Oando to acquire Eni’s Nigerian unit, Agip

Oando Plc announced on Monday that it has reached an agreement with Eni for the acquisition of 100 percent of the shares of its subsidiary, the Nigerian Agip Oil Company Limited.

The company’s Group Chief Executive, Wale Tinubu, disclosed this on X (formerly Twitter), saying they look forward to closing the transaction and harnessing the full potential of the enhanced platform to accrue value for their local communities, stakeholders and shareholders.

“The synergies created by this acquisition will unlock unparalleled opportunities for us to re-align expectations, enhance efficiency, optimize resource allocation, and significantly increase production,” he said. “Furthermore, it is in alignment with our strategy of acquiring, enhancing, appraising, and efficiently developing reserves.”

He described the deal as an important milestone for the future of Oando, saying “it brings to bear the important role indigenous actors will play in the future of the Nigerian upstream sector.”