VANGUARD
The Group Chief Executive, Oando Group, Jubril Adewale Tinubu, has attributed the acquisition of 100 per cent of the shareholding interest in the Nigerian Agip Oil Company (NAOC) from the Italian energy company, Eni, to hard work and resilience.
Speaking on the acquisition, Tinubu said: “Today’s announcement is the culmination of 10 years of hard work, resilience, and an unwavering belief that we would realise our ambition. It is a win, not just for Oando, but for every indigenous energy player as we take our destiny in our hands.
“This is a new dawn for the Nigerian energy sector, and we are confident that indigenous companies will play a pivotal role in this next phase of the nation’s upstream evolution. With our assumption of the role of operator, our immediate focus is on optimising the assets’ immense potential in contributing to our strategic objectives, whilst complementing the nation’s plan to boost production outputs.
“Looking to the future, we will continue to pursue strategic opportunities that provide enhanced growth and value creation for our stakeholders, particularly in the clean energy, agri-feedstock sector, as well as infrastructure and mining.”
Expectedly, analysts in the oil and gas sector have joined their voices in commendation of the latest addition of NAOC to Oando’s growing business. The analysts also predicted that the acquisition will significantly reshape Nigeria’s oil and gas industry.
For long, stakeholders in the oil and gas industry waited with eagerness for the deal to be finalised. Beginning from September 2023, when news filtered into the public space that the deal was being discussed, it became a daily topic of discussion among the who-is-who in the oil and gas industry across Africa.
