By our reporter| President Muhammadu Buhari on Wednesday reversed his authorisation of the acquisition of ExxonMobil Corporation assets by Seplat Energy Plc.
In February, Seplat had agreed to acquire the entire share capital of MPNU from Exxon Mobil for $1.3 billion.
Presidential spokesman, Garba Shehu, who disclosed Buhari’s reversal of his earlier approval to Premium Times, said the president has decided to support the position of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in the deal.
He said previous confusion was because “various agencies involved in (the) decision had not coordinated well among themselves”.
On Monday, President Muhammadu Buhari approved the acquisition of ExxonMobil Corporation assets by Seplat Energy Plc despite moves by the state-owned oil company blocking the deal.
But in a twist of events, the NUPRC frowned at the approval, describing it as a regulatory matter.
In May, the commission declined to approve the proposed acquisition due to “overriding national interest”.
Leave a Reply