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Wale Tinubu’s Oando acquires 100% shares of Nigeria Agip Oil Company from ENI
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.
Late Senator Ifeanyi Patrick Ubah would be compared with a shooting star across the midnight sky that left unannounced when many were still savouring and amazed by its beauty.
Until his death the senator that represented Anambra South Senatorial District touched many lives, he gave laughter to many homes, he fed many hungry mouths, he gave succour to many hearts and gave hope to many hopeless.
Though his style and approach to some to issues may be distasteful to many, He held his passion with absolute conviction, fighting many battles that would easily cowered the faint hearts, he dared the mighty, ventured into the unknown, took the trophies everywhere he went.
He was simply fearless!
Since his death was announced that red letter day last July tributes have been showering for the man whose milk of kindness was described as second- to- none.
The man who was also the Chairman, Capital Oil, is generous to a fault. This top player in the nation’s oil and gas sector also was born with a large heart. Besides, he was unapologetically committed to the uplift of his community, while also helping the course of humanity.
It was gathered the many remarkable tributes during his lying state about the countless lives he touched and the enduring legacy he left behind.
He was also described as a tenacious businessman, philanthropist and public servant. Through his lifetime, he dedicated himself to the service of the people of his state and constituency.
As the titan went home yesterday, Saturday 23 November, 2024, in a blaze of glory when he committed to mother earth the nation as a whole would surely miss a shrewd businessman, distinguished politician and man born to serve humanity.
It is definitely incontrovertible that while alive, late Senator Ifeanyi Ubah, was someone many wished to be as blessed as he was.
But unknown to those who covet his successes, he faced many challenges that would ordinarily consume a lily-livered.
Interestingly however, Ubah had always proved to his detractors that he is indeed a cat with nine lives.
In other words, the more they tried to bury him, the more he sprouted like a seed in a well-fertiled land. Though he was a lone fighter, he proved beyond reasonable doubt that he was indeed a warrior, as he always emerged victorious in all his legal battles.
All his life, he walked tortuous and undulating paths to achieve success.
The billionaire businessman was a courageous, even fearless, confident and self-made man. His life, in a way, taught many that one could be whatever one wanted to be if one prepares well and stays focused.
However, last July, the man who survived and escaped many battles, including an attempt on his life, finally succumbed when he died in London.
Many would remember September, 2022, the businessman , who was also the chairman of Capital Oil and Gas, was going about his normal activities that fateful Sunday , travelling to his hometown, Nnewi with his aides when some dare-devil gunmen rained bullets on him alongside his convoy.
Many scampered for safety. And it was, indeed, a sad day as some of his trusted aides were fell by the bullets.
It was learnt that if not for his bullet- proof car and the grace of God, the Anambra State-born Senator would have kicked the bucket at the time.
It was such a dreadful and unpalatable scene to watch.
The sad event of that day no doubt haunted the senator till he breathed his last.
Until the tragic event of his death , if you had asked the late politician his most cherished ambition, he would probably have told you, it is to become the governor of the state.
This, he had worked tirelessly to achieve in the next governorship election of the state.
Indeed, the highly flamboyant politician had launched powerful consultations in the state for his ambition before death plucked life out of him. He has spent money traveling round the world consulting and seeking the blessings of many that matter to his ambition.
Sadly, this beautiful dream died with him.
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Behold The Next Owa Obokun Of Ijesa Land, Dr. Oriyomi Adewunmi Akerele…. A Pedigree Of Excellence And Omoluabi Prince Of The Source
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Folake Soetan, Shettima, Okewale, others to Speak as WHATrybe annual confab holds Sunday
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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