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There are indications that the $1.28 billion divestment of ExxonMobil’s assets in Nigeria to Seplat Energy will receive ministerial approval in the next few days.
President Bola Tinubu announced this in his independence day speech, while emphasizing the government’s commitment to facilitating a smooth transition of the deal, which has become a focal point in Nigeria’s economic strategy.
He reiterated his administration’s commitment to free enterprise, free entry and free exit in investment while maintaining the sanctity and efficacy of the country’s regulatory process.
“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investment while maintaining the sanctity and efficacy of our regulatory process.
“This principle guides divestment transactions in our upstream oil sector, where we are committed to changing fortunes positively.
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“Therefore, the divestment of ExxonMobil Seplat will receive ministerial approval within days, once finalized by the regulator, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), in line with the Petroleum Industry Act, PIA.
“This is done in the same way as other approved qualified divestments in this sector.
“This step will create enthusiasm and increase oil and gas production, thereby having a positive impact on our economy,” he said.
It would be recalled that the deal was previously deadlocked but got the nod after President Tinubu approved it.
As a result, the Nigerian National Petroleum Company Limited (NNPC) filed a motion to discontinue its legal action against some of Mobil Nigeria’s subsidiaries and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to get the deal approved.
By: Babajide Okeowo
The post FG to approve $1.28 billion ExxonMobil/Seplat divestment deal in a matter of days —Tinubu appeared first on Latest Nigeria News | Top News from Ripples Nigeria.
