Oando PLC has announced the successful acquisition of 100 percent of the shares in Nigerian Agip Oil Company Limited (NAOC Ltd).
The company disclosed this in a statement released on Thursday, marking a significant milestone in its strategic expansion within Nigeria’s energy sector.
“Today marks a historic milestone for Oando PLC as we proudly announce the completion of our agreement with Eni for the acquisition of 100 percent shares of Nigerian Agip Oil Company Limited (NAOC Ltd),” the statement read.
The signing ceremony, which formalized the acquisition, took place at The Peninsula Hotel in London.
Oando highlighted that this acquisition strengthens its position as Nigeria’s leading indigenous energy solutions provider and aligns with its commitment to advancing Nigeria’s energy transition and expanding its portfolio.
Oando expressed optimism about the potential growth opportunities this acquisition will bring to the company, its shareholders, and the broader Nigerian energy sector.
“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,” the company stated.
In a corresponding statement on its website, Eni, the parent company of NAOC Ltd, also confirmed the completion of the sale 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.
