ExxonMobil’s $1.28 Billion Asset Sale to Seplat Will Soon Be Approved – Tinubu Says

President Bola Tinubu has announced that ExxonMobil’s sale of its oil and gas assets to Seplat Energy Plc will receive ministerial approval in a few days. Speaking during his Independence Day address at the State House in Abuja on Tuesday, Tinubu confirmed that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has already approved the deal.

The sale is valued at $1.28 billion and involves Seplat Energy acquiring ExxonMobil’s onshore assets. ExxonMobil’s exit from Nigeria’s onshore operations mirrors similar moves by other oil companies like Shell Plc and TotalEnergies.

The ExxonMobil/Seplat deal began on February 25, 2022, when Seplat Energy revealed plans to acquire ExxonMobil’s shares in Mobil Producing Nigeria Limited. However, the National Petroleum Corporation (NNPC) kicked against the deal. In May 2022, the federal government initially declined to approve the transaction, citing national interest. To prevent Exxon from finalising the divestment, an interim injunction was also issued in July 2022. In May 2024, NNPC reached a settlement with ExxonMobil and gave way for the deal to proceed. With the latest announcement, the two-years ExxonMobil-Seplat Energy transaction is now set for completion.

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