Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has rejected the approval given to Seplat Energy Plc by President Muhammadu Buhari for the acquisition of Mobil Producing Nigeria Unlimited.
Nigeria’s upstream petroleum regulator has contradicted a statement by the Presidency announcing approval of Seplat Energy’s acquisition of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation.
NUPRC, in a statement issued by its Chief Executive, Gbenga Komolafe said the matter was a regulatory one and nothing had changed after it had earlier notified ExxonMobil the transaction had been declined.
Komolafe clarified that the Commission in line with the provisions of the Petroleum Industry Act (PIA) 2021 is the sole regulator in dealing with such matters in the Nigerian upstream sector.
The statement reads, “The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) affirms that status quo remains in respect of ExxonMobil/Seplat Energy share acquisition,” said a statement by NUPRC chief executive, Gbenga Komolafe.
“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 statement came a few hours after presidential spokesperson Femi Adesina said in a statement that Buhari had approved the sale to Seplat, an indigenous oil company.
In a statement, the Presidency explained that Buhari authorised the move as Minister of Petroleum to attract foreign direct investment.
Also, he directed Exxon Mobil and Seplat to mitigate all environmental and abandonment liabilities.
“The President, in commitment to investment drive in light of the Petroleum Industry Act, granted consent to the Share Sales Agreement, as requested by the parties to the transaction, and directed that the approval be conveyed to all the parties involved,” the statement reads.
