Buhari Reverses Approval of Seplat Energy, Mobil Producing Oil Deal – Presidency


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

In a statement signed by the presidential spokesperson, Garba Shehu on Monday, Buhari had announcement the approval of the deal.

In February, Seplat Energy had agreed to acquire the entire share capital of MPNU from Exxon Mobil for $1.3 billion plus up to $300 million contingent consideration.

However, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) expressed its displeasure at the approval, describing it as a regulatory matter, saying it should have been granted the right of first refusal in purchasing the assets.

According to the spokesperson on Wednesday, the president has decided to support the position of the NUPRC, as the confusion trailing the deal was due to the non-coordination among the various agencies of government involved.

“It has become clear that the various agencies involved in 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.”

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