Nigeria’s upstream petroleum regulator has contradicted a statement by the Presidency announcing President Muhammadu Buhari’s approval of Seplat Energy’s acquisition of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said Monday the matter was a regulatory one and nothing had changed after it had earlier notified ExxonMobil the transaction had been declined.
“The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) affirms that status quo remains in respect of ExxonMobil/Seplat Energy share acquisition,” said a statement by NUPRC chief executive, Gbenga Komolafe.
“Responding to media enquiries on latest development about the transaction, the Chief Executive of the NUPRC Engr. Gbenga Komolafe clarified that the Commission in line with the provisions of the Petroleum Industry Act 2021 is the sole regulator in dealing with such matters in the Nigerian upstream sector.
“As it were, the issue at stake is purely a regulatory matter and the Commission had earlier communicated the decline of Ministerial assent to ExxonMobil in this regard. As such the Commission further affirms that the status quo remains.”
The statement, effectively repudiating the presidential decision, came a few hours after presidential spokesperson Femi Adesina said in a statement Mr Buhari had approved the sale to Seplat, an indigenous oil company.
Mr Adesina said Mr Buhari approved the transfer in…
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