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We have not received notice of ExxonMobil deal cancellation – Seplat Energy

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1660297521 105 Roger Brown Seplat CEO 1

Seplat Energy has said it did not get any official notification from the Federal Government reversing its proposed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited.

The company in a statement obtained from the Nigerian Exchange Limited (NGX) also stated that it is seeking clarification from the relevant authorities that the president had reversed his consent for the acquisition.

On February 25, Seplat Energy Plc announced an agreement to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Delaware for $1.28 billion.

Back story

  • It would be recalled that President Muhammadu Buhari recently gave approval to the acquisition of Exxon Mobil shares by Seplat Energy Offshore Limited.
  • Seplat Energy Plc had earlier refuted news and social media reports alleging impropriety in the process of securing ministerial consent to the acquisition of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited.
  • The statement signed by Emeka Onwuka, Chief Financial Officer, Seplat Energy Plc, and obtained from the NGX noted that such reports are wholly untrue.
  • However, following disagreement by the Nigerian Upstream Petroleum Regulatory Commission headed by Chief Executive, NUPRC, Gbenga Komolafe, President Buhari rescinded his decision to approve the transaction.

What Seplat is saying

  • Speaking on the matter, the company said, “Seplat Energy has become aware of a news report that Ministerial Approval of the Company’s proposed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) has been withdrawn.
  • “Seplat Energy has received no official notification of such a decision and is seeking clarification from the relevant authorities. We will continue to work with all parties to achieve a successful outcome to the proposed acquisition and will provide an update in due course.”

According to Premium Times, presidential spokesperson, Garba Shehu confirmed the decision of the president to align with industry regulator NUPRC.

“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,” Shehu stated.

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