As Wale Tinubu Leads Oando To Acquire Agip Oil

FUNSHO AROGUNDADE

As an entrepreneur par excellence, Jubril Adewale Tinubu, CON, the Group Chief Executive, Oando Group, has an uncanny ability to spot new business opportunities and create fruitful partnerships.

His visionary mindset and astute business acumen have allowed him to navigate the complexities of the Nigerian market and foster collaborations with leading international companies.

This, not only speaks to his own success, but also showcases the immense potential and possibilities that lie within Nigeria’s business landscape.

The world-class businessman is once again making waves in Africa’s economic landscape with his visionary leadership and strategic acquisitions, shining once again like a new penny.

Tinubu’s latest move – the historic acquisition of 100 percent stake in Nigerian Agip Oil Company Limited (NAOC Ltd) – is set to reshape Nigeria’s oil and gas industry.

The deal, that has been in incubation since last year September, has finally hatched.

This final acquisition was announced on Wednesday by the Italian oil and gas giant.

It was disclosed that it had received regulatory approval from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

Confirming this in the statement, the Italian oil company said it had obtained all other relevant local and regulatory authorities’ authorisations.

“Having already obtained all other relevant local and regulatory authorities’ authorisations, this achievement will allow Eni to proceed to the completion of the transaction for the sale of Nigerian Agip Oil Company Ltd (NAOC), Eni’s wholly owned subsidiary focusing on onshore oil & gas exploration and production as well as power generation in Nigeria, to Oando PLC, Nigeria’s leading national energy solutions provider, listed on both the Nigerian and Johannesburg Stock Exchange,” the statement reads in part.

Eni’s decision underscores a growing trend among international oil companies to divest from onshore assets in Nigeria, redirecting their focus to offshore and deepwater segments within the oil and gas industry.

However, Eni clarified that its 5% stake in the Shell Production Development Company Joint Venture remains excluded from the transaction and will continue to be part of Eni’s portfolio.

“NAOC Ltd participating interest in SPDC JV (Shell Production Development Company Joint Venture – operator Shell 30 per cent, TotalEnergies 10 per cent, NAOC 5 per cent, NNPC 55 per cent) is not included in the perimeter of the transaction and will be retained in Eni’s portfolio,” the company stated.

Eni also emphasized its commitment to Nigeria, highlighting ongoing investments in deepwater projects and the Nigeria LNG sector.

“Eni remains committed to the country through investments in deepwater projects and Nigeria LNG,” the company stated in the statement.

The company also said it was developing plans for economic diversification in the country which this includes assessing the potential production of agri-feedstock for Enilive bio-refineries and various nature- and technology-based projects, such as clean cooking initiatives to offset emissions.

Eni has been operating in Nigeria since 1962, actively engaging in hydrocarbon exploration and production, as well as power generation.

Currently, Eni has a substantial portfolio of assets in exploration and production, with an equity production of approximately 40,000 barrels of oil equivalent per day net of NAOC contribution. Eni also holds a 10.4 per cent interest in Nigeria LNG.

NAOC focuses on onshore oil & gas exploration and production as well as power generation, Eni said in the statement.

With this landmark acquisition Oando will leapfrog from its current oil equivalent output from 25,000 barrels per day to 50,000 barrels per day.