Abuja, August 25, 2024 – Former Vice President Atiku Abubakar has publicly demanded that the Federal Government explain the rationale behind the expedited approval granted to Oando Plc for the acquisition of the onshore assets of AGIP and ENI. This request comes amid growing concerns about preferential treatment in the oil and gas sector.
Atiku Abubakar has questioned why Oando Plc received rapid approval for the purchase of AGIP and ENI’s onshore assets, a process that typically involves extensive scrutiny and regulatory review. He noted that this approval was granted by the Nigerian Upstream Production Regulatory Commission (NUPRC) within just eight months.
In contrast, other significant oil and gas transactions, such as the Shell/Renaissance deal and the Mobil/Seplat merger, have faced prolonged delays. Atiku argues that this discrepancy indicates preferential treatment for Oando, which could be undermining fair competition and investment opportunities in the sector.
Atiku has also criticized the House of Representatives for failing to act decisively on issues related to the Nigerian National Petroleum Company Limited (NNPCL). He accused NNPCL of compromising the country’s oil assets and aligning with vested interests, further fueling concerns about transparency and governance in the sector.
The former Vice President expressed concern that the special treatment afforded to Oando could disadvantage other investors and create an uneven playing field in the Nigerian oil industry. He emphasized the need for transparency and equitable processes to ensure that all players are given a fair opportunity.
Atiku’s statement underscores a broader call for the Federal Government to provide a detailed explanation regarding the approval process for Oando’s acquisition. He advocates for a thorough review of the transaction and its implications for the sector.As of now, there has been no official response from the Federal Government or NUPRC addressing Atiku’s concerns. The demand for clarification highlights ongoing scrutiny of the regulatory and approval processes in Nigeria’s oil and gas industry.
Atiku Abubakar’s call for transparency and accountability in the approval of Oando’s acquisition reflects wider issues of governance and fairness in Nigeria’s oil sector. The former Vice President’s concerns bring attention to the need for consistent and transparent regulatory practices to foster a competitive and equitable business environment.
