By Emeka Okoroanyanwu
After a harrowing two years delay, the Federal government has finally given a nod for the sale of ExxonMobil’s onshore assets to Seplat Energy. The deal amounts to $1.28 billion.
The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, confirmed the deal on Monday in Abuja on Monday.
The sale, first announced in February 2022, had been delayed pending regulatory approval.
However, President Bola Ahmed Tinubu had then promised to get a quick approval for the transaction, saying it follows the principle of other Upstream sector divestment policies.
As such, he said that the ExxonMobil Seplat divestment would receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA.
This was done in the same manner as other qualified divestments approved in the sector.
On February 25, 2022, Seplat Energy Plc announced its plan to acquire all shares of Mobil Producing Nigeria Unlimited from ExxonMobil Corporation, Delaware, for $1.28 billion.
However, approval was delayed for about two years following disagreement with the Nigerian National Petroleum Company Limited, NNPCL.