Seplat Energy Plc has refuted news and social media reports alleging impropriety in the process of securing ministerial consent to the acquisition of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited.
The statement signed by Emeka Onwuka, Chief Financial Officer, Seplat Energy Plc, and obtained from the NGX noted that such reports are wholly untrue.
It would be recalled that President Muhammadu Buhari recently gave approval to the acquisition of Exxon Mobil shares by Seplat Energy Offshore Limited.
What Seplat Energy is saying
The company said, “Seplat Energy has become aware of news and social media reports alleging impropriety in the process of securing ministerial consent to the acquisition of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited.
“Such reports are wholly untrue and the Company will pursue legal action against any parties involved in disseminating false information related to its business.”
In a previous statement, the company had stated that “the approval is given by His Excellency, President Muhammadu Buhari in his capacity as the Honourable Minister of Petroleum Resources (“HMPR”), with the granting of Ministerial Consent pursuant to the powers of the Minister under Paragraphs 14-16 of the First Schedule of the Petroleum Act, 1969.”
Presidential U-Turn
Meanwhile, President Buhari has rescinded his decision to approve the transaction, according to a news report from Premium Times, a Nigerian online newspaper.
- According to Premium Times, presidential spokesperson, Garba Shehu confirmed the decision of the president to align with industry regulator NUPRC.
- “It has become clear that the various agencies involved in 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,”
In case you missed it
- President Muhammadu Buhari gave approval to the acquisition of Exxon Mobil shares in the United States of America by Seplat Energy Offshore Limited.
- According to a statement by Special Adviser to the President on Media and Publicity, Femi Adesina, the consent is also in consonance with the country’s drive for Foreign Direct Investment in the energy sector.
- Buhari explained that Exxon Mobil had entered into a landmark Sale and Purchase Agreement with Seplat Energy to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Mobil Development Nigeria Inc, and Mobil Exploration Nigeria Inc, both registered in Delaware, USA.
- The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Engr Gbenga Komolafe, has insisted that the decision to decline assent to the transfer of ExxonMobil shares to Seplat Energy Offshore Limited remained.
