Buhari Reverses Approval of Seplat Energy, Mobil Producing Oil Deal

Buhari Reverses Approval of Seplat Energy, Mobil Producing Oil Deal

  • President Buhari has reversed his decision to allow ExxonMobil completes the sale of its assets
  • This follows the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) voicing displeasure
  • If the deal had pulled through, Seplat energy would have secured huge oil companies' assets

President Muhammadu Buhari has reversed his decision to authorize the acquisition of ExxonMobil Corporation assets by Seplat Energy Plc.

In a surprising statement by his spokesman Garba Shehu on Monday, Buhari authorized the transaction.

However, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) later voiced its concern with the permission, calling it a regulatory problem.

Buhari NUPRC
President Muhammdu Buhari Credit: Presidency
Source: Facebook

NUPRC stance on Wednesday forced Shehu to again issue a statement to journalists that President Buhari had reversed his earlier authorisation and has chosen to support the position of the NUPRC.

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According to Buhari's media aide, the confusion trailing the deal was due to the non-coordination among the various agencies of government involved.

Shehu told Premium Times.

“It has become clear that the various agencies involved in 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.”

But when asked by TheCable if there would be proper communication over the issue, the presidential spokesman declined to comment.

In May, the commission declined to approve the proposed acquisition due to what it described as overriding national interest.

Due to the development, Seplat Energy, in a corporate filing on Wednesday, said it followed due process in acquiring the assets.

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Seplat says it is not aware of deal cancellation as Buhari backtracks

Seplat Energy is a leading energy group founded by Nigerian magnate Ambrosie Bryant Orjiako.

The company is listed both on the London and Nigerian Stock Exchanges

NNPC sets date for completion of Port Harcourt refinery

Legit.ng reported that Mele Kyari, the Group Managing Director of the Nigeria National Petroleum Company (NNPC), promised that the Port Harcourt refinery would be ready by March 2023.

He made the promise before the House of Representatives on the resumption of investigation on the state of the country’s refineries.

When asked, Kyari, represented by the General Manager, Refineries & Petrochemicals, Mustapha Yakubu, reaffirmed the expected completion date to the lawmakers.

Source: Legit.ng

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