You are going nowhere: NNPC secures court order to stop international oil company trying to leave Nigeria

You are going nowhere: NNPC secures court order to stop international oil company trying to leave Nigeria

  • NNPC is determined to ensure an international oil company continue its business in Nigeria
  • ExxonMobil, which was faded up of crude oil theft and other challenges, decided to sell its shares to a Local Oil company and leave Nigeria
  • But, NNPC was able to secure a court order stopping the sale, which has left investors wondering

The Nigerian National Petroleum Company (NNPC) Limited has secured an injunction from the Federal High Court in Abuja high court restraining the sale of shares of ExxonMobil’s Nigerian unit to any third parties.

In February, Seplat Energy Plc, a major energy company, had agreed to buy the entire onshore and shallow-water assets of ExxonMobil in Nigeria, but the NNPC had opposed the deal.

However, on July 6, NNPC secures an order restraining Mobil Producing Nigeria Ltd and Mobil Development Nigeria Plc from selling, trading, allocating, transferring, or disposing of their shares in their interests covered by or connected to the Joint Operating Agreement between them and the NNPC.

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NNPC Exxonmobil oil sale
The Group Managing Director, NNPC Mele Kyari Credit: NNPC
Source: Twitter

NNPC stop sales

According to a report from BusinessDay, the order has unsettled investors and might not proceed again.

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The motion reads:

“Sale of assets covered in Oil Mining Lease 68, Oil Mining Lease 69, Oil Mining Lease 70 and Oil Prospecting Licence 94, to anybody, person (s), company, consortium or entity howsoever described pending the determination of the claimant/applicant’s motion filed on the 5th of July or when the judicial tribunal is duly constituted and can make interim preservation orders”

The motion, with suit no: FCT/HC/BW/CV/173/22 m/203/2022, was filed on July 5 at the High Court of the Federal Capital Territory, in the Abuja Division, presided over by Justice B. Belgor. It had the upstream regulator as one of the defendants.

NNPC sets date for completion of Port Harcourt refinery after spending over N539bn for repair works

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Legit.ng reported that Mele Kyari, the Group Managing Director of the Nigeria National Petroleum Company (NNPC), has 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, who was represented by the General Manager, Refineries & Petrochemicals, Mustapha Yakubu, reaffirmed to the lawmakers on the expected date of completion.

Source: Legit.ng

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