The Federal Government has given the green light for the sale of ExxonMobil’s onshore assets to SEPLAT Energy, over two years after the $1.28 billion deal was initially struck.
Gbenga Komolafe, the CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), confirmed the development to Reuters on Monday in Abuja.
The transaction, which was first unveiled in February 2022, had faced delays due to pending regulatory approvals. However, President Bola Tinubu, in an address on October 1, assured that the sale would receive ministerial approval within days, following regulatory clearance.
“Fellow compatriots, our administration is committed to fostering free enterprise, allowing both free entry and exit in investments while safeguarding the sanctity and effectiveness of our regulatory frameworks. This principle underpins the divestment transactions within our upstream petroleum sector, where we aim to shift fortunes for the better.
“In this context, the ExxonMobil-SEPLAT divestment will secure ministerial approval in a matter of days, having already been cleared by the NUPRC, in accordance with the Petroleum Industry Act (PIA). This process mirrors the approval of other qualified divestments in the sector,” Tinubu stated.
In 2022, SEPLAT Energy Plc disclosed its intention to acquire all shares of Mobil Producing Nigeria Unlimited from ExxonMobil Corporation, Delaware, for $1.28 billion.
