Controversy As Seplat Denies ExxonMobil Deal Cancellation

Seplat Energy, on Thursday, said it had not received any official notification from the Federal Government reversing its proposed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited.

The company also said it was seeking clarification from relevant authorities regarding the claims that the President, Major General Muhammadu Buhari (retd.), who doubles as Minister of Petroleum Resources, had withdrawn his ministerial approval for the deal.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of the company’s proposed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited has been withdrawn,” the oil firm stated in a statement issued by its Chief Financial Officer, Emeka Onwuka.

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

On Thursday, The PUNCH reported that Buhari had, on Wednesday, reversed his authorisation of the acquisition of the entire share capital of MPNU by Seplat Energy Offshore Limited.

The move puts the Presidency on the side of the Nigerian National Petroleum Company Limited which had earlier declined the $1.3bn transaction.

A statement by the Special Adviser to the President on Media and Publicity, Femi Adesina, had announced on Monday that Buhari consented to the acquisition of Exxon Mobil shares by Seplat Energy.

THE PUNCH

GOCOP

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