Seplat Seeks Clarification On ExxonMobil Deal — After Buhari Reversed Approval

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Seplat Energy says it is seeking clarification on the reversal of approval by President Muhammadu Buhari for its acquisition of ExxonMobil Corporation assets.

Emeka Onwuka, chief financial officer, Seplat Energy, disclosed this in a corporate filing on Thursday.

The company said it is still in talks with relevant authorities to confirm the latest development, adding that it had not received official notification regarding the reversal.

“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the company’s proposed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited (“MPNU”) has been withdrawn,” the statement reads.

Seplat Seeks Clarification On ExxonMobil Deal — After Buhari Reversed Approval

“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 for the proposed acquisition and will provide an update in due course.

“This announcement is made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015 (Issuer’s Rule).”

President Muhammadu Buhari, on Wednesday, reversed his authorisation of the acquisition of ExxonMobil Corporation assets by the company – a few days after his initial approval.