Despite approval given by President Muhammadu Buhari authorising the sale of assets of Exxon Mobil to Seplat, the regulatory agency has declared that the firms should maintain status quo.
Buhari, as the Minister of Petroleum Resources, gave his nod for the sale a few days.
But the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, in a statement issued on Monday, said the issue was regulatory and the commission had earlier informed the decline of the ministerial assent on the issue.
READ ALSO: Buhari approves acquisition of Exxon Mobil shares by Seplat
“The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) affirms that status quo remains in respect of ExxonMobil/Seplat Energy share acquisition.
“As it were, the issue at stake is purely a regulatory matter and the Commission had earlier communicated the decline of Ministerial assent to ExxonMobil in this regard. As such the Commission further affirms that the status quo remains,” he stated.
The NUPRC boss added that the commission, as the sole regulator of the issue in Nigeria’s upstream sector in accord with Petroleum Industry Act 2021, was committed to ensuring a predictable and conducive regulatory environment at all times in the Nigerian upstream sector.
The Presidential Working Group on the National Policing Bill has extended the deadline for the…
Former Vice President Yemi Osinbajo, former Lagos State Governor Babatunde Fashola and other prominent Nigerians…
Stakeholders in Nigeria’s electoral process have called for stronger collaboration among security agencies, the Independent…
The National Union of Air Transport Employees (NUATE) has raised concerns over the non-remittance of…
The Nigeria Customs Service (NCS), Idiroko Command, has intercepted 6,035 wraps of Cannabis Sativa valued…
The All Progressives Congress (APC) governorship candidate in Ogun State, Senator Solomon Adeola, popularly known…
This website uses cookies.