NUPRC over rules Buhari says status quo remains in share sale by ExxonMobil to Seplat

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has affirmed that status quo remains in respect to ExxonMobil/Seplat Energy share acquisition. Mr Gbenga Komolafe, Commission Chief Executive (CCE), NUPRC made this known in a statement on Monday in Abuja. It will be recalled that President Muhammadu Buhari on Monday, consented to the acquisition of ExxonMobil shares in the U.S.A by Seplat Energy Offshore Limited. Responding to media enquiries on latest development about the transaction, Komolafe clarified that NUPRC, in line with provisions of the Petroleum Industry Act 2021 was the sole regulator in dealing with such matters in Nigerian upstream sector.

He said as it were, the issue at stake was purely a regulatory matter and the commission had earlier communicated the decline of Ministerial Assent to ExxonMobil in this regard. The CCE said as such, the Commission further affirmed that the status quo remained. “That position remains the status quo and to the best of our knowledge as a regulator nothing has changed. The Commission is committed to ensuring predictable and conducive regulatory environment at all times in the Nigerian upstream sector,” he said.