Nigeria’s oil regulator counters Buhari’s aide on $1.6bn deal in an announcement that has shown that all may not be well with country’s oil sector policy and polity
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) affirms that status quo remains in respect of ExxonMobil/Seplat Energy share acquisition, Platforms Africa reports.
This is contrary to an early declaration by Mr. Femi Adesina, Senior Aide to President Muhammadu Buhari who claimed that his principal has assented to the deal.
Platforms Africa has exclusively reported the back and forth on the deals and how the President declined assent to the transaction.
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The helmsman at the NUPRC, Engr. Gbenga Komolafe, however said in a statement sent to Platforms Africa that “the issue at stake is purely a regulatory matter and the Commission had earlier communicated the decline of Ministerial assent to ExxonMobil in this regard. As such the Commission further affirms that the status quo remains.”
Here below is the full statement;
STATUS-QUO REMAINS ON SHARE SALE BY EXXONMOBIL TO SEPLAT ENERGY – NUPRC
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) affirms that status quo remains in respect of ExxonMobil/Seplat Energy share acquisition.
Responding to media enquiries on latest development about the transaction, the Chief Executive of the NUPRC Engr. Gbenga Komolafe clarified that the Commission in line with the provisions of the Petroleum Industry Act 2021 is the sole regulator in dealing with such matters in the Nigerian upstream sector.
As it were, the issue at stake is purely a regulatory matter and the Commission had earlier communicated the decline of Ministerial assent to ExxonMobil in this regard. As such the Commission further affirms that the status quo remains.
The Commission is committed to ensuring predictable and conducive regulatory environment at all times in the Nigerian upstream sector.
Signed
Engr. Gbenga Komolafe, FNSE
08/08/2022
