The federal government has officially approved Seplat Energy’s acquisition of ExxonMobil’s onshore assets, valued at $1.28 billion.
The confirmation came from the CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, during the commission’s 3rd Anniversary event in Abuja on Monday.
Komolafe announced that ministerial approval had been secured.
This approval follows a regulatory delay of over two years since the deal was first announced in February 2022. President Bola Tinubu had indicated on October 1 that final approval would be granted shortly after clearance from regulatory authorities.
With this approval, Seplat Energy will acquire a 40% stake in four oil mining leases, along with key infrastructure, including the Qua Iboe export terminal and a 51% stake in the Bonny River natural gas liquids recovery plant, previously owned by ExxonMobil’s Nigerian subsidiary, Mobil Producing Nigeria Unlimited.