NUPRC Refutes Buhari’s Approval Of Seplat’s Purchase Of ExxonMobil’s Asset

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A declaration from the Presidency announcing President Muhammadu Buhari’s clearance of Seplat Energy’s acquisition of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation has been refuted by Nigeria’s upstream petroleum regulator commission (NUPRC).

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which had earlier informed ExxonMobil the transaction had been rejected, stated on Monday that the situation was a regulatory one and nothing had changed.

The ExxonMobil/Seplat Energy stake transaction is still in the status quo, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The Chief Executive of the NUPRC, Engr. Gbenga Komolafe responded to media inquiries about the most recent development regarding the transaction by stating that the Commission, in accordance with the provisions of the Petroleum Industry Act 2021, is the only regulator in dealing with such matters in the Nigerian upstream sector.

“As it were, the issue at stake is purely a regulatory matter and the Commission had earlier communicated the decline of Ministerial assent to ExxonMobil in this regard. As such the Commission further affirms that the status quo remains.”

The announcement came a few hours after presidential spokeswoman Femi Adesina claimed in a statement that Mr. Buhari had approved the sale to Seplat, an indigenous oil business. The announcement effectively retracted the presidential decision.

According to Mr. Adesina, Mr. Buhari gave his approval for the transfer in his capacity as Minister of Petroleum Resources. This approval was made in line with the nation’s push for foreign direct investment in the energy sector and took into account the “extensive benefits of the transaction to the Nigerian Energy sector and the larger economy.”

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