A statement from the Nigerian Upstream Petroleum Regulatory Commission asserts that Oando Plc’s acquisition of Nigeria Agip Oil Company complies with the provisions of the Petroleum Industry Act.
In response to criticisms surrounding the Oando-Agip deal, the commission clarified its position on Monday.
Former Vice President Atiku Abubakar was among those who expressed concerns about the divestment, alleging favoritism towards Oando to the detriment of other investors.
Atiku criticized the House of Representatives for purportedly neglecting issues with the Nigerian National Petroleum Company, accusing it of compromising the country’s oil assets.
He claimed that the NUPRC swiftly approved the deal between ENI/AGIP and Oando within eight months, while highlighting delays in other transactions.
In response, the NUPRC, through its Head of Public Affairs Unit Mrs. Olaide Shonola, emphasized its commitment to transparency and public awareness of regulatory activities.
The commission pointed out that approvals for the NAOC-Oando and Equinor-Chappal divestments adhered to the Petroleum Industry Act 2021 and regulatory protocols.
NUPRC stated that the consent process for the divestment by MPNU to Seplat Energy Offshore Limited is ongoing, expected to conclude within the statutory 120-day timeline.
Detailing the NAOC divestment process, the NUPRC highlighted the submission of Oando entities as qualified candidates following technical evaluations and subsequent approval stages.
The commission outlined a meticulous review process involving requests for information, due diligence checks, and ministerial consent leading to the progression of the transaction.
Overall, NUPRC affirmed that the Oando acquisition of Agip adhered to due process and regulatory standards.