Notice: Undefined index: banner_ad_width in /home/ayekooto/public_html/wp-content/plugins/quick-adsense-reloaded/includes/render-ad-functions.php on line 359
Notice: Undefined index: image_width in /home/ayekooto/public_html/wp-content/plugins/quick-adsense-reloaded/includes/render-ad-functions.php on line 359
Notice: Undefined index: banner_ad_height in /home/ayekooto/public_html/wp-content/plugins/quick-adsense-reloaded/includes/render-ad-functions.php on line 360
Notice: Undefined index: image_height in /home/ayekooto/public_html/wp-content/plugins/quick-adsense-reloaded/includes/render-ad-functions.php on line 360
Nigerian Upstream Petroleum Regulatory Commission on Monday claimed that nothing had changed about Seplat Energy Offshore Limited’s purchase of the whole share capital of Mobil Producing Nigeria Unlimited.
In contrast to an earlier announcement from the Presidency on Monday that the President, Major General Muhammadu Buhari (retd. ), had consented to the acquisition, it was specifically stated that the status quo was “the decline of assent to the transaction or share acquisition of ExxonMobil shares by Seplat.”
In a tweet sent out on Monday afternoon with the subject line “President Buhari consents to the acquisition of ExxonMobil shares by Seplat Energy Offshore Ltd.,” the Presidency claimed that Buhari had approved the transaction while serving as the petroleum minister in order to encourage foreign direct investment in the nation.
In accordance with the nation’s push for foreign direct investment in the energy sector and in his capacity as Minister of Petroleum Resources, President @MBuhari approved Seplat Energy Offshore Limited’s purchase of the entire share capital of Mobil Producing Nigeria Unlimited, according to a statement.
“ExxonMobil had entered into a historic Sale and Purchase Agreement with Seplat Energy to acquire the entire share capital of Mobil Producing Nigeria Unlimited from ExxonMobil Corporation, Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc., registered in Delaware, USA,” the statement continued.
President @MBuhari has given cabinet approval to the sale, taking into account the wide-ranging benefits of the transaction to the Nigerian energy industry and the overall economy.
The President granted agreement to the Share Sales Agreement as sought by the parties to the transaction and directed that the approval be communicated to all parties concerned as part of his commitment to a drive for investment in light of the Petroleum Industry Act.
However, in response to a request for the upstream regulatory commission’s response to the development, Gbenga Komolafe, the NUPRC’s chief executive officer, informed our correspondent that “the commission does not work on the premise of news making the rounds.
Vincent Paul
Comment here