ExxonMobil has expressed optimism about finalizing the sale of its shares in Mobil Producing Nigeria Unlimited for $1.28 billion to Seplat Energy Plc, a prominent Nigerian energy company listed on both the Nigerian Exchange and the London Stock Exchange.
Engr. Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), confirmed that the government has approved ExxonMobil’s divestment to Seplat. In an email to Vanguard, ExxonMobil’s Regional Communications Manager for Africa, Oge Udeagha, stated, “We welcome the regulator’s announcement and look forward to formally receiving the Ministerial Consent as we work toward concluding the sale.”
Seplat Energy also issued a statement confirming the NUPRC’s approval. Chioma Afe, Director of External Affairs & Social Performance at Seplat, expressed gratitude to President Bola Tinubu for the consent and acknowledged the support from various ministries and regulators involved in the transaction.
Afe noted, “Seplat Energy is delighted to announce that consent has been granted to proceed with the acquisition of the entire issued share capital of Mobil Producing Nigeria Unlimited. Further announcements will be made as appropriate, in line with regulatory requirements.”
During the launch of the Project 1MMBOPD Initiative, Engr. Komolafe emphasized the importance of divestment in global business practices, reinforcing Nigeria’s commitment to a philosophy of free entry and exit in the industry, as highlighted by President Tinubu in his recent address.