Oando’s Acquisition of Agip Oil Still Tickles Tinubu

The acquisition of 100 percent of the shareholding interest in the Nigerian Agip Oil Company (NAOC) from the Italian energy company, Eni, by the Oando Group has come as a delight to some stakeholders.

The Group Chief Executive, Oando Group expressed his joy that the feat has not only placed the oil firm as an undisputed leader in the sector, but significantly reshaped Nigeria’s oil and gas industry, while also improving the economy.

On the acquisition, Tinubu said, “Today’s announcement is the culmination of 10 years of hard work, resilience, and an unwavering belief that we would realise our ambition. It is a win, not just for Oando, but for every indigenous energy player as we take our destiny in our hands.

“This is a new dawn for the Nigerian energy sector, and we are confident that indigenous companies will play a pivotal role in this next phase of the nation’s upstream evolution. With our assumption of the role of operator, our immediate focus is on optimising the assets’ immense potential in contributing to our strategic objectives, whilst complementing the nation’s plan to boost production outputs.

“Looking to the future, we will continue to pursue strategic opportunities that provide enhanced growth and value creation for our stakeholders, particularly in the clean energy, agri-feedstock sector, as well as infrastructure and mining.”

Though this happened a after ago, Tinubu is still basking in the euphoria of the noteworthy accomplishment.

He spoke thus about it last week, “It’s one year since the historic NAOC acquisition; a proud milestone in our growth story. One that has doubled our portfolio, deepened our impact, and proven what the great “Humans of Oando” are capable of, adding that @In just 365 days, we’ve achieved phenomenal results. Long-dormant pipelines are back online, running with uptime consistently above 90%. Critical assets across four states – twelve flow stations, two power plants, and one of Nigeria’s largest gas processing hubs, are delivering uninterrupted value.

“None of this happened by chance. It took the trust of investors, financiers, regulators, the collaboration of our host communities, and the unwavering commitment of the Humans of Oando, to deliver this transition. Thanks to their support and trust.

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“Audacity, resilience, sacrifice, passion, persistence and hard work … that’s the Oando Way. Humans of Oando … thank you for showing up daily with commitment, precision and dedication.

“Indeed, if you could undertake an anatomy of Oando, which has become a like a multi-trunk tree, you would marvel at the tireless efforts of Tinubu and his partners to constantly keep the company as one of the most-talked about in the energy business, locally and internationally.”

In a spate of three decades, Tinubu and his partners have been able to maintain a level of pre-eminence in the sector owing to the value-added services rendered by the company’s numerous subsidiaries.