Oando Rallies after Approval to Acquire Agip Oil
Oando Plc share price is making uptrend during early trading hour on the Nigerian Exchange after government approved its acquisition of Agip Oil.
Oando Plc has obtained approval from Nigerian Government to acquire 100% shares of the Nigerian Agip Oil Company, an official statement said.
Nigeria’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange said that Eni has received formal consent from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), for the sale of 100% of the shares of Nigerian Agip Oil Company (NAOC).
The approval obtained follow Eni’s receipt of consent that both parties can proceed with the completion of the transaction.
In a statement, Wale Tinubu, CON, Group Chief Executive of Oando PLC said: “We are delighted that Eni has received the Government’s approval to proceed with the completion of this strategic transaction.
“We extend our gratitude to the Honourable Minister of Petroleum Resources and the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for their concerted efforts in ensuring the execution of the grant of consent under the novel and robust divestment framework established by the recently enacted Petroleum Industry Act.”
Its share price has surged by 28 basis points during intraday trading hour on Thursday to N18 in the local bourse, according to data from the trading platform. Shun Protest, Tinubu Working to Address Hunger – Wike
