President Muhammadu Buhari has taken reversed his approval of the acquisition of the ExxonMobil Corporation assets by Seplat Energy Plc.
Presidential Spokesman, Garba Shehu, revealed this in an interview with Premium Times on Wednesday.
Shehu said the president has decided to reverse the acquisition in line with the position of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in the deal.
The senior presidential spokesman said earlier confusion was because various agencies involved in the decision had not coordinated well among themselves.
In his words: “The confusion over ExxonMobil shares was because the various agencies involved in the decision had not coordinated well among themselves and having looked at all of the facts with all of the ramifications, the president decided the position of the regulator is to be supported.”
Earlier on Monday, the Special Adviser to the President on Media and Publicity, Femi Adesina, in a statement revealed that President Buhari had consented to the acquisition of Exxon Mobil shares by Seplat Energy Offshore Ltd.
Adesina said that Buhari authorised the move in his capacity as Minister of Petroleum as a way to attract Foreign Direct Investment to the country.
However, the NUPRC in a statement on Monday evening disagreed with the President over the approval, describing it as a regulatory matter.
In a corporate filing on Wednesday, Seplat Energy said it followed due process in the acquisition of the assets. It also denied alleged impropriety in the process of securing ministerial consent to the acquisition of the ExxonMobil assets.
Seplat Petroleum Development Company (SEPLAT) is a Nigerian independent oil and gas company listed on both the London and Nigerian Stock Exchanges with a strategic focus in the Niger Delta of Nigeria.
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