Business

Seplat: We’re not informed of ExxonMobil deal reversal

Seplat Energy has said it was informed of the reversal of its proposed acquisition of the entire share capital of ExxonMobil.

The company, on Thursday, said there was no formal notification from the Federal Government on the decision.

Seplat, in a statement issued by its Chief Financial Officer, Emeka Onwuka, said the company was seeking clarification from relevant authorities regarding the claims that President Muhammadu Buhari, as the Minister of Petroleum Resources, had withdrawn the earlier approval for the deal.

“Seplat Energy has become aware of a news report claiming that ministerial approval of the company’s proposed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited has been withdrawn.

“Seplat Energy has received no official notification of such a decision and is seeking clarification from the relevant authorities,” Onwuka stated.

The Star had earlier reported that Buhari reversed his approval of the acquisition of ExxonMobil shares by Seplat Energy Offshore Limited.

The Nigerian National Petroleum Company Limited had earlier declined the $1.3bn transaction.

The Special Adviser to the President on Media and Publicity, Femi Adesina, in a statement on Monday, disclosed that Buhari consented to the acquisition of ExxonMobil shares by Seplat Energy.

The approval, according to the statement, was a way to attract Foreign Direct Investment to the country.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), through the Chief Executive, Gbenga Komolafe, rejected the deal.

Subsequently, however, the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, argued that the confusion was because the “agencies involved in the decision had not coordinated well among themselves”.

Seplat, however, said it “will continue to work with all parties to achieve a successful outcome to the proposed acquisition and will provide an update in due course, adding that the“announcement is made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015 (Issuer’s Rule).”

The Star