Oando Plc has completed the acquisition of Eni’s subsidiary, Nigerian Agip Oil Company (NAOC), for 783 million dollars.

The company announced this on Thursday in a statement by its Chief Compliance Officer and Company Secretary, Ayotola Jagun.

The deal sees Oando, which is listed on the Nigerian Exchange Limited and Johannesburg Stock Exchange, take ownership of a hundred percent of the shareholding interest in NAOC from Italian energy company, Eni.

For Oando, a leading energy solutions provider in Nigeria, the acquisition “is a significant milestone” in its long-term strategy to expand its upstream operations and strengthen its position in the Nigerian oil and gas sector.