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FG Approves Sale of Agip Oil to Tinubu’s Oando
Italian oil and gas giant, Eni, on Wednesday announced that it had received regulatory approval from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for the sale of Nigerian Agip Oil Company Limited (NAOC) to Oando Plc.
In a statement issued on Wednesday, Eni said it had received formal consent to finalise the deal. It will be the first deal to be approved under the Petroleum Industry Act (PIA) and under the new upstream regulatory body, the NUPRC.
Chief Executive Officer of NUPRC, Mr. Gbenga Komolafe had announced during an industry conference on July 3 in Abuja, that Oando had completed the acquisition of 100 per cent shares of Eni in its subsidiary, NAOC, adding that an announcement was imminent.
Confirming this in the statement, the Italian oil company said it had obtained all other relevant local and regulatory authorities’ authorisations.
“Having already obtained all other relevant local and regulatory authorities’ authorisations, this achievement will allow Eni to proceed to the completion of the transaction for the sale of Nigerian Agip Oil Company Ltd (NAOC), Eni’s wholly owned subsidiary focusing on onshore oil & gas exploration and production as well as power generation in Nigeria, to Oando PLC, Nigeria’s leading national energy solutions provider, listed on both the Nigerian and Johannesburg Stock Exchange.
“NAOC Ltd participating interest in SPDC JV (Shell Production Development Company Joint Venture – operator Shell 30 per cent, TotalEnergies 10 per cent, NAOC 5 per cent, NNPC 55 per cent) is not included in the perimeter of the transaction and will be retained in Eni’s portfolio.
“Eni remains committed to the country through investments in deepwater projects and Nigeria LNG,” the company stated in a statement.
The company also said it was developing plans for economic diversification in the country.
Eni said this includes assessing the potential production of agri-feedstock for Enilive bio-refineries and various nature- and technology-based projects, such as clean cooking initiatives to offset emissions.
Eni has been operating in Nigeria since 1962, actively engaging in hydrocarbon exploration and production, as well as power generation.
Currently, Eni has a substantial portfolio of assets in exploration and production, with an equity production of approximately 40,000 barrels of oil equivalent per day net of NAOC contribution. Eni also holds a 10.4 per cent interest in Nigeria LNG.
NAOC focuses on onshore oil & gas exploration and production as well as power generation, Eni said in the statement.
Aside from Eni, other companies in the process of getting approval are Shell Petroleum Development Company (SPDC), which is selling to Renaissance Consortium as well as ExxonMobil which is selling some of its oil assets to Seplat Energies.
Others are Chappal , which is buying from Total Energies as well Equinor which recently entered into a preliminary deal with the same Chappal Energies to sell some of its assets.
Arise News
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‘Hands off’: Millions of People Join Protests Against Trump and Elon Musk Across All US States
Millions of people took part in protests against President Donald Trump and Elon Musk across all 50 states and globally on Saturday, organized by a pro-democracy movement over “hostile takeover” and attack on American rights and freedoms.
According to CNN, over 1,400 “Hands Off!” mass-action protests were held at state capitols, federal buildings, congressional offices, Social Security’s headquarters, parks and city halls throughout the entire country – anywhere “we can make sure they hear us,” organizers said.
“Hands Off!” demands “an end to this billionaire power grab.”
“Whether you are mobilized by the attacks on our democracy, the slashing of jobs, the invasion of privacy, or the assault on our services – this moment is for you,” the event flyers state. “We are setting out to build a massive, visible, national rejection of this crisis.”
Nearly 600,000 people had signed up to attend the events, some of which took place in major cities like London and Paris, according to Indivisible, one of the organizations leading the movement in collaboration with a nationwide coalition that includes civil rights organizations, veterans, women’s rights groups, labor unions and LGBTQ+ advocates.
Organizers say they have three demands: “an end to the billionaire takeover and rampant corruption of the Trump administration; an end to slashing federal funds for Medicaid, Social Security, and other programs working people rely on; and an end to the attacks on immigrants, trans people, and other communities.”
Commissioner of Police, CP Olajide Rufus Ibitoye, acting on the orders of the Inspector General of Police, Kayode Egbetokun, through the Deputy Inspector-General of Police in-charge of Force Intelligence Department (FID) Abuja, has extended an invitation to the Emir of Kano, Muhammad Sanusi II, for an “investigative meeting with regards to an incident that occurred during the Sallah celebration within your domain”.
The said incident is in connection with the violence that broke out during the recent Eid-el-Fitr procession in Kano, which resulted in the death of a local vigilante member.
The incident happened as the Emir’s entourage moved from the Eid prayer ground to the palace in a traditional procession. The clash, which marred the otherwise peaceful celebration, led to the tragic loss of life of a vigilante member, Surajo Rabiu, and left one other injured.
The invitation was conveyed in an official letter dated April 4, 2025, and signed by Commissioner of Police, CP Olajide Rufus Ibitoye, on behalf of the Deputy Inspector-General of Police in-charge of Force Intelligence Department (FID) Abuja.
The letter reads: “I have the directives of the Inspector General of Police, through the Deputy Inspector General of Police, Force Intelligence Department (FID), to invite you for an investigative meeting with regards to an incident that occurred during the Sallah celebration within your domain.”
The Emir has been requested to appear before the Force Intelligence Department in Abuja, opposite the Police Headquarters, Area 11, by 10:00am on Tuesday, April 8, 2025.
This development comes amid heightened tensions in Kano State following the earlier decision by the State Police Command to ban the annual Durbar festival due to security concerns. The ban, announced days before the Eid-el-Fitr celebration, was intended to prevent any possible breakdown of law and order during the festive period.
However, despite the suspension of the Durbar, a motorcade procession of Emir Sanusi II still took place on the third day of the Eid-el-Fitr celebrations.
The Kano State Police Commissioner, CP Ibrahim Adamu Bakori, had also inaugurated an eight-member Special Investigation Panel (SIP) to investigate the violence.
As at the time of this report, there has been no official response from the Emir Sanusi II’s palace regarding the Police invitation.
Dr Hakeem Baba-Ahmed, the political adviser to President Bola Tinubu, has resigned his appointment.
Reports say the former spokesman of the Northern Elders Forum (NEF) tendered his resignation about two weeks ago.
Further reports quoting presidency sources did not, however, provide details of the reasons for his decision, but only stated that it was on personal grounds.
Baba-Ahmed was appointed in September 2023 as Special Adviser on Political Matters in the Office of Vice President Kashim Shettima.
Over the past 17 months, he had represented the presidency at several public fora, including a recent national conference themed: “Strengthening Nigeria’s Democracy: Pathway to Good Governance and Political Integrity”, which held from January 28 and 29, 2025 in Abuja.
