• About
  • Advertise
  • Contact
Friday, October 3, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Business

Buhari Reverses Self On Approval Of $1.28bn Seplat’s ExxonMobil Acquisition

Vital News by Vital News
August 11, 2022
in Business
0
Share on FacebookShare on Twitter

Abuja – President Muhammadu Buhari has reversed his approval of Seplat Energy’s purchase of ExxonMobil’s Assets.

The reversal is coming barely 48 hours after a purported statement was issued by the President ‘s spokesman, Me Femi Adesina that the deal had been approved by the President.

Seplat Energy Plc had in February this year announced an agreement to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Delaware for $1.28bn.

The transaction entails the acquisition of ExxonMobil Nigeria’s entire offshore shallow water business.

According to the deal, ExxonMobil Nigeria’s shallow water business is an established, high-quality operation with a highly skilled local operating team and a track record of safe operations.

RelatedStories

Dangote Refinery Reviving Moribund Companies In Nigeria – Manufacturers

SON Commends Dangote Cement For Achieving Excellence In Nigeria’s Manufacturing Sector

Dangote Cement, Obajana, Secures IMS Certification, Raises Standard In Manufacturing

President Tinubu Commiserates With Families Of Victims Of Afriland Towers Fire Incident

The Nigerian National Petroleum Company Limited has a pre-emptive right over the asset and had last month won a court decision temporarily blocking Exxon Mobil Corporation from selling assets in Nigeria to Seplat Energy Plc.

A Judge in Abuja had granted NNPC an “order of interim injunction” on July 6, 2022, barring Exxon Mobil “from completing any divestment” in a unit that ultimately operates four licenses in Nigeria.

Despite the verdict of the Court, reports emerged on Monday that President Muhammadu Buhari had approved that the deal be consummated by Mobil and Seplat.

The Presidency’s announcement of the approval of the deal took many industry players by surprise because the transaction had initially been declined on July 5 this year by the President who is himself the Minister of Petroleum Resources.

But reacting to the development, the President ‘s Spokesperson Garba Shehu said the President has taking a decision that the position of the Nigerian Upstream Petroleum Regulatory Commission be supported.

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

“It has become clear that the various agencies involved in the decision had not coordinated well among themselves and having looked at all of the facts with all of the ramifications, the president decided the position of the regulator is to be supported.”

Sources within the Presidency had said on Monday that there are extant laws governing such transactions, arguing that this statutory mandate lies within the purview of the Nigeria Upstream Petroleum Regulatory Commission.

One of the Presidency sources with knowledge of the transaction had told this website that the President had on July 5 issued a directive to the NNPC Limited to proceed with the acquisition of 40 per cent interest of ExxonMobil.

The source who said the approval by President Buhari still subsists, argued that that the President cannot suddenly reverse himself for a transaction of such magnitude.

The top government official said, “This must have been an unauthorised statement as there are extant laws governing such transactions and this statutory lies within the purview of the Nigeria Upstream Petroleum Regulatory Commission.

“For the avoidance of doubt, Mr. President’s directive to NNPC Limited to acquire 40 per cent interest of ExxonMobil still subsists and this was further reinforced by Mr. President on Friday, 5th July 2022.”

Another competent source with knowledge of the deal said that based on the provisions of the Petroleum Industry Act, any announcement about an industry transaction can only be made by the regulator, which in this case is the Nigeria Upstream Petroleum Regulatory Commission.

“This (purported statement) is at variance with the PIA. The Nigeria Upstream Petroleum Regulatory Commission should be the one to announce. As such the General public is advised to disregard the purported statement.”

It was gathered from another top government official that following a request by the NNPC Ltd, the President had approved that NNPC should proceed with the pursuit of its rights under the Joint Operating Agreement of the NNPC/MPNU Joint Venture through the legal processes available to NNPC Limited.

“Mr. President as Minister of Petroleum Resources sustains his earlier approval for the decline of the share transfer request by Mobil Producing Nigeria Unlimited. It will be doubtful if something else was announced after the approval,” another source said.

The Chief Executive of the NUPRC Engr. Gbenga Komolafe had clarified that the Commission in line with the provisions of the Petroleum Industry Act 2021 is the sole regulator in dealing with such matters in the Nigerian upstream sector.

In a statement personally signed by Komolafe on Monday, the NUPRC Boss stated that issue at stake is purely a regulatory matter and the Commission had earlier communicated the decline of Ministerial assent to ExxonMobil in this regard.

In line with the decline of Ministerial assent, he said the Commission that the status quo must remain.

The statement reads, “The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) affirms that status quo remains in respect of ExxonMobil/Seplat Energy share acquisition.

“The Chief Executive of the NUPRC Engr. Gbenga Komolafe clarified that the Commission in line with the provisions of the Petroleum Industry Act 2021 is the sole 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 Commission is committed to ensuring predictable and conducive regulatory environment at all times in the Nigerian upstream sector.”

Tags: AssetsBuhariMobilSeplat
Previous Post

Nigeria Facing Existential Threat – World Bank

Next Post

Two More Attackers Of Owo Catholic Arrested – DHQ

Vital News

Vital News

RelatedStories

Dangote Spends N720bln To Acquire 4,000 CNG Trucks, Begins Free Distribution Of Fuel August 15
Business

Dangote Refinery Reviving Moribund Companies In Nigeria – Manufacturers

September 24, 2025
Dangote Cement Set To Commission 3Mta Grinding Plant In Côte d’Ivoire
Business

SON Commends Dangote Cement For Achieving Excellence In Nigeria’s Manufacturing Sector

September 23, 2025
Dangote Cement, Obajana, Secures IMS Certification, Raises Standard In Manufacturing
Business

Dangote Cement, Obajana, Secures IMS Certification, Raises Standard In Manufacturing

September 22, 2025
C-ISOWN Praises President Tinubu On Credible Delivery Of Social Welfare Programmes, Achievements In Nigeria
Business

President Tinubu Commiserates With Families Of Victims Of Afriland Towers Fire Incident

September 18, 2025
Dangote Industries Ltd. Expresses Readiness To Sponsor 2025 Abuja Trade Fair
Business

Dangote Industries Ltd. Expresses Readiness To Sponsor 2025 Abuja Trade Fair

September 15, 2025
Next Post

Two More Attackers Of Owo Catholic Arrested - DHQ

At Methodist Convention, Prelate, CAN , Ortom , Mark , Others Sue For Peace

Bwari Attack: Guards Brigade Buries Late Capt. Attah, 4 Others

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Dangana is new MD/CEO of KEDCO

3 years ago

Wamakko Celebrates IBB At 81

3 years ago

I still don’t know whether or not election will hold next year – Pastor Adeboye

4 years ago
Kogi @34 : Let Us Chart A brighter Course For Our Collective Future, Ododo Charges Indigenes

Abducted Kogi Traditional Ruler Rescued By Security Agents

4 weeks ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • Maritime/ Marine Transport
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Tourism
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election elections FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu
No Result
View All Result

Highlights

Engineer Urges Nigeria To Invest In Aerospace Technology To Tackle Insecurity, Modernise Aviation

Bandits Kidnap Police Officer In Kwara

Death Toll In Ibaji Boat Mishap Rises To 36

Arrest of 147 Terrorists In One Week, Confirms Tinubu Is Boosting Troops’ Morale – Group ‎

Fubara Sacks Commissioners, SSG, SAs, SSAs

2027 : Group Holds Awareness Walk In Kogi, Reaffirms Commitment To Vision, Leadership Of President Tinubu

Trending

Kogi Vows Strict Enforcement Of Ban On Illegal Trailer Parks From  October 29
News

Kogi Vows Strict Enforcement Of Ban On Illegal Trailer Parks From October 29

by Vital News
October 2, 2025
0

The Kogi State Government says it will commence strict enforcement of ban on Zariagi, Osara and other...

Realnews Announces Theme, Date For It’s 13th Anniversary Lecture

October 2, 2025
Yakubu Gowon University Honours Deputy Commissioner Of Police, Hakeem Adedeji,  For Hard Work, Dedication

Yakubu Gowon University Honours Deputy Commissioner Of Police, Hakeem Adedeji, For Hard Work, Dedication

October 2, 2025
FG Cancels Independence Anniversary Parade

Engineer Urges Nigeria To Invest In Aerospace Technology To Tackle Insecurity, Modernise Aviation

October 2, 2025
Police Begin Manhunt For Killers Of Three Officers, Two Vigilante In Kogi

Bandits Kidnap Police Officer In Kwara

October 2, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • Kogi Vows Strict Enforcement Of Ban On Illegal Trailer Parks From October 29 October 2, 2025
  • Realnews Announces Theme, Date For It’s 13th Anniversary Lecture October 2, 2025
  • Yakubu Gowon University Honours Deputy Commissioner Of Police, Hakeem Adedeji, For Hard Work, Dedication October 2, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • Maritime/ Marine Transport
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Tourism
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In