established by the recently enacted Petroleum Industry Act.
