The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that Oando Plc’s acquisition of Nigeria Agip Oil Company (NAOC) complies with the Petroleum Industry Act (PIA).
This statement follows allegations from former Vice President Atiku Abubakar, who claimed that Oando received preferential treatment in the oil and gas sector.
The NUPRC emphasized that the divestment process followed the standard regulatory framework and that similar ongoing transactions, like Seplat Energy’s acquisition, are also being processed within the PIA’s guidelines.
In response to Atiku’s criticism, which included concerns over the speed of approval for Oando’s deal compared to other stalled transactions, the NUPRC detailed the timeline of the NAOC divestment process, affirming that all necessary steps were followed.
The commission reiterated its commitment to transparency and adherence to established regulatory procedures in the oil and gas sector.