Buhari Has Reversed Approval Of Seplat Energy/Mobil Producing Oil Deal – Presidency

Presidency says President Muhammadu Buhari has reversed his authorisation of the acquisition of ExxonMobil Corporation assets by Seplat Energy Plc.

Gatekeepers News reports that in February, Seplat agreed to acquire the entire share capital of MPNU from Exxon Mobil for $1.3 billion.

However, Presidential Spokesman, Garba Shehu disclosed to Premium Times on Wednesday that the president has decided to support the position of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in the deal.

Shehu said previous confusion was because “various agencies involved in (the) decision had not coordinated well among themselves.”

However, when TheCable asked if there would be proper communication over the issue, he said “I have no statement to issue”.

On Monday, President Buhari approved the acquisition of ExxonMobil Corporation assets by Seplat Energy Plc despite moves by the state-owned oil company blocking the deal.

However, in a twist of events, the NUPRC frowned at the approval, describing it as a regulatory matter.

In May, the commission declined to approve the proposed acquisition due to “overriding national interest.”

Nevertheless, Seplat Energy in a corporate filing on Wednesday, said it followed due process in the acquisition of the assets.

The statement read, “Seplat Energy has become aware of news and social media reports alleging impropriety in the process of securing ministerial consent to the acquisition of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited.

“Such reports are wholly untrue, and the company will pursue legal action against any parties involved in disseminating false information related to its business.”