Esther Igbinedion
In this piece, we break down the key takeaways from the post NNPC Denies Opposing Sale of NAOC Shares to Oando.
Notable points
THEWILL recalls that Oando Plc had earlier announced that it had sealed a deal with Eni (the parent company of NAOC) to acquire the 100 percent shares of its Nigerian subsidiary, NAOC and that the deal was subject to ministerial approval.
The NNPC said the recent letter erroneously being referred to as communicating its opposition to the share transfer agreement between NAOC and Oando, was sent by NEPL, an NNPC subsidiary (not by NNPC).
In a statement by NNPC Limited on Thursday, signed by its Chief Corporate Communications Officer, Garba Deen Muhammad, the national oil company said it was not opposed to the NAOC-Oando share transfer agreement as reported in the media.
“NNPC wishes to state that the letter was sent by NEPL, an NNPC Limited subsidiary. However, nowhere was opposition or objection to the transaction mentioned in the letter.
“NEPL was only drawing attention to certain important clauses in the Joint Operating Agreement (JOA) between it, NAOC and OOL; which might have been overlooked in error.
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