In a landmark transaction valued at $783 million, Oando PLC has successfully acquired 100% of the shareholding interest in Nigerian Agip Oil Company (NAOC) from Italian energy giant Eni. The deal marks a significant expansion of Oando’s upstream operations, effectively doubling the company’s reserves and increasing its participating interests in several key oil fields.

The acquisition includes a 100% shareholding interest in NAOC, strengthening Oando’s participating interests in four key oil mining leases (OMLs 60, 61, 62, and 63) from 20% to 40%. This expansion solidifies Oando’s ownership in all NEPL/ NAOC/OOL Joint Venture assets, encompassing 40 discovered oil and gas fields, 24 of which are currently producing, along with a vast network of infrastructure including 1,490 kilometers of pipelines and three gas processing plants.

Commenting on the completion of the transaction, Wale Tinubu, Group Chief Executive of Oando PLC, described it as the culmination of a decade-long strategic effort. “Today’s announcement is the culmination of ten years of toil, resilience, and an unwavering belief in the realization of our ambition since the 2014 entry into the Joint Venture via the acquisition of Conoco-Philips Nigerian Portfolio. It is a win for Oando, and every indigenous energy player, as we take our destiny in our hands and play a pivotal role in this next phase of the nation’s upstream evolution.”

The transaction also marks a significant increase in Oando’s reserves, adding 493.6 million barrels of oil equivalent (MMboe) to bring the company’s total reserves to one billion barrels. This development is expected to be immediately cash generative, contributing significantly to the company’s cashflows and future financial performance.

Oando’s acquisition is not only about expanding production but also about ensuring sustainable development and responsible practices, Tinubu remarked, as he said, “Our immediate focus is on optimizing the assets’ immense potential, advancing production and contributing to our strategic objectives. This we will do while prioritizing responsible practices and sustainable development in ensuring a balanced approach to our host communities and environmental stewardship.”

As Oando assumes the role of operator for these assets, the company is also looking to the future with plans to diversify within the broader energy sector, as Tinubu highlighted Oando’s intention to explore opportunities in clean energy, agri-feedstock, energy infrastructure, and mining, reflecting the company’s commitment to long-term growth and value creation for its stakeholders.

A group of former employees has filed a lawsuit against X, formerly known as Twitter, alleging unfair treatment following the company’s acquisition by Elon Musk. The lawsuit claims that X violated labor laws, failed to provide adequate notice and severance packages, and disproportionately targeted women and older workers for job cuts.

The lawsuit is one of several filed in the months after Musk’s $44 billion acquisition, which led to the layoffs of approximately 75% of the workforce. Court documents reveal that other cases accuse Twitter of not giving employees and contractors advance notice of layoffs and failing to pay billions of dollars in promised severance.

X has denied any wrongdoing, but the lawsuits highlight the challenges faced by the company as it undergoes significant restructuring. As the cases move forward, they will likely provide insight into the inner workings of X and the decisions made by Musk and his team.

“We’re committed to protecting the rights of our former employees and ensuring that they receive the fair treatment they deserve,” said a spokesperson for the plaintiffs. X has not commented further on the lawsuits, but its denial of wrongdoing suggests a lengthy and contentious legal battle ahead.

In a bold move to enhance user safety across Sub-Saharan Africa, TikTok has launched its inaugural Safety Advisory Council, a diverse group of experts tasked with providing localized insights and recommendations on safety issues. This initiative marks a significant step in TikTok’s global safety strategy, expanding on its existing network of Safety Advisory Councils that have shaped the platform’s safety policies worldwide.

The council members, comprising academics, NGOs, content creators, and community leaders, will work closely with TikTok to address regional safety concerns and develop proactive strategies to manage emerging challenges. This collaborative approach underscores TikTok’s commitment to creating a secure and positive environment for its users in the region.

Alongside the council, TikTok is launching the latest phase of its #SaferTogether campaign, focusing on educating the community about safety features and community guidelines through workshops, social media outreach, and partnerships with local stakeholders. The campaign aims to promote a shared responsibility for safety and encourage users to engage actively with the platform’s safety tools.

With the support of strategic partners like Safaricom, TikTok remains dedicated to upholding platform integrity and safeguarding its user community across Sub-Saharan Africa. As the platform