September 29, 2022



Seplat seeks FG’s clarification on ExxonMobil acquisition deal

Seplat Vitality allay fears of its buyers over information that President Buhari had withdrawn his approval of permitting it to amass MPNU from ExxonMobil, three days after consenting to the settlement.

The deal which was initially introduced in February this 12 months was set to comply with the well-trodden path of different oil and gasoline offers in Nigeria which have been topic to prolonged delays – and are generally not accomplished in any respect – because of the extremely litigious nature of Nigeria’s enterprise surroundings.

The proposed acquisition had been subjected to a collection of delays by the federal government on the deal, for which business analysts stated some authorities officers weren’t comfy with the acquisition by a completely indigenous oil firm.

Federal authorities had turned down the applying for ministerial consent essential to seal the $1.5bn deliberate deal between Seplat Vitality Plc, a serious power firm in Nigeria, and US-based ExxonMobil.

Nonetheless, in a press release on Monday, Femi Adesina, presidential spokesperson, stated Buhari made the approval contemplating the ample advantages of the divestment to the nation’s oil sector.

The Nigerian Upstream Petroleum Regulatory Fee (NUPRC), regulator of Nigeria’s upstream subsector nevertheless disagreed with President Muhammadu, insisting that the matter was a regulatory one and nothing had modified after it had earlier notified ExxonMobil the transaction had been declined. 

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