ExxonMobil is set to conclude the sale of its shares in Mobil Producing Nigeria Unlimited for $1.28 billion to Seplat Energy Plc, a leading 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 of its assets to Seplat.
In a statement, Oge Udeagha, ExxonMobil’s Regional Communications Manager for Africa, expressed appreciation for the regulator’s announcement and stated that they are eager to receive the Ministerial Consent to finalize the sale.
Chioma Afe, Director of External Affairs & Social Performance at Seplat Energy, also confirmed the acquisition, thanking President Bola Tinubu for granting approval and acknowledging the efforts of various ministries and regulators involved in the transaction.
At the launch of the Project 1MMBOPD Initiative, Komolafe highlighted that divestment is a common practice in global business, affirming Nigeria’s commitment to the principle of free entry and exit in the oil sector, as reiterated by President Tinubu in his recent speech. Further updates regarding the transaction will be communicated in line with regulatory requirements