The Nigerian National Petroleum Company Limited (NNPC) has moved to halt its ongoing legal proceedings against several subsidiaries of Mobil Nigeria and the Nigerian Upstream Petroleum Regulatory Commission. This motion was filed on June 11, 2024, by NNPC’s legal team, Afe Babalola & Co., in the High Court of the Federal Capital Territory, Abuja.
NNPC is seeking the court’s permission to discontinue the lawsuit, with an option to relist it if the settlement process does not succeed. This motion is part of a larger effort to finalize a settlement agreement regarding the divestment of a 100% interest in Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Offshore Limited.
According to the motion, one of the conditions for the Settlement Agreement necessitates NNPC’s withdrawal of the suit to facilitate the settlement. NNPC’s legal counsel argued that discontinuing the suit is in the interest of justice, promoting an efficient resolution without prolonged litigation. The motion also requested that the suit be struck out without costs, emphasizing the parties’ commitment to an amicable settlement.
Isaika Popoola, a litigation manager at Afe Babalola & Co., provided an affidavit detailing the case’s history, the arbitration process, and the settlement terms. He noted that the involved parties had held several meetings to resolve the dispute over the MPNU shares’ divest
