Oando Set to Take Over Agip’s Oil, Gas, Power Assets in Nigeria Deal awaits regulatory approval Eni to focus on offshore business in Nigeria Emmanuel Addeh in Abuja and Peter Uzoho in Lagos Nigerian energy company, Oando, is set to acquire the Nigerian Agip Oil Company (NAOC), a subsidiary
of Italian energy group, Eni, after a deal was signed to that effect, both companies confirmed yesterday. NAOC has interests in four onshore blocks and two onshore exploration leases as well as two
power plants in Nigeria, Eni said in a statement, but did not disclose the financial details of the accord. The agreement is, however, still subject to regulatory approval . Apart from Oil Mining Leases
(OML) 60, 61, 62, 63, NAOC also has interests in the Okpai 1 and 2 power plants with a total nameplate capacity of 960 megawatts as well as in two Onshore Exploration Leases (OPL) 282 and 135, for which it also
holds operatorship. However, NAOC’s participating interest in Shell Production Development Company (SPDC) Joint Venture of 5 per cent, is not included in the perimeter of the
transaction and will be retained in Eni’s portfolio. “Following the transaction completion with Oando PLC, Eni Continued on page 24
Subsidy: NLC Shuns FG's Peace Talks, Insists on Strike... Page 26 Tuesday 05 September, 2023 Vol 28. No 10373. Price: N250
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Tribunal Delivers Judgement in Atiku, Obi's Petitions against Tinubu Tomorrow Alex Enumah and Chuks Okocha in Abuja
L-R: Secretary to Lagos State Government, Barr Abimbola Salu-Hundeyin; Director, Rail-LAMATA, Engr. Olasunkanmi Okusaga; Deputy Governor, Dr Obafemi Hamzat; Governor Babajide Sanwo-Olu; Managing Director, Lagos Metropolitan Area Transport Authority (LAMATA), Engr (Mrs) Abimbola Akinajo; the First Lady, Dr (Mrs) Ibijoke Sanwo-Olu and others, during the first commercial train trip on the Blue Line Rail from Marina to Mile 2 ... yesterday (See story on Page 25)
Exactly one month and four days after it concluded hearing in two separate Continued on page 24
Sanusi: How Buhari Mismanaged Nigeria’s Economy in Eight Years Says inexperienced rookie bought private jet under ex-president Emmanuel Addeh in Abuja The former Emir of Kano, Muhammadu Sanusi, has hinted that former President Muhammadu Buhari, destroyed the Nigerian economy in the eight years that he administered the country, insisting that the ex-Nigerian leader failed to listen to expert advice. Sanusi, a former governor of the Central Bank of Nigeria (CBN), was speaking during a virtual religious event on Sunday. Sanusi said the Buhari administration ignored his advice on how to take Nigeria out of its economic woes.
“(In the last eight years), the Central Bank continues to print more money, and the naira continue to depreciate. There is too much naira in circulation because the CBN is printing the currency without restraint. “The economy was poorly managed, and they were not willing to take advice; in the last eight years, apart from sycophancy, nothing has been done; those sycophants are those buying the dollar at the rate of N400 and selling it at the rate of N600 to N700. Continued on page 24
2023 Budget: FG Posts N4.6tn INCLUSIVE GOVERNANCE... L-R: Kwara State Governor AbdulRahman AbdulRazaq (CON) inaugurating Mr Ayowade Peter Kayode, a visually impaired civil servant, as Permanent Half-year Revenue... Page 5 Secretary for the Ministry of Social Development at a ceremony to swear in cabinet members and new Permanent Secretaries in Ilorin... yesterday