Barely 48 after giving his nod, President Muhammadu Buhari has reversed his approval of Seplat Energy’s purchase of ExxonMobil’s Assets.
The president had on Monday, in a statement by presidential spokesperson, Femi Adesina, approved the deal
Hours after the president’s approval was made public, chief executive officer of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) issued a statement, countering the president, insisting that the statusquo subsists.
According to Premium Times, in a reaction to the controversy that arose from the conflicting approvals, the Buhari’s spokesperson Garba Shehu, said the President had taken a decision that the position of the NUPRC be supported.
Seplat Energy Plc had in February this year announced an agreement to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Delaware for $1.28 billion.
The transaction entails the acquisition of ExxonMobil Nigeria’s entire offshore shallow water business.
The Nigerian National Petroleum Company (NNPC) Limited has a pre-emptive right over the asset and had in July, won a court decision temporarily blocking Exxon Mobil Corporation from selling assets in Nigeria to Seplat Energy Plc.
A judge in Abuja had granted NNPC Ltd an “order of interim injunction” on July 6, 2022, barring Exxon Mobil “from completing any divestment” in a unit that ultimately operates four licenses in Nigeria.
Shehu was quoted to have said that the earlier confusion was because “various agencies involved in (the) decision had not coordinated well among themselves.
“It has become clear that 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.”
