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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
The Libyan Football Federation (LFF) has addressed the circumstances behind the extended delay at Al Abraq International Airport, where the Super Eagles of Nigeria were held hostage for over 15 hours, and attributed the situation to routine air traffic and logistical challenges rather than deliberate foul play.
In a statement on Monday via X, the LFF sought to clarify the events, emphasising that the diversion of the Nigerian team’s flight was not intended as a hostile act.
“We firmly reject any claims that suggest foul play or sabotage in this situation,” the LFF said.
Meanwhile, in the most recent development, Super Eagles players and officials have been reportedly set to depart from Libya.
This was disclosed by a sports enthusiast, identified as Pooja Media, via his X handle on Monday, according to The Punch report.
He wrote, “Super Eagles players and all officials are boarding to fly out of Libya to Nigeria. Thank God.”
Confirming this, a player, Bruno Onyemaechi, wrote, “Me and Libya, I don wash my hands commot. Nothing concerns me and una again. Thank God I’m going back.”
The team, held at an abandoned airport for over 15 hours, has resolved not to play the match, citing safety concerns.
Nigeria Football Federation director of communications, Ademola Olajire, confirmed that the team would fly back home.
“Players have resolved not to play the match any longer as NFF officials are making plans to fly the team back home,” Olajire stated.
Four Israeli soldiers have been killed and more than 60 people injured in a Hezbollah drone attack on an army base in central-northern Israel, according to first responders and the Israeli military.
The incident late Sunday local time is one of the bloodiest attacks on Israel since the beginning of the war last October.
The Israel Defense Forces (IDF) said an unmanned aerial vehicle, or UAV, launched by Hezbollah hit an army base adjacent to Binyamina, a town north of Tel Aviv that lies some 40 miles from the Lebanese border.
The four killed soldiers were all 19 years old and in infantry training at the base, the IDF said, adding that eight other soldiers were severely injured.
According to Israel’s Magen David Adom emergency service, a total of 61 people were wounded in the attack, with dozens still hospitalized.
The news comes after Hezbollah said Sunday it had fired a swarm of attack drones on an Israeli infantry training camp in Binyamina.
The Lebanon-based militant group said the attack was in response to deadly Israeli strikes in Lebanon Thursday.
Hezbollah said it had targeted the Golani Brigade, an infantry unit of the Israel Defense Forces (IDF) that has been deployed in southern Lebanon. The claim of responsibility for the attack came shortly after the militant group released an audio message from its slain leader Hassan Nasrallah calling on its members to “defend your people, your family, your nation, your values and your dignity.”
Earlier on Sunday, the IDF said it had intercepted a Lebanon-launched UAV without specifying where. It was not immediately clear whether this was the same incident that led to the injuries.
Israeli air defence systems tend to be very reliable, but on Sunday, there were no reports of alerts in the Binyamina area at the time of the attack, raising questions of how the drone was able to penetrate so deep into the Israeli territory without being spotted.
Hezbollah said it had fired dozens of rockets toward the northern Israeli towns of Nahariya and Acre to engage Israel’s air defense systems, while simultaneously launching the drone swarm.
“These drones broke through the Israel defense radars without detection and reached its target at the training camp of the elite Golani Brigade in Binyamina,” Hezbollah said.
The IDF’s top spokesperson Rear Adm. Daniel Hagari said the military would investigate how the drone got through without raising an alarm at the base.
“We will learn from and investigate the incident,” he said in a video statement from the base. “The threat of UAVs is a threat we are dealing with since the beginning of the war. We need an improvement to our defense,” he added.
Source: CNN
The Court of Appeal has upheld the judgment of the Federal High Court, affirming Martins Amaehwule as the rightful Speaker of the Rivers State House of Assembly.
Recall that the Governor of Rivers State, Siminalayi Fubara, had challenged the judgement of Justice James Omotosho of the Federal High Court Abuja, which affirmed Amaehwule’s leadership.
This ruling is a victory for the camp of former Rivers State Governor Nyesom Wike, who has been at odds with Governor Fubara.
Governor Fubara has also been ordered to re-present the 2024 budget to the Amaehwule-led House of Assembly.
