The federal government has officially approved Seplat Energy’s acquisition of Exxon Mobil’s onshore assets, valued at $1.28 billion. The announcement was made by Gbenga Komolafe, Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), during the commission’s 3rd Anniversary event in Abuja on Monday.
Komolafe confirmed that ministerial approval for the transaction has been secured, marking a significant milestone more than two years after the deal was first announced in February 2022, which had faced extended regulatory delays.
On October 1, President Bola Tinubu indicated that final approval would be granted shortly after receiving clearance from the regulatory body.
As a result of the approval, Seplat Energy will acquire a 40 percent stake in four oil mining leases, along with critical infrastructure including the Qua Iboe export terminal and a 51 percent stake in the Bonny River natural gas liquids recovery plant, both of which were previously held by Exxon’s local subsidiary, Mobil Producing Nigeria Unlimited.
