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President Bola Tinubu says the ExxonMobil and Seplat divestment transactions will get ministerial approval in a few days.
The president disclosed this in his Independence broadcast on Tuesday, saying the divestment process had been approved by the Nigerian Upstream Petroleum Regulatory Commission in line with the Petroleum Industry Act.
Tinubu disclosed that the divestment process was done in the same manner as other qualified divestments approved in the sector.
Tinubu stressed that his administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of the nation’s regulatory processes.
This principle, he said, guides the divestment transactions in the upstream petroleum sector, where he promised his commitment to changing the fortune positively.
“As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.
“The move will create vibrancy and increase oil and gas production, positively impacting our economy,” the president noted.
The divestment deal between Seplat and ExxonMobil has been stalled for over two years.
On July 12, 2022, PUNCH Online reported that Nigerian National Petroleum Company Limited blocked ExxonMobil’s asset sale to Seplat.
The report stated that NNPC won a court decision temporarily blocking ExxonMobil Corporation from selling assets in Nigeria to Seplat Energy Plc.
Seplat had agreed to acquire the United States oil major’s subsidiary for at least $1.28bn in February.
The NNPC had wished to block the transaction and to take over the permits itself and this led to litigations.
A settlement agreement was reached this year as the NNPC lifted a court injunction so that the sale of the asset to Seplat could be concluded.
