The Nigerian government has finally approved the sale of ExxonMobil’s onshore assets to Seplat Energy, wrapping up a $1.28 billion deal that’s been stuck in limbo for over two years.
Gbenga Komolafe, the CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), confirmed the news on Monday while speaking with Reuters in Abuja.
Originally announced in February 2022, the deal hit a brick wall, waiting for regulatory clearance. But things took a turn earlier this month. On October 1, President Bola Tinubu reassured the public that ministerial approval was just around the corner, now that the NUPRC had signed off on the transaction.
“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes,” Tinubu stated.
“This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively.
“As such, the ExxonMobil Seplat divestment will 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,” Tinubu added…[CONTINUE READING HERE]>>
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