Headlines
FG Approves Sale of Agip Oil to Tinubu’s Oando
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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
Headlines
Atiku Dares Tinubu over $16bn Power Sector Fund Probe
Former Vice President Atiku Abubakar has dared the President Bola Tinubu administration to investigate him (Atiku) over allegations of wrongdoing in the $16 billion power sector fund, saying recycled accusations should not be used to avoid accountability for subsidy savings.
Reacting on Wednesday through his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku described the sudden revival of old allegations on power, privatisation and public assets as a ploy to divert attention from pressing questions about the management of public resources.
“The National Assembly investigated the power projects. I was never invited to answer any allegation of wrongdoing,” Atiku said.
“Yes, I chaired the National Council on Privatisation as Vice President. But on the power project, I disagreed with its concept and did not preside over its implementation. The responsible minister did. The same applies to the Aluminium Smelter matter.”
The presidential candidate of the African Democratic Congress (ADC) said he had consistently called for investigation into any claim against him since leaving office in 2007.
“I have repeatedly asked to be investigated. I left office in 2007 and have spent much of the period since then opposing governments in power. If there is evidence that I stole public money, why has no government produced it before a court?
“It is still not too late. Investigate me. Invite me. Produce the evidence. Prosecute me if you have a case. But propaganda cannot substitute for evidence,” he said.
Atiku argued that the attacks intensified because he has been demanding transparency on the funds saved from fuel subsidy removal.
“They removed subsidy from the poor and promised that the sacrifice would free resources for development. Nigerians accepted extraordinary pain on that promise.
“Today, petrol is more expensive, transportation is more expensive, food is more expensive and the purchasing power of the Nigerian worker has been devastated.
“Meanwhile, government revenues have increased, while fiscal incentives, waivers, tax credits and concessions continue to be available to powerful economic interests.
“So our question remains brutally simple: Where is the people’s money?” he asked.
According to him, government cannot withdraw relief from ordinary Nigerians while granting concessions to the wealthy and then claim that intervention for the poor is “economically irresponsible.”
“You cannot take relief away from the poor, celebrate the resulting revenue and then tell the same impoverished citizens that government intervention on their behalf is economically irresponsible while interventions benefiting powerful interests are called incentives. That hypocrisy is precisely what we are challenging,” Atiku stated.
He said no amount of “sponsored social-media mudslinging” would silence him from demanding accountability.
“The people who removed subsidy from the poor cannot frighten us into silence by resurrecting allegations that governments with all the investigative machinery of the Nigerian state have had nearly two decades to establish.
“If you have evidence against Atiku, bring it. If you have a case, prosecute it.
“But if you have neither, stop manufacturing distractions and answer Nigerians: You removed the subsidy. You collected the savings. Where is the money?”
Headlines
Finally, NFF President, Ibrahim Gusau, Resigns
The President of Nigeria Football Federation (NFF), Ibrahim Gusau, has announced his resignation from office.
He made the announcement during a press conference at the NFF Glass House in Abuja on Thursday.
Addressing journalists, Gusau said he decided to step aside to give other Nigerians the opportunity to contribute to the development of football in the country.
He maintained that despite the failure of the federation’s men’s and women’s teams to qualify for the World Cups, he is leaving the NFF in a better position than he found it.
Gusau also disclosed that he had advised members of his board to resign, but said he is not aware of any board member who had so far stepped down.
“I just want to tell you that I decided to resign my position as the NFF President. I informed my board members and advised them that anybody who wants to follow me to also resign, but as I am talking to you I cannot tell you who and who or how many board members that have resigned,” he said.
Headlines
Tinubu Spent Millions of Dollars to Hide ‘Drug’ Records, US Firm Alleges
A United States-based policy advisory and lobbying firm, Von Batten-Montague-York, has alleged that Nigeria’s President, Bola Tinubu, spent millions of dollars to prevent the release of records of his alleged drug trafficking case.
Von Batten-Montague-York made this allegation in a post on its verified X handle late Tuesday.
According to the firm, Tinubu’s claim that he was not attempting to block the release of the records is contradictory to the action of his own legal team in the ongoing Freedom of Information Act (FOIA) case.
It accused Tinubu of having petitioned the court and consulted with the Federal Bureau of Investigation (FBI) and Drug Enforcement Administration, DEA, as part of efforts to prevent the records from being released.
“Despite claiming innocence, Tinubu has spent millions of dollars to ensure that his drug trafficking records are never released.
“The description of the underlying matter is merely a civil case. The involvement of US law-enforcement agencies in the records dispute demonstrated that the matter involved sensitive investigative material,” the firm said.
The latest allegation from the firm came against the backdrop of the ongoing legal battle over the release of records held by the US Department of Justice, DOJ, FBI and DEA, concerning historical investigations involving Tinubu.
United States District judge, Beryl Howell, had granted Donald Trump-appointed attorney, Jeanine Pirro, additional days to release the alleged drug-trafficking records.
Tinubu had joined the request of the US Department of Justice for a 10-day extension to respond to a motion seeking the release of records relating to allegations of drug trafficking.






