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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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In Defence of Justice Forum, Tinubu’s Strongest Political Ally- Adeola Al-Amin

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I have to come to bury Caesar not to praise him, the evil that men do, live after them

– Marcus Brutus in Williams Shakespeare’s Julius Ceaser

 

The above quote from one of the most popular of Williams Shakespeare’s works forms the basis of my writing this article.

For me, I owe it a point of duty to put the record straight at all, particularly for the new generation popularly called the GenZ generation who may have been swayed by the lies and misrepresentation of facts by ignorant people posing as public analysts on the Lagos political landscape.

In recent time, the major source of discussion in Lagos politics was the removal of Mudashiru Obasa as the Speaker of the Lagos State House of Assembly.

I’m neither a politician nor a member of the Assembly, I am just a public analyst, who possess deep knowledge of the political activities and its players particularly since the current political dispensation birthed in 1998.

Accusing fingers were pointed at perceived orchestrators of the removal but what came to me as very awkward and unbelievable was the allegation that some politicians are planning to take over Lagos from President Bola Ahmed Tinubu with the members and leaders of the referred Justice Forum at the receiving end of abuse, vilification and outright lies.

For the sake of this particular article, I have come to put the record straight, not to praise leaders and elders Justice Forum.

The need to put the record straight is essential, particularly with a particular social media content Creator going on video to lie and present fallacies as facts.

With my knowledge of Lagos politics, it would be very difficult and unfortunate to make Justice Forum, its leaders and members scapegoat for what happened in the House of Assembly.

For emphasis sake, the members have insisted that what happened was their internal affair which not a few agreed with them that they have the right to conduct the affair of the Assembly in accordance with the rules.

For the avoidance of doubt, this writer personally believes and agrees with many that Justice Forum is a honest organisation peopled by leaders who have been tested, trusted and have always delivered on their assignments with dignity, honesty and transparency.

It remains the biggest and most influential political group within the All Progressives Congress (APC). Let us be clear, Justice Forum gave birth to all other groups due to the growth of our great party. As such, it will be a fallacy to conclude that Justice Forum will and can seek any discord within APC. It will not happen.

Over the years, the group, its leaders, elders and members have been guided by the motto of the group, Truth Shall Always Prevail, and my interactions with others have proven that they have not waivered from this path of truth and honesty.

It is important to note that when lies continue to spread like wildfire, they are sometimes taken as truth, hence the need to put set the record straight and put a lie to the wicked rumours being spread about the organisation.

Justice Forum has always been and will remain a solid rock of support for President Bola Ahmed Tinubu, GCFR, that is sacrosanct in motto and belief.

Thus, the ridiculous statements by some paid agents that the leadership of JF is seeking to betray and reduce the influence of President Tinubu in Lagos is a wicked lie from the pit of the most brutal part of hell.

The lie which started gaining ground through the vituperation of a hired social media charlatan against leaders of the groip therefore, calls for urgent reaction and need to clear the smear campaign.

To put the record straight and for the umpteenth time, neither leaders nor members of Justice Forum were involved in the removal of Rt. Honourable Obasa.

The Lawmakers treated the issue as an internal one among themselves, hence, linking the removal to the Justice Forum is absolute nonsense and a terrible fallacy.

The content Creator and his ilks have raised many unsubstantiated allegations against the Justice Forum and their leaders including outright lies in their presentations.

It is absurd and unheard of to accuse JF leaders of betraying Tinubu or accuse them of working against the President. A deeper investigation into their background revealed a bunch of people, ignorant of past events and history of political movements in Lagos and Nigeria.

It is pertinent to state here that President Tinubu is a founding member of Justice Forum which was formed in protest against the decision of Chief Dapo Sarumi to take up appointment with the Interim National Government (ING).

The group, aligned with other pro-democracy groups particularly, Afenifere and NADECO, to fight for the actualisation of June 12 mandate of the late Chief MKO Abiola and it is on record that no leader of the group participated in the transition programme of the military administration of late General Sani Abacha.

When General AbdulSalami Abubakar heralded new transition programme, Justice Forum, aligned with the decision of the NADECO and Afenifere to participate in the programme which culminated in its being one of the major foundation groups of the Alliance for Democracy (AD).

When President Tinubu returned to Nigeria in 1998, he found a natural habitat in Justice Forum and renewed his long-term membership of the group and relationship with the leaders. It is the Justice Forum that provided the platform for him to launch his governorship aspiration in 1998.

In actual fact, Justice Forum was the first group to publicly endorse the aspiration of President Tinubu. His adoption was announced at a meeting in the house of Late Oba Mufutau Hamzat in Yaya Abatan area of Ogba, and it was him and the late Chief Mumuni Adio Badmus who raised his hand on that day along with some other leaders.

It should be noted that during the imbroglio that greeted the Lagos AD gubernatorial primaries in 1998 which pitted President Tinubu against the late Funsho Williams, the Justice Forum members and their leaders stood solidly behind the President, they were never shaky in their support, they mobilised their members to not only participate in the primaries but also to vote massively for President Tinubu.

It should be noted firmly here that then, some leaders who are now pushing the negative narrative out not only supported the late Funsho Williams, they voted for him and tried all they could to truncate Tinubu’s victory during the primaries.

Many still remember the roles one of them played when he was a Minister by trying to undermine and truncate the administration of Bola Ahmed Tinubu as Governor of Lagos State. Another was the Chairman of the Network Alliance, Funsho William’s political group while another simply rebuffed all entreaties made by then AD Governorship aspirant, Bola Ahmed Tinubu, to join his group.

Over the years, President Tinubu has always enjoyed the support and encouragement of the leaders and elders of Justice Forum.

When he was leaving office in 2007, there was a succession crisis but the Justice Forum leaders stood solidly behind the President. They aligned with his choice of candidate. Tola Kasali was first presented as his preferred candidate, the leaders queued behind him, when the baton change to Babatunde Raji Fashola, SAN, the leaders naturally switched their support for him.

When Fashola was living office and another succession crisis reared its head, and President Tinubu settled for Akinwunmi Ambode, the Justice Forum leaders queued up behind Ambode even though one of the sons of their leader was contesting for the same position. As the Chairman of the Lagos APC then and staunch member of JF, Chief Henry Oladele Ajomale never used his position to favour Kadir Obafemi Hamzat, son of the leader of his group.

The same process played out during the selection of Babajide Olusola Sanwo-Olu, the choice of their leader, President Tinubu.

When Tinubu decided to run for the Presidency of the country, the leaders of Justice Forum, not only supported him, they were on the road with him throughout the length and breadth of the country during his consultation tour.

Since he became President of Nigeria, Justice Forum leaders have not slacked. They have remain resolute in their support for him and keeping him abreast of events going on in Lagos.

Justice Forum will continue to uphold truth, advocate for peace and tranquility among Nigerians and will not relent in their support for President Bola Ahmed Tinubu, GCFR.

The naysayers and the social media charlatan actually ranted against the president then. We know that money buy people’s conscience not people at Justice Forum. These sets of people should find other jobs to do rather than spreading rumours and lies to cause disaffection between the President and his people. Posterity will be unkind to those whose only action is to cause discord in the society.

Once again, I want to re-emphasise that I came to set the record straight but not to praise Justice Forum.

Adeola Al-Amin is a public affairs analyst and is based in Lagos

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Nifemi Temiloluwa Eitaio-Alao’s Innovations, Politics, and Community Service

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In a competitive market like Lagos, setting a furniture brand apart requires a unique approach. For Nifemi Temiloluwa Eitaio-Alao, this means prioritizing sustainable materials, innovative designs, and exceptional customer service. By engaging with local culture and incorporating traditional craftsmanship, he aims to create furniture that not only stands out but also resonates with the Nigerian identity.

Keeping up with industry trends is crucial in the furniture business, and Nifemi is closely monitoring key shifts such as the growing demand for sustainable materials, multifunctional furniture suited for urban living, and locally crafted designs that reflect cultural heritage. To adapt, he is focusing on sourcing eco-friendly materials, designing versatile pieces, and collaborating with local artisans to create unique offerings that blend modern aesthetics with traditional craftsmanship.

As a seasoned entrepreneur, Nifemi envisions a diverse product portfolio that caters to both residential and commercial spaces. His goal is to attract customers who value quality, sustainability, and distinctive design—young professionals, families, and businesses seeking furniture that combines elegance with functionality.

The rise of emerging technologies, including 3D printing, augmented reality (AR), and smart furniture, is reshaping the furniture industry. Recognizing the potential of these innovations, Nifemi is exploring partnerships with tech firms, investing in team training, and staying ahead of industry advancements to integrate these technologies effectively into his business.

Customer satisfaction is at the heart of his brand’s philosophy. He prioritizes clear communication, personalized service, timely delivery, and strong post-purchase support. By actively listening to customer feedback and responding to their needs, he fosters trust and loyalty among his clientele. To gather valuable insights, he leverages surveys, direct interactions, and social media engagement, ensuring that his products continue to evolve based on customer preferences and market demands.

Finding the right balance between aesthetics, functionality, and durability is key to creating high-quality furniture. Nifemi achieves this by selecting premium materials and employing innovative design techniques that ensure both beauty and longevity. Additionally, he manages customer expectations regarding delivery times and custom orders through transparent communication, setting realistic timelines, and keeping clients informed throughout the process.

Beyond his business pursuits, Nifemi remains deeply invested in his political aspirations. Having publicly expressed his ambition two years ago, he sees public service as a natural extension of his entrepreneurial success. With strong roots in Kwara State, he feels a growing responsibility to give back to his community. As the 2027 elections approach, he and his team are diligently laying the groundwork for his political journey. While he has yet to officially announce the office he intends to run for, he remains optimistic and eager to share more details in the near future.

As his birthday marks another milestone today February 14, 2025—a day that coincides with Valentine’s Day—Nifemi looks forward to celebrating with gratitude and giving back to those in need. He cherishes this annual tradition as an opportunity to reflect, offer prayers, and share his blessings. Surrounded by supportive friends, he anticipates a joyful celebration filled with love and appreciation.

Looking ahead to 2025, Nifemi is determined to push the boundaries of excellence in his entrepreneurial ventures, with a strong emphasis on sustainability, innovation, and community impact. He remains committed to transparency, ethical leadership, and advocating for policies that support small businesses and economic growth. For him, success is not just about personal achievement but about creating opportunities for others to thrive. With big plans on the horizon, he is ready to embrace the challenges and opportunities that the future holds.


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Senator Gbenga Daniel Mourns Passing of Alaperu of Iperu, Oba Adeleke Idowu

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His Royal Majesty, Oba Adeleke Adelekan Idowu, Basipo Odoru V, the Alaperu of Iperu in Ogun State, has passed away, marking the end of a 22-year reign.

He was a revered traditional ruler who played a vital role in the development of Iperu, fostering peace, cultural preservation, and economic growth.

Senator Otunba Gbenga Daniel, the lawmaker representing Ogun East Senatorial District, expressed deep sorrow over the monarch’s passing.

In his condolence message, he described Oba Idowu as a trusted confidant, friend, and advisor who provided invaluable guidance on many occasions.

He emphasised the immense loss the monarch’s passing represents for Remoland and Ogun State, acknowledging his significant contributions to unity and progress.

Oba Adeleke Idowu’s leadership saw significant progress in Remoland, and his influence extended beyond Ogun State, making a lasting impact on the region and Nigeria as a whole.

His death comes just over a year after the loss of his beloved wife, Olori Kehinde Idowu Basipo-Odoru.

As the good people of Iperu community and Ogun State as a whole mourn the loss of their monarch, tributes continue to pour in from across the country, recognising Oba Adeleke Idowu’s enduring legacy of leadership and service.


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