Business
Eni’s Onshore Assets Sale To Oando Attracts Controversy
There have been controversies over the sale of Eni’s subsidiary, Nigerian Agip Oil Company Limited (NAOC) oil assets to Oando Oil Limited (OOL).
The assets comprise Oil Mining Lease, OMLs 60, 61, 62, and 63.
According to The Tide’s source, the controversy is based on the fact that ExxonMobil was previously stopped from selling its entire share capital of Mobil Producing Nigeria Unlimited, (MPNU) to Seplat Energy Plc.
Meanwhile, industry leaders, who bared their minds on the issue in different interviews, said they expected similar trend as the government had agreed that such assets should be utilised to enable the Nigerian Petroleum Development Company (NPDC), a fully-owned subsidiary of NNPC Limited, build its capacity to becoming a major exploration and producing company.
They said they were shocked to note the smooth sailing of the Eni/Oando deal, thus provoking Seplat Energy and other parties.
Speaking on the issue, the National President of Oil and Gas Service Providers Association of Nigeria, Mazi Colman Obasi, said, “I cannot understand why the two cases are treated differently. I expect the government to be fair and transparent to all investors”.
In the same vein, Lead Promoter, EnergyHub Nigeria, Prof. Felix Amieyeofori, said, “This is a new government that is making efforts to attract private investors and needs to send the right signals to the global community.
“It should also be known that Oando had successfully acquired Eni’s assets before for development. There seems to be trust that informs the current transaction by Eni”.
Already, the NNPC Limited has clarified that it is not against the sale of shares by NAOC to Oando Oil Limited.
NNPC’s Chief Corporate Communications Officer, GarbaDeen Muhammad, in a statement obtained by the source, said, “It has come to our notice that a routine communication in the form of a letter written by NNPC E&P Limited (NEPL) to its JV Partner, Nigerian Agip Oil Company Limited is being interpreted to suggest that NNPC Ltd is opposed to the sale of NAOC shares to Oando PLC. This is not correct.
“NNPC Limited wishes to state that the letter was sent by NEPL, an NNPC Ltd. subsidiary. However, nowhere was opposition or objection to the transaction in the letter.
“NEPL is only drawing attention to certain important clauses in the Joint Operating Agreement between it, NAOC and OOL; which might have been overlooked in error. Adherence to those clauses will protect the transaction, now and in the future”.
In a letter to the Managing Director of NOAC and the Chief Operating Officer of Oando Oil Limited, NNPC Limited, had said, “Our attention has been drawn to various reports circulating on different media platforms concerning an alleged divestment of NAOC participating in the OML mentioned above to Oando Oil Limited.
“A duly signed press statement allegedly emanating from OOL dated 4th September 2023 affirms that NAOC has assigned its entire 20 per cent participating interest in the said OMLs to OOL.
“While we are yet to confirm the authenticity of the purported divestment, we would like you to note that the purported divestment, if true, would have the following far-reaching contractual/legal implications in relation to the Joint Operating Agreement (JOA) dated July 1991 governing the operations of NAOC/NEPL/OOL joint venture:
“It is imperative for you to know that failure for you to obtain NEPL’s prior written consent and approval with regards to the alleged transfer of your interest in the joint asset constitutes a grave breach of the terms of the JOA and NEPL’s reserves its right in relation to the said breach- including NEPL’s entitlement to invalidate the purported assignment to OOL.
“Please note that as holders of 60 per cent participating interest in the NEPL/NAOC/ OOL JV, we are indeed concerned that the entire purported assignment was executed without due compliance with the terms of JOA. We expect that all parties to the JOA will comply and observe the terms of the JOA”.
Meanwhile, the management of Eni’s subsidiary, NAOC, has concluded plans to engage labour over the sale of the assets this week.
The Petroleum and Natural Gas Senior Staff Association of Nigeria, (PENGASSAN) had ordered the withdrawal of its members from all offices and field locations of Eni, over the sale deal.
However, the source’s checks indicated that the two parties have resolved to meet this week in order to allay the fears of workers, who are sceptical that the sale of the assets would culminate in retrenchment.
There are indications that the workers are scarred that the deal would lead to their retrenchment because they were not sufficiently carried along, hence the management has decided to engage them in order to restore harmony and enhance operations.
Chairman of PENGASSAN, Agip Group, Eyong Survival, had said, “The Managing Director of Eni Nigeria, Mr. Fabrizio Bolondi, invited the workforce to a meeting on September 4, 2023, and callously informed us that Eni has sold its 20 percent equity share in NAOC JV, comprising OML 60, 61, 62 and 63, covering parts of Rivers, Delta, Bayelsa, and Imo States to Oando Nigeria Limited, transferring all its assets and liabilities to Oando without recourse to outstanding financial obligations to the workers, vis-a-vis their employee savings plan, pension, and gratuity”.
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Business
Minister Constitutes Tech Committee On Aviation Ties With Angola
Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, has constituted a technical committee to work with the Angolan Embassy on deepening aviation ties with Nigeria.
Special Assistant on Media and Communications to the Minister, Mr. Tunde Moshood, in a statement, said the committee would oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
This development is coming after Keyamo received the Angolan Ambassador to Nigeria, Jose Bamoquina Zau, and his Deputy, Nelson Paulo Kafikiri, in Abuja.
The statement revealed that the Angola’s Minister of Transport, Dr. Ricardo Viegas de Abreu, was keen to build a synergy between both nations and was eager to tap into the wealth of experience of Nigeria’s aviation leadership.
According to the statement, “The visit is aimed at strengthening aviation ties between Nigeria and Angola, particularly as Angola embarks on a new era for its aviation industry.
“The Angolan delegation brought positive updates on the progress of Angola’s aviation sector, specifically highlighting the recent overhaul of its airport infrastructure.
Ambassador Zau informed Keyamo that the new airport, set to serve as a strategic hub for the region, will be officially inaugurated in one month’s time.
In delivering a message from the Angolan Minister of Transport, Ricardo de Abreu, the Ambassador conveyed the Minister’s warm greetings and underscored Angola’s eagerness to foster collaboration with Nigeria.
He expressed interest in exploring a bilateral air services agreement and other mutually beneficial opportunities within the aviation sector.
Ambassador Zau also extended an official invitation from Minister Ricardo de Abreu for Keyamo to attend the grand opening of Angola’s new airport next month.
He emphasised that both nations stand to gain from deeper cooperation, particularly in aviation business and infrastructure development.
In response, the aviation Minister expressed appreciation for the visit and congratulated the Angolan government on its impressive strides in aviation infrastructure.
He affirmed his commitment to attend the upcoming event and signalled Nigeria’s readiness to work closely with Angola to enhance air connectivity and explore new business opportunities.
“To ensure seamless coordination ahead of the event, the Aviation Minister has constituted a technical committee to work with the Angolan Embassy’s team.
“The committee will oversee logistics and help solidify plans for the Minister’s visit and potential areas of collaboration.
“The meeting underscores the continued commitment of both nations to expand their aviation sectors and work towards a prosperous and mutually beneficial relationship”, Moshood stated.
Business
NIWA Wants Deeper Private Investment In Blue Economy
The National Inland Waterways Authority (NIWA) has called for deeper private sector participation in the blue economy initiative to harness greater benefits from it, for national development.
The Authority also commenced moves to improve security across the nation’s Waterways, in a bid to attract private investment into the Blue economy.
Managing Director of NIWA, Mr. Bola Oyebamiji, who disclosed this to newsmen during the tour of Wari and Onithsa area offices, said NIWA is determined to revamp the nation’s economy by consolidating on Public/Private Partnerships (PPP) initiatives.
“This initiative is part of our deliberate plans to open up new opportunities to maximise full economic potentials of the nation’s waterways.
“The PPP is the way to go but we need people or investors, who have genuine intentions and purposes to enable us align with President Bola Tinubu’s Renewed Hope Agenda for economic recovery”, he said.
The agency’s boss tasked the staff to live up to expectation by working harder in revenue generation that could open rooms to better their welfare.
He warned the staff against indolence and laxity since he was committed to staff welfare and revenue generation
According to him, there is need for the staff to be disciplined and committed by rededicating themselves to the growth and development of the Authority.
Business
Discount Airfares: Qatar Airways, Access Bank Extend To Dec
The Qatar Airlines, in its efforts to further ease financial burden of air passengers, has extended its discount partnership deal with Access Bank till December 2024.
Access Bank customers, who book their flights online using Qatar Airways’ website in this deal, enjoy up to 12 percent discount on both business and economy classses.
The Bank’s customers, using the promo code “ACCESS”, can book flights to any destination in the world and travel.
Qarta Airline, in a statement through the Vice President–Africa, Hendrick du Preez, stated that the partnership reiterates the Airways’ commitment to streamline travel within and across African markets by delivering first-rate services and offerings to passengers.
“As we are in the summer season and passengers tend to want to travel to spend time with loved ones, our priority at Qatar Airways remains broadening opportunities to travel for our passengers in the African market.
“Although Africa stands as the most underserved market, we strongly believe in the power of partnerships like these in transforming travel within the continent.
“We are proud to partner with respected pan-African financial institutions like Access Bank to provide innovative incentives for passengers and customers”, he stated.
This is coming on the heels of Qatar Airways’ recent expansion of routes across the African continent along with increased flight frequencies in various locations.
Also in the release, Access Bank’s Executive Director for Corporate and Investment Banking, Iyabo Soji-Okusanya, expressed enthusiasm about the partnership.
“Our team is delighted to collaborate with Qatar Airways to bring exceptional travel benefits to our valued customers. This offering aligns with our commitment to enhancing the overall experience for those who choose Access Bank and continue to do so every year.
“By providing exclusive discounts on Qatar Airways flights, we aim to make travel more accessible and enjoyable for our customers”, Soji-Okusanya said.
Corlins Walter
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