Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced that Oando PLC has completed the acquisition of 100% shares of Nigerian Agip Oil Company Limited (NAOC Ltd).
Gatekeepers News reports that this was disclosed by NUPRC Chief Executive, Engineer Gbenga Komolafe, at the ongoing Oil and Gas Energy Week in Abuja.
According to Komolafe, the acquisition is part of the divestment agreement between Oando and ENI, and the signing ceremony is expected to take place in the coming days.
He also provided updates on other ongoing acquisitions in the industry, including the Equinor-Project Odinmim deal, which has been completed, and the Shell Petroleum Development Company of Nigeria Limited (SPDC) deal with Renaissance Consortium, which is undergoing due diligence.
Komolafe emphasized the importance of ensuring that divestments are done in line with the rule of law and best practices, citing examples of countries that have had negative experiences with divestments.
He outlined the requirements that investors must meet to obtain approvals in Nigeria, including demonstrating financial capacity, technical capability, and no legal encumbrances.
