Adedapo Adesanya
By Adedapo Adesanya
The acquisition of Nigerian Agip Oil Company (NAOC) by Oando continues to face heavy reactions, with the latest coming from local contractors of the acquired firm, who have called on President Bola Tinubu to interfere in the matter, threatening to occupy all facilities belonging to Agip in the Niger Delta over contract debts.
Recall that in September, Oando Plc acquired a 100 per cent stake in the Nigerian subsidiary of Italian giant, Eni for an undisclosed sum.
Since then, many stakeholders, including the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have lamented the deal which they alleged happened without management addressing the welfare and benefits of the workers and without due process.
The latest is coming from contractors under the aegis of the Coalition of Indigenous Contractors of Agip, who wondered why Agip would embark on such a deal without first discussing the modalities to pay all their outstanding debts.
In a statement on Sunday jointly signed by its chairperson, Mr Ifeanyichuku Olisa, and Secretary, Mr Felix Alumona lamented that Agip owed its members huge amounts of money for jobs they did for the company.
The contractors called on President Tinubu to wade into the transaction and ensure that all outstanding debts were paid before the conclusion of the acquisition.
The contractors said it would be “inhuman” and “lack of global best practices” to allow the deal to sail through without settling all debts owed them by the company.
They also appealed to security agencies to prevail on Agip and NNPC to settle the outstanding debts to avoid forcing the host communities and others to resort to self-help.
The contractors said: “We recently heard that NAOC has been acquired by Oando and the acquisition process is ongoing.
“Whilst we hold no objection to the purported acquisition, we are concerned about what happens to the monies NAOC owes all its contractors.
“It is also worrisome to hear from NAOC that the other joint venture partners, NNPC and OANDO, have not consistently remitted their joint venture contributions, cash calls, which invariably has led to humongous sums of money being owed to local contractors, comprising landlords to NAOC facilities, service contractors and general contractors, who provide services to NAOC.”
The contractors said some of the debts had been owed since 2020, adding that loans were obtained from the banks by contractors to execute the jobs.
“Government regulatory agencies, as well as all security agencies, should please prevail seriously on NNPC/OANDO to please save the contractors from impending calamity and to forestall landlords and host community contractors from resorting to self-help which will include, but not limited to, ensuring the stoppage of all NAOC operations in our host communities.”
