Seplat Reacts, As President Buhari Withdraws Approval For ExxonMobil Deal

2 years ago
1 min read

Seplat Energy has reacted to statement by presidential spokesperson, Garba Shehu, that President Muhammadu Buhari has reversed the approval given for the acquisition of Mobil Producing Nigeria Unlimited (MPNU).

Shehu, on Wednesday, had stated that President Buhari had chosen to stand behind the decision of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), as it relates to the deal.

NUPRC had stated that Seplat needed the oil regulator’s consent to finalise the deal to acquire Mobil Producing Nigeria Unlimited from ExxonMobil, despite President Buhari approving it Monday.

“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.” Shehu told Premium Times on Thursday.

Reacting to the revelation, Seplat said it is holding talks with the government, as the authorities haven’t officially communicated the decision to the company.

“Seplat Energy has become aware of a news report that Ministerial Approval of the Company’s proposed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited (“MPNU”) has been withdrawn.

“Seplat Energy has received no official notification of such a decision and is seeking clarification from the relevant authorities. We will continue to work with all parties to achieve a successful outcome to the proposed acquisition and will provide an update in due course.” Seplat said


Follow Us

Latest from Business

Naira Slumps To N1,234/$1 At Official Market

Naira Slumps To N1,234/$1 At Official Market

The Nigerian Naira witnessed a decline against the United States dollar, hitting N1,234 at the official foreign exchange market on Monday. This marks a notable fall of N65 or 5.26 percent from

Don't Miss

New NCDMB Boss Visits NUPRC, NIACOM, Outlines Collaboration Opportunities

NUPRC Calls For Action To Boost Nigeria’s Oil Sector Amid Global Competition

NURPC Chief Executive, Gbenga Komolafe, expressed deep concern