The federal government has approved the sale of ExxonMobil’s onshore assets to Seplat Energy, more than two years after the $1.28 billion deal was initially agreed.
The CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, confirmed this to Reuters on Monday in Abuja.
The sale, first announced in February 2022, had been delayed pending regulatory approval.
However, President Bola Tinubu on October 1 assured that the transaction would receive ministerial approval within days, following clearance from the regulator.
“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.
“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 said.
(Nairametrics)
