Eni has completed the $783 million sale of key part of its Nigerian business to Lagos-listed independent Oando.

This milestone will be welcomed by both parties and is a sign that President Bola Tinubu’s strident missives to government to accelerate approval processes for such transactions is starting to gain traction.

Oando – whose shares also trade in Johannesburg – has acquired Nigerian Agip Oil Company (NAOC), boosting the company’s existing stakes in Oil Mining Licenses (OMLs) 60, 61, 62, and 63 from 20% to 40%.