Femi Adesina, had announced on Monday that Buhari consented to the acquisition of Exxon Mobil shares by Seplat Energy
By Eugene Onyeji
Nigeria’s leading energy supplier, Seplat Energy has said it did not get any official notification from the Federal Government reversing its proposed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited.
The company in a statement signed by Emeka Onwuka, Chief Financial Officer, Seplat Energy Plc, and obtained from the Nigerian Exchange Limited (NGX) also stated that it is seeking clarification from the relevant authorities that the president had reversed his consent for the acquisition.
Seplat Energy Plc had on February 25, announced an agreement to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Delaware for $1.28 billion.
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.
According to the Presidency, Buhari authorised the move in his capacity as Minister of Petroleum Resources as a way to attract Foreign Direct Investment to the country.
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However, it was reported on thursday that Buhari had, on Wednesday, reversed his authorisation of the acquisition, stating that the agencies involved in decision had not coordinated well among themselves.
The decision puts the Presidency on the side of the Nigerian National Petroleum Company Limited which had earlier declined the transaction.
Reacting to the development, the company said, “Seplat Energy has become aware of a news report that Ministerial Approval of the Company’s proposed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited has been withdrawn.
It added, “Seplat Energy has received no official notification of such a decision and is seeking clarification from the relevant authorities. We will continue to work with all parties to achieve a successful outcome to the proposed acquisition and will provide an update in due course.”