Fakoyejo OlalekanTop officials in ExxonMobil visit President Bola Tinubu on Thursday amid a delay in the $1.28 billion asset deal between the firm and Seplat Energy.
Prime Business Africa previously reported that ExxonMobil sealed a deal with Seplat to sell its shares in Mobil Producing Nigeria Unlimited (MPNU) in February 2022.
Join our WhatsApp ChannelHowever, the deal has not been completed as both companies couldn’t get the approval of the Minister of Petroleum, who was also the President of Nigeria, Muhammadu Buhari.
Buhari had initially given approval, but he withdrew the decision after the National Petroleum Company Limited (NNPC) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) protested the deal.
The Chief Executive of NUPRC, Gbenga Komolafe, last year, had stated the issue with the deal is a regulatory matter, stating that only NUPRC has the sole right to approve the transaction between ExxonMobil and Seplat.
Over one year after, the top officials of ExxonMobil visited President Tinubu, as Buhari’s administration ended without both companies receiving approval.
Tinubu disclosed the visit in a tweet, stating: “It was a pleasure to play host to Exxon Mobil Executives, Mr Liam Mallon and Mrs Adesua Dozie, at the State House earlier today.
“The meeting marks the continuation of this administration’s efforts to secure the collaboration of critical players in the oil sector towards ensuring stability, transparency and fair competition in the sector.”
None of the parties disclosed the purpose of the meeting, but Prime Business Africa recalls that the Chief Executive Officer of Seplat, Roger Brown, had hoped to obtain approval before Tinubu becomes President on May 29, 2023.
“We are continuing to pursue the presidential approval received on August 8, 2022, for the MPNU acquisition and we remain focused on concluding the transaction within the remaining term of President Buhari before a new president is sworn into office at the end of May 2023,” Brown said.
Follow Us