Regulatory commission dares Buhari, rejects sale of ExxonMobil assets to Seplat

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has rejected President Muhammadu Buhari’s approval of Seplat’s purchase of ExxonMobil’s assets.

A statement repudiating the ministerial approval exercised by President Buhari, came a few hours after presidential spokesperson, Femi Adesina, had announced in a statement that President Buhari had approved the sale of ExxonMobil assets to Seplat Energy, an indigenous oil company.

The statement cited the Petroleum Industry Act (PIA) 2021, as an incentive to drive Foreign Direct Investment and raise oil production from the assets.

However, in a response to media enquiries on the latest development about the transaction, the Commission Chief Executive, NUPRC, Engr. Gbenga Komolafe, in a statement, Monday night, clarified that the Commission in line with the provisions of the PIA 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,” the NUPRC statement noted.

It is an established fact that NNPC now NNPC Ltd had been in a tussle with ExxonMobil over the transaction insisting that it has the first right of refusal, being in a joint venture with Mobil.

The Akwa Ibom government had also criticised ExxonMobil for proceeding on the assets lay off without recourse to the state hosting them.