Tinubu says ExxonMobil/Seplat $1.28bn deal set to receive ministerial approval  

President Bola Tinubu announced in his independent day speech that the much-anticipated divestment of ExxonMobil’s Nigerian assets to Seplat Energy is poised to receive ministerial approval within days.

Tinubu highlighted the government’s commitment to facilitating a smooth transition for the deal, which has been a focal point in Nigeria’s economic strategy.

“ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA,” Tinubu said.

He stated further that “This was done in the same manner as other qualified divestments approved in the sector”.

Tinubu noted that the move will create vibrancy and increase oil and gas production, positively impacting Nigeria’s economy.

Recall, that the deal reportedly between Exxon Mobil Corporation and Seplat involved the takeover of ExxonMobil Nigeria’s offshore shallow water operations, however, NNPC decided to invoke its Right of First Refusal (RFR) regarding the sale of these assets.

Again, in May 2022, the federal government declined to approve the transaction, mentioning overriding national interest among other reasons for its decision.

Tinubu later met with ExxonMobil president Liam Mallon and other executives, assuring them of a quick resolution of the agreement between ExxonMobil and Seplat.

This development marked a momentous step in the ongoing efforts to conclude ExxonMobil’s divestment plan declared two years ago, which has been the subject of intense legal and regulatory scrutiny.