The federal government has officially approved Seplat Energy’s $1.28 billion acquisition of ExxonMobil’s onshore assets in Nigeria, after a prolonged regulatory delay of over two years.
The approval was confirmed by Gbenga Komolafe, Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), during the commission’s 3rd Anniversary event in Abuja on Monday.
Komolafe announced that the ministerial approval had been secured, marking a significant milestone in the deal, which was initially announced in February 2022.
President Bola Tinubu had hinted on October 1 that final approval would be granted within days, following clearance from the relevant regulatory bodies.
As a result of the approval, Seplat Energy will acquire a 40% stake in four oil mining leases.
In addition, the company will take over key infrastructure, including the Qua Iboe export terminal and a 51% stake in the Bonny River natural gas liquids recovery plant, both formerly owned by ExxonMobil’s Nigerian subsidiary, Mobil Producing Nigeria Unlimited.
This acquisition is expected to strengthen Seplat’s position in Nigeria’s oil and gas sector and contribute to the country’s energy development.
