Oando Plc, on Thursday said the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has given formal consent to its planned acquisition of 100% of the shares of Nigerian Agip Oil Company (NAOC).

Following the receipt of consent, a statement by Ayotola Jagun, Company Secretary, to the Nigerian Exchange Limited, noted that both parties can proceed with the completion of the transaction.

The statement quoted Wale Tinubu, Group Chief Executive of Oando Plc as expressing delight “that Eni has received the Government’s approval to proceed with the completion of this strategic transaction.”

He extended the company’s “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.”