ExxonMobil Acquisition: Seplat Seeks Clarification, After Buhari’s U-Turn On Approval

“This announcement is made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015 .”

The move puts the Presidency on the side of the Nigerian National Petroleum Company Limited which had earlier declined the $1.3 billion transaction. But giving an update on the issue, the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, reportedly said that Buhari had reversed the decision and the previous misunderstanding was because the “agencies involved in decision had not coordinated well among themselves.”

In May 2022, the Nigerian Upstream Petroleum Regulatory Commission had declined to approve the proposed acquisition due to “overriding national interest”. NUPRC said: “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.

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