Buhari Intervenes, Approves Seplat Energy’s Acquisition Of Exxon Mobil Shares

There had been reports that the NNPC intended to exercise a right of pre-emption on ExxonMobil’s planned sale of the MPNU assets in Nigeria.In May, the federal government declined to consent to the proposed acquisition due to “overriding national interest”.

President Buhari also directed that all environmental and abandonment liabilities be adequately mitigated by Exxon Mobil and Seplat. Meanwhile, upstream regulator, the Nigerian Upstream Petroleum Regulatory Commission has rejected President Muhammadu Buhari’s approval of Seplat’s purchase of ExxonMobil’s assets.

“Responding to media enquiries on latest development about the transaction, the Chief Executive of the NUPRC Gbenga Komolafe clarified that the Commission in line with the provisions of the Petroleum Industry Act 2021 is the sole regulator in dealing with such matters in the Nigerian upstream sector.

It said the transformational transaction will create one of the largest independent energy companies on both the Nigerian and London Stock Exchanges, and bolster Seplat Energy’s ability to drive increased growth, profitability and overall stakeholder prosperity.

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