Buhari Backs Down, Supports Regulator's Rejection of Seplat's Purchase of ExxonMobil Asset PremiumTimesng: Nigeria
A spokesperson says the president decided the position of the Nigerian Upstream Petroleum Regulatory Commission is to be supported, and the earlier confusion was because"various agencies involved in decision had not coordinated well among themselves.
"It has become clear that the various agencies involved in decision had not coordinated well among themselves and having looked at all of the facts with all of the ramifications, the president decided the position of the regulator is to be supported," spokesperson Garba Shehu told PREMIUM TIMES Wednesday evening.
"The Nigerian Upstream Petroleum Regulatory Commission affirms that status quo remains in respect of ExxonMobil/Seplat Energy share acquisition. 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.
The transaction suffered a setback after the state-owned Nigerian National Petroleum Corporation Limited asserted a right of first refusal on the deal. As a joint venture partner, NNPC argued it retained the right to be allowed to buy oil blocks sold by ExxonMobil ahead of any competitor or private firm.
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