Presidency makes U-turn on Seplat, ExxonMobil deal

Presidency makes U-turn on Seplat, ExxonMobil deal

President Muhammadu Buhari has reversed his authorisation of the acquisition of the entire share capital of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited.

THECONSCIENCEng reports that the reversal puts the Presidency on the side of the Nigerian National Petroleum Company Limited which had earlier declined the $1.3bn transaction.

On Monday, President Buhari had through a statement by his Special Adviser on Media and Publicity, Femi Adesina, consented to acquisition of Exxon Mobil shares by Seplat Energy Offshore Ltd.

According to the Presidency, Buhari authorised the move in his capacity as Minister of Petroleum as a way to attract Foreign Direct Investment to the country.

But giving an update on the issue, the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, told our correspondent that Buhari had reversed the decision and the previous misunderstanding was because the “agencies involved in (the) decision had not coordinated well among themselves.”

Earlier, Shehu, who spoke to an online publication, said the President’s reversal of his earlier approval was in line with the position of the Nigerian Upstream Petroleum Regulatory Commission.

According to him, the confusion over ExxonMobil shares was because “the various agencies involved in the 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.”

Reacting to Buhari’s earlier approval, NUPRC had, in a statement over the assets acquisition, said, as the sole regulator, it is the one that could deal with such matters. It therefore said the status quo remained.