December 5, 2023

NNPCL denies opposing Oando’s acquisition of Agip

NNPCL denies opposing Oando’s acquisition of Agip

The Nigerian National Petroleum Corporation Limited (NNPCL) has debunked claims that it kicked against Oando PLC’s acquisition of the Nigerian AGIP Oil Company (NAOC).

Garba Deen Muhammad, Chief Corporate Communications Officer of NNPCL, disclosed this on Thursday in a statement.

DAILY POST recalls that NNPC Exploration and Production Limited (NEPL) had raised questions about the sales.

However, NNPCL clarified that it does not oppose the sale of the NAOC shares to Oando PLC.

“It has come to our notice that a routine communication in the form of a letter written by NNPC E&P Limited (NEPL) to its JV partner, Nigerian Agip Oil Company Limited (NAOC), is being interpreted to suggest that NNPC Ltd is opposed to the sale of NAOC shares to Oando PLC.

“This is not correct. NNPC Ltd wishes to state that the letter was sent by NEPL, an NNPC Ltd subsidiary. However, nowhere was opposition or objection to the transaction mentioned in the letter. NEPL is only drawing attention to important clauses in the Joint Operating Agreement (JOA) between it, NAOC and OOL, which might have been overlooked in error. Adherence to those clauses will protect the transaction, now and in the future,” the statement reads.

DAILY POST reported that Oando PLC announced a 100 per cent acquisition of NAOC.

%d bloggers like this: