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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 Senate has approved President Bola Tinubu’s request to deploy troops to Benin Republic over botched coup in the West African nation, about 72 hours after Nigeria Airforce took control of Benin airspace, following the sitting president’s request for assistance.
Tinubu’s request was conveyed in a letter read by the Senate President Godswill Akpabio during plenary on Tuesday, December 9.
The president said the action was based on Section 5(5) of the 1999 Constitution, which requires presidential consultation with the Senate before sending the armed forces on combat missions outside the country.
“Pursuant to Section 5 (5) Part 2 of the Constitution of the Federal Republic of Nigeria 1999 as amended, I seek, further to consultation with the National Defence Council, the consent of the Senate for the deployment of Nigerian troops to the Republic of Benin,” he wrote.
He noted that the request followed an urgent appeal from President Patrice Talon, who sought immediate air support to repel an attempted unconstitutional seizure of power.
Tinubu further urged the lawmakers to act swiftly, citing the close relationship between Nigeria and Benin and the collective security obligations under ECOWAS.
“This request is made further to a request received from the Government of Benin Republic for the exceptional and immediate provision of air support by the Armed Forces of the Federal Republic of Nigeria.
“The distinguished Senate may wish to note that the Government of the Republic of Benin is currently faced with an attempted unconstitutional seizure of power and disruption and destabilisation of democratic institutions,” he stated.
He stressed that the situation in Benin required urgent external support to stabilise democratic institutions.
“The situation, as reported by the Government of Benin, requires urgent external intervention. The distinguished Senate considers the close ties of brotherhood and friendship which exist between Nigeria and the Republic of Benin, as well as the principles of collective security upheld within ECOWAS.
“It is our duty to provide the support as requested by the Government of the Republic of Benin. While it is my hope that the Senate will consider and approve this request expeditiously, please accept, distinguished Senate President, distinguished senators, the assurances of my highest consideration and personal regards,” he added.
The Senate consequently approved the request.
On Sunday, December 7, a group of soldiers appeared on Benin’s state television. They seized power and declared that they had dissolved the government in what appeared to be another coup in West Africa.
Identifying themselves as the Military Committee for Refoundation, they announced the ousting of the president and the dissolution of all state institutions, adding that Pascal Tigri, a lieutenant colonel, had been named as the head of the committee.
The mutiny triggered hours of tension across the country as loyal security forces worked to restore order and secure key state institutions. Authorities say several of the coup plotters were arrested, while others were being hunted.
Reacting to the development, Tinubu praised the Nigerian Armed Forces for their rapid intervention, which aided loyalist forces to dislodge the soldiers who had taken over the national television station and declared Talon’s ouster.
According to a statement signed by Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, the Beninese government formally sought Nigeria’s military support through two separate communications after the coup plotters announced the suspension of democratic institutions.
Tinubu, said while acting on the request, he ordered Nigerian Air Force fighter jets to take control of Benin’s airspace and assist in flushing out the mutineers from strategic locations, including the national broadcaster and a military camp.
Talon, who has been in office since 2016, had been expected to leave office next April – 2026, at the end of his second term in 2026 – the maximum allowed by the constitution, after the upcoming presidential election.
The attempted coup adds to a troubling pattern of political instability in West Africa, where Niger, Burkina Faso, and Guinea-Bissau have all recently experienced military takeovers or attempted uprisings.
Following the increasing coups in the West African sub-region, the Economic Community for West African States (ECOWAS) declared a state of emergency on political situations in the region on Tuesday.
The President of the ECOWAS Commission, Omar Touray, made the declaration during the 55th session of the Mediation and Security Council, at the ministerial level in Abuja.
Source: ICIR
The Burkina Faso junta has said it detained 11 Nigerian military officers and seized a cargo plane belonging to the Air Force following an emergency landing in the country after they crossed into Burkinabe airspace without authorisation.
The statement stated that the Sahel alliance, consisting Burkina Faso, Niger and Mail, headed by military regimes, noted that the transport airplane had two crew members and nine passengers onboard.
The statement said that the individuals were later identified as members of the Nigerian armed forces and are currently being detained in the country.
“The military aircraft had on board two (02) crew members and nine (09) passengers, all military personnel,” the statement noted.
Meanwhile, the regional body condemned the incursion, adding that the Burkinabe authorities had opened an investigation to determine the circumstances behind the incident.
The body also noted that three countries had placed their military forces on high alert and ready to engage external threats.
The AES said, “An investigation was immediately opened by the competent Burkinabe authorities and revealed the absence of authorization for the aircraft to fly over Burkinabe territory. The Confederation of the Sahel States strongly condemns this violation of its airspace and the sovereignty of its member states.
“Faced with this unfriendly act carried out in disregard of international law and international civil and/or military aviation regulations, measures have been taken to guarantee the security of the confederal airspace, the sovereignty and territorial integrity of its member states, as well as the safety of the populations of the AES Confederation.
“In this regard, and upon the instruction of the Heads of State, air defense and anti-aircraft systems of the confederal space have been placed on maximum alert, in accordance with the Declaration of the College of Heads of State dated 22 December 2024, and have been authorized to neutralize any aircraft that violates the confederal airspace.”
National Security Adviser, Nuhu Ribadu, hosted a delegation from the United States Congress in Abuja on Sunday, continuing security discussions between Nigeria and the US.
Ribadu, sharing the update on X, noted that the visit follows prior meetings in Washington, D.C., which focused on areas of mutual security interest and cooperation.
“This morning, I received a US Congressional delegation on a fact-finding mission to Nigeria, following our earlier engagements in Washington, DC, on shared security priorities,” he said.
“The delegation included Rep. @MarioDB Mario Díaz-Balart, Rep. @NormaJTorres Norma Torres, Rep. @RepFranklin Scott Franklin, Rep. @RepCiscomani Juan Ciscomani, and Rep. @RepRileyMoore Riley M. Moore.”
He also noted that US Ambassador to Nigeria, Richard Mills, attended the meeting, highlighting what Ribadu described as “the significance both countries place on this partnership.”
Ribadu said the discussions centred on counter-terrorism collaboration, promoting regional stability, and exploring ways to further strengthen the strategic security partnership between Nigeria and the United States.
“I’m optimistic this engagement will deepen trust, collaboration, and shared commitment to peace and security,” he said.
The meeting took place against the backdrop of heightened diplomatic tensions, following US President Donald Trump’s decision to re-designate Nigeria as a Country of Particular Concern over alleged religious freedom violations, a move that included warnings of potential US military involvement.
The Federal government has consistently rejected allegations of widespread persecution of Christians, emphasising that insecurity impacts citizens across all faiths.
Amid mounting international pressure, the government has continued to seek diplomatic and security assistance from global partners.
On November 20, Ribadu met with US Secretary of War Pete Hegseth at the Pentagon to discuss coordinated strategies aimed at addressing the ongoing security challenges.
On November 27, President Bola Tinubu approved the constitution of the Nigerian side of the US-Nigeria Joint Working Group as part of steps to deepen collaboration in tackling security challenges in the country.
The composition of the group was part of the agreement reached during the recent trip to Washington, DC, by a high-level Nigerian delegation led by the National Security Adviser.
