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Presidency: Buhari has reversed approval of Seplat Energy, Mobil Producing Oil deal

Presidency: Buhari has reversed approval of Seplat Energy, Mobil Producing Oil deal
August 10
20:12 2022

President Muhammadu Buhari has reversed his authorisation of the acquisition of ExxonMobil Corporation assets by Seplat Energy Plc.

In February, Seplat had agreed to acquire the entire share capital of MPNU from Exxon Mobil for $1.3 billion. 

Garba Shehu, presidential spokesperson, disclosed this to Premium Times on Wednesday. 

Shehu said the president has decided to support the position of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in the deal.

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He said previous confusion was because “various agencies involved in (the) decision had not coordinated well among themselves”. 

When TheCable asked if there would be proper communication over the issue, he said “I have no statement to issue”.

On Monday, President Muhammadu Buhari approved the acquisition of ExxonMobil Corporation assets by Seplat Energy Plc despite moves by the state-owned oil company blocking the deal.

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But in a twist of events, the NUPRC frowned at the approval, describing it as a regulatory matter.

In May, the commission declined to approve the proposed acquisition due to “overriding national interest”.

In a corporate filing on Wednesday, Seplat Energy said it followed due process in the acquisition of the assets.

“Seplat Energy has become aware of news and social media reports alleging impropriety in the process of securing ministerial consent to the acquisition of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited,” the statement reads.

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“Such reports are wholly untrue, and the company will pursue legal action against any parties involved in disseminating false information related to its business.”

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