Seplat Reacts, As President Buhari Withdraws Approval For ExxonMobil Deal

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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.

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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the Company’s proposed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited (“MPNU”) has been withdrawn.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

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