The deal has rattled the industry for over seven months as regulatory procedures generated hiccups to the historic deal that would have launched a Nigerian firm into such huge oil exploration activities.
Consequently, President Buhari reversed his authorisation for the transaction while the industry awaits the next line of action.Chief Financial Officer, Emeka Onwuka, who said the reversal was only heard through the media, said: “Seplat Energy has received no official notification of such a decision and is seeking clarification from the relevant authorities.
President Buhari had on Wednesday, in a statement by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, reversed his authorisation for the acquisition of the entire share capital of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited. According to him, the confusion over ExxonMobil shares was because “the various agencies involved in the decision had not coordinated well among themselves and having looked at all of the facts with all of the ramifications, the president decided the position of the regulator is to be supported.”
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: LeadershipNGA - 🏆 4. / 77 Read more »