Buhari Reverses Approval of Seplat Energy, Mobil Producing Oil Deal – Presidency

Shortly after President Muhammadu Buhari authorised the acquisition of ExxonMobil Corporation assets by Seplat Energy Plc, he has made a U-turn on the deal.

Buhari had on Monday approved the acquisition as announced in a statement signed by presidential spokesperson, Garba Shehu.

However, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) later expressed its displeasure at the approval, describing it as a regulatory matter.On Wednesday, Shehu said President Buhari had reversed his authorisation, choosing to support the position of the NUPRC.

According to the media aide, the confusion trailing the deal was due to the non-coordination among the various agencies of government involved.

In May, the commission declined to approve the proposed acquisition due to what it described as overriding national interest.

Owing to the development, Seplat Energy in a corporate filing on Wednesday said it followed due process in the acquisition of the assets.