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Wale Tinubu’s Oando acquires 100% shares of Nigeria Agip Oil Company from ENI

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Mr. Wale Tinubu


Serial  entrepreneur and Group Chief Executive Oando Group, Jubril Adewale Tinubu, has no doubt earned a name for himself through his visionary contributions to Africa’s economy.

It is not for mean achievement that the man is rated among Nigeria’s high- flying tycoons. The billionaire is unarguably a visionary whose contributions to the nation’s economy would forever be cherished. His record of incisive investment and vision to reshape Nigeria’s business climate remains unequal.

For Tinubu, a major player in the oil sector whose intimidating profile dwarfed many of his contemporaries, cutting deals comes as easy as a hot knife slices through butter. 

Multiple times, he has proved to the world that he is indeed a genius and a cognoscenti when it comes to investment and the art of making money.

His company Oando Plc a leading indigenous energy solutions provider has entered an agreement with ENI for the acquisition of 100% of the shares of Nigerian Agip Oil Company Limited (NAOC Ltd).

The completion of the acquisition is subject to Ministerial Consent and other required regulatory approvals.

The firm announced this in a statement today on its website.  

  • The statement reads, “Eni announces the signing of an agreement with Oando PLC – Nigeria’s leading indigenous energy solutions provider listed on both the Nigerian and Johannesburg Stock Exchange – for the sale of Nigerian Agip Oil Company Ltd (NAOC Ltd), the wholly Eni-owned subsidiary focusing on onshore oil & gas exploration and production in Nigeria, as well as power generation.
  • “NAOC Ltd is present with interests in Nigeria across 4 onshore blocks (OML 60, 61, 62, 63), which it operates on behalf of NAOC JV (operator NAOC Ltd 20%, Oando 20%, NNPC E&P Limited 60%), in the Okpai 1 and 2 power plants (with a total nameplate capacity of 960MW), and in two onshore exploration leases (OPL 282 and OPL 135, respectively 90% and 48%) for which it also holds operatorship.” 

The company is however not selling its 5% stake in the SPDC JV operated by Shell.  

Eni to still maintain a presence in Nigeria 

However, the company noted that it will still maintain its presence in Nigeria through the Nigeria Agip Exploration (NAE) and Agip Energy. It also said the transaction is in line with the company’s 2023-2026 plan 

  • It said, “Eni continues to operate in the country focusing on operated offshore activities. Participation in operated-by-others assets, both onshore and offshore, and Nigeria LNG will remain in Eni portfolio too.”
  • “The transaction is consistent with the Eni 2023-2026 Plan.
  • “The Upstream will supplement the core organically led growth with inorganic high-grading activity, adding resources with incremental value while divesting resources that can offer greater value and opportunities to new owners.” 
  • “The closing of this transaction is subject to, inter alia, the authorization of all relevant local and regulatory authorities.” 

However, finalising the sale is subject to approval of all relevant local and regulatory authorities, it said.  

Details of the deal 

In a press release signed by Company Secretary, Ayotola Jagun, the acquisition would see Oando’s interests in OMLs 60, 61, 62, and 63 increase from 20% to 40%. Here’s an excerpt from the press statement… 

  • The transaction increases Oando’s current participating interests in OMLs 60, 61, 62, and 63 from 20% to 40%. 
  • It increases Oando’s ownership stake in all NEPL/NAOC/OOL Joint Venture assets and infrastructure which include forty discovered oil and gas fields, of which twenty-four are currently producing, approximately forty identified prospects and leads, twelve production stations, approximately 1,490 km of pipelines, three gas processing plants, the Brass River Oil Terminal, the Kwale-Okpai phases 1 & 2 power plants (with a total nameplate capacity of 960MW), and associated infrastructure. 
  • Based on 2021 reserves estimates, Oando’s total reserves stand at 503.3MMboe and the transaction will deliver a 98% increase. 
  • The transaction also grows Oando’s exploration asset portfolio through the acquisition of a 90% interest in OPL 282 and 48% interest in OPL 135.  
  • NAOC Ltd participating interest in SPDC JV (Shell Production Development Company Joint Venture – operator Shell 30%, TotalEnergies 10%, NAOC 5%, 2 NNPC 55%) is not included in the perimeter of the transaction and will be retained in Eni’s portfolio.

More Opportunities for Oando 

Commenting on the acquisition, the Group CEO of Oando Plc, Wale Tinubu CON said the deal would help unlock more opportunities for the energy company. 

Wale Tinubu also indicated that the acquisition highlights the important role indigenous companies will play in the future of the Nigerian upstream sector. He said: 

  • “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. 
  • Furthermore, it is in alignment with our strategy of acquiring, enhancing, appraising, and efficiently developing reserves. Today’s announcement is not just an important milestone for the future of Oando; it brings to bear the important role indigenous actors will play in the future of the Nigerian upstream sector.  
  • Having achieved this significant milestone, we look forward to closing the transaction and harnessing the full potential of the enhanced platform to accrue value for our local communities, stakeholders and shareholders.” 

What You Should Know 

Nigerian Agip Oil Company (NAOC) is Eni’s subsidiary operating in the land and swamp areas of the Niger Delta. It operates under a joint venture agreement, popularly referred to as the NAOC JV. 

The NAOC JV includes the Nigerian Government, represented by the Nigerian Petroleum Development Company (NPDC), with 60% interest. The other JV partners are NAOC (20%), and Oando (20%).  

More insights

In the year 2022, these four OMLs collectively contributed 24,000 barrels of oil equivalent per day to Eni’s net production. The extracted resources are directed towards the Obiafu-Obrikom facility and the Brass terminal. 

Eni further exports a significant portion of the gas produced from these licenses to the Nigeria LNG (NLNG) plant, where the company maintains a 10.4% interest.

Additionally, a portion of the gas supply is directed to the Okpai plant, and another open cycle facility located in Rivers State.

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Folake Soetan, Shettima, Okewale, others to Speak as WHATrybe annual confab holds Sunday

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Dr. Kole A. Shettima, author and Director, The MacArthur Foundation, Africa Office and Folake Soetan, the CEO, Ikeja Electric PLC will lead high-powered speakers at the Women High Achievers Trybe (WHATrybe) 2024 annual conference to be held Sunday 10 March at 4:00pm.
The upcoming free one-day virtual event themed “Breaking Barriers and Building Bridges,” is in commemoration of International Women’s Day.
WHATrybe is a Nigerian non-profit community dedicated to inspiring and empowering women to attain leadership roles in business and management services.
Speaking on the forthcoming virtual gathering, Kiki Okewale, the host and Convener, WHATrybe Community said this year’s conference asides giving women a new reorientation of being a woman with value, it also aims to celebrate the achievements of women while also advocating for gender inclusion and empowerment.
“With a strong emphasis on breaking barriers and fostering connections, this year’s event seeks to inspire women to overcome obstacles and build bridges towards a more inclusive and equitable society. We are coming together to celebrate the achievements of women, break down barriers, and build bridges towards a more inclusive and empowered future,” Okewale stated.
She added that to achieve this, a lineup of distinguished speakers who are leaders and experts in their respective fields have been lined up to share their insights and experiences during the conference.
Other speakers include Dr. Tewa Onasanya, founder,Exquisite Magazine; Josephine Osomwonken Omoniyi, Clinical Psychologist and Entrepreneur; Mabel Adeteye, Head of Brands & Marketing, Wema Bank; Karika Yonreme, Corporate Strategist; and Etemore Glover, Seasoned Development Expert.
The event will be hosted by the dynamic podcaster and coach, The Energetic EJ.
Registration is open now while interested attendees can reserve a spot at the conference by visiting: https://bit.ly/Whatrybe2024 and stay tuned for further updates on WHATrybe social media pages @whatrybe. They can also visit Bit.ly/WHATcommunity to be a member of the community.

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EDE Prize for Language: An Indigenous Language Spelling Bee to Promote Indigenous Literacy and Education

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Rotimi Eyitayo


 The EDE Prize for Language is pleased to announce the launch of our inaugural Spelling Bee, which will encourage literacy and academic excellence among students in Lagos and Ogun states. This first-of-its-kind spelling bee aims to celebrate and preserve the Yoruba language, fostering a stronger sense of cultural heritage and linguistic diversity.
The EDE Prize is proud to lead this groundbreaking initiative in collaboration with Teammasters, a reputable organization that organizes nationwide spelling bees. We hope to empower young people by giving them a platform to demonstrate their language skills and celebrate the diversity of indigenous cultures.
“The EDE Prize for Language represents our commitment to promoting indigenous literacy and preserving cultural heritage,” said Bobo Omotayo, the prize’s creator. “Through our partnership with Teammasters, the Prize’s goal for this event is to inspire the next generation to be proud of their language and culture. 

For the first edition, students from Lagos and Ogun states are eligible to compete for the Prize. We invite schools from both states to participate in this culturally rich educational experience. Participation in the spelling bee is free, and schools can register their students by going to www.edeprize.com.
“The EDE Prize for Language is not just a competition; it’s a celebration of Indigenous languages and traditions,” said Rotimi Eyitayo, Teammasters National Spelling Bee’s founder. 

The EDE Prize for Language will feature several rounds of competition, culminating in a grand finale in which finalists will compete for prestigious awards and recognition. The competition is divided into two categories: (i) Lower Category for children aged 8 to 11, and (ii) Higher Category for students aged 13 to 17.
Schools interested in taking part in this inaugural edition can register their students for free at www.edeprize.com. Registration will open on Monday, March 4, 2024, and close on Friday, March 29, 2024. 

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Violence: Call Aiyedatiwa to order, Akinterinwa’s Campaign Organisation Urges Tinubu

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Wale Akinterinwa

Ahead of the 2024 governorship election in Ondo State, the Wale Akinterinwa Campaign Organistaion has appealed to President Bola Tinubu to call Ondo State governor, Lucky Aiyedatiwa, to order over alleged use of thugs and other ciminally-minded miscreants against other aspirants.
The campaign organisation, in a statement, alleged that supporters and peaceful members of the All Progressives Congress (APC), who turned to receive the president during his trip to family of late Governor Rotimi Akeredolu’s family, were attacked by armed thugs who were working for the state governor.
The statement, signed by the spokesperson of the campaign organisation, Segun Ajiboye, said property and billboards of other aspirants were destroyed by the rampaging thugs during the attack. 

The statement, tagged: “Ugly attacks on gubernatorial aspirants by Governor Lucky Aiyedatiwa’s thugs during President Tinubu’s visit to Ondo State”, said the organisation is being restrained by “the need to save our dear state from an ugly return to the dark days by those who harbor vaulting and mechanical ambition.”
It stated further: “You will recall that the president of the Federal Republic of Nigeria, His Excellency, Asiwaju Bola Ahmed Tinubu, GCFR, was in Ondo state, on Wednesday, February 28, 2024, to commiserate with the family of the former governor of Ondo state, Arakunrin Oluwarotimi Akeredolu, SAN, CON and His Majesty the Olowo of Owo, Alayeluwa, Oba Ajibade Gbadegesin Ogunoye III. The president was also at the residence of Pa Reuben Fasoranti, the leader of Afenifere.

“As expected, the good people of Ondo state, particularly the peaceful members of our great party, the All Progressives Congress *APC), trooped out to welcome the president, who is the leader of the party and father of the nation..
“The people were joined by party leaders, party members. In an effort to give our leader a rousing welcome to the state, the different gubernatorial aspirants vying on the platform of APC mobilised their supporters to receive Mr President at the airport. 

“The atmosphere was carnival-like. But that was until what ordinarilly was planned to be a rousing welcome and celebration of the visit of Mr President was turned to a theater of violence and bloody attack on APC members and supporters of other gubernatorial aspirants by thugs sponsored and fully armed by Hon Lucky Ayedatiwa, the governor of Ondo state. 

“The well-orchestrated and executed attacks were carried out by some well-known thugs as well as members of the NURTW loyal to the governor of Ondo state, led by one Mr Eniba. The thugs, who brazenly fired gun shots into the air to cause confusion, went on a destruction spree as they attacked property, while billboards of other gubernatorial aspirants were defaced, pull down or out rightly destroyed. 

“Party members perceived to be loyal to all gubernatorial aspirants sustained varied and diverse degree injuries resulting from the attacks unleashed on them, while those supporting Governor Lucky Ayedatiwa were spared. T-Shirts, faze caps and other insignia wore by members of the targeted aspirants were torn to shreds. 

“The thugs who carried out the orchestrated attacks were armed with all sorts of dangerous weapons. It is sad to note that many of our supporters with deep cuts are in the hospitals receiving treatments at the moment. It is, however, surprising that no aspirant other than the governor was spared of the attacks.

“Let me state here that the need for this press statement is not borne out of fear or inability to protect our supporters. We have the capacity to give adequate protection to all our members who have remained peaceful in the face of this dastardly attack. We are also not unaware of the overriding need to save our dear state from an ugly reenactment of the dark days by those who harbor vaulting and mechanical ambition. 

“At this juncture as members of the Wale Akinterinwa Campaign Organisation, we would also love to state that as responsible leaders and members of our party with genuine intentions to serve our dear people, we are unable and will not accept the imposition on the party members a regime of panic and fear in other to supplant popular participation in a democratic process aimed at emplacing accountable and responsive leadership.  

“We, therefore, call on Mr President and the national chairman of the APC to prevail on Mr Governor to halt the use of thugs to advance his political interest. The field is wide enough for everyone to operate

“Also, we urge all security agencies to not only to be on red alert against future occurrence but also ensure that those who carried out these dastardly attacks are apprehended and brought o books to serve as deterrent to others who may be emboldened by this barbaric act.”

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