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Buhari reverses approval for Mobil acquisition by Seplat

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The President, Major General Muhammadu Buhari (retd.), on Wednesday, reversed his authorisation for the acquisition of the entire share capital of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited.

The move puts the Presidency on the side of the Nigerian National Petroleum Company Limited which declined the $1.3bn transaction.

According to the Presidency, Buhari authorised the move in his capacity as Minister of Petroleum as a way to attract foreign direct investment to the country. Earlier, Shehu who spoke to an online publication said the President’s reversal of his earlier approval was in line with the position of the Nigerian Upstream Petroleum Regulatory Commission.

 

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That's an olodo way of doing thing

Na wa o .This man sef... February can't come soon enough

Incredible and totally embarrassing. Are things really this bad in Nigeria?

Interest men... 🤔🤔🤔

Embarrassing President 🤦🏽‍♂️

This is embarrassing

This is unfortunate

Who is really in charge

confusion transmission

What exactly is the usefulness of this news?

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