NNPC LTD. NOT AGAINST SALE OF SHARES OF NIGERIAN AGIP OIL COMPANY LIMITED TO OANDO PLC
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 (NAOC) is being interpreted to suggest that NNPC Ltd. is opposed to the sale of NAOC shares to Oando PLC.
This is not correct.
NNPC Ltd. wishes to state that the letter was sent by NEPL, an NNPC Ltd. subsidiary. However, nowhere was opposition or objection to the transaction mentioned in the letter.
NEPL is 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. Adherence to those clauses will protect the transaction, now and in the future.
Garba Deen Muhammad, Chief Corporate Communications Officer, NNPC Ltd.
