• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Breaking News

Seplat ExxonMobil $1.28 billion deal gets boost as NNPC moves to withdraw lawsuit

Nnaemeka Onyekachi by Nnaemeka Onyekachi
June 13, 2024
in Breaking News, Companies, Corporate deals, Energy, Equities, Legal & Regulations, Markets, Sectors, Spotlight
Mele Kyari,

Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari

Share on FacebookShare on TwitterShare on Linkedin

The Nigerian National Petroleum Company Limited (NNPC) has filed a motion to discontinue its legal action against several subsidiaries of Mobil Nigeria and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The motion, filed on June 11, 2024, in the High Court of the Federal Capital Territory, Abuja, is part of a broader effort to finalize a settlement agreement for the divestment of a 100% interest in Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Offshore Limited.

The move follows Seplat Energy Plc’s announcement in February 2022 of its intention to acquire all shares of MPNU from Exxon Mobil Corporation for $1.28 billion. The deal had sparked a legal dispute when NNPC challenged the transaction, asserting its preferential rights under a Joint Operating Agreement with ExxonMobil.

RelatedStories

Nigeria’s gas flare commercialisation programme could unlock $2.5 billion investment – NUPRC 

NUPRC dismisses claims of guidelines violation in 2024 oil block licensing round 

June 5, 2025
Trump’s First 100 Days, IMF Downgrades, and Nigeria’s Earnings Surge | Drinks and Mics

Trump’s First 100 Days, IMF Downgrades, and Nigeria’s Earnings Surge | Drinks and Mics

May 3, 2025

What we know 

In the motion, NNPC’s legal counsel requested the court to grant leave for discontinuance and strike out the case, with a provision to relist if the settlement process fails.

The Settlement Agreement, signed by NNPC CEO Mele Kyari and MPNU Managing Director Shane Harris, includes several key terms:

  • MPNU shareholders will consent to Seplat providing the Share Sale and Purchase Agreement to NNPC to finalize their transaction.
  • NNPC will withdraw all interim orders and the substantive suit against MPNU and other defendants.
  • The parties will jointly discontinue arbitration proceedings upon completion of the transaction.
  • MPNU shareholders and NNPC will align their positions to finalize their respective transactions with Seplat.
  • NNPC’s legal team highlighted that the discontinuance aligns with Order 24 of the High Court of the Federal Capital Territory Civil Procedure Rules 2018 and is crucial for the settlement’s completion.
  • The court’s decision on the motion will be pivotal in resolving the longstanding dispute, enabling the parties to focus on finalizing the divestment.

The original lawsuit, filed on July 5, 2022, led to the court referring the parties to arbitration on August 3, 2022.

But recently, the involved parties opted for an out-of-court settlement, executing a Settlement Agreement that necessitates NNPC’s withdrawal of the suit to proceed with the settlement.

The motion is important as the discontinuance of the law suit is essential for completing the Share and Sale Purchase Agreement between MPNU and Seplat Energy Offshore Limited.

More Backstory

The deal between Exxon Mobil Corporation and Seplat involved the takeover of ExxonMobil Nigeria’s offshore shallow water operations.

However, NNPC decided to invoke its Right of First Refusal (RFR) regarding the sale of these assets.

  • This RFR is specified in the Joint Operating Agreement (JOA) of the Joint Venture (JV), which outlines NNPC’s stance on Seplat Energy Plc’s intended purchase of the shares.
  • In May 2022, the federal government declined to approve the transaction, citing overriding national interest among other reasons for its decision.
  • Additionally, on July 6, 2022, a judge in Abuja issued an “order of interim injunction” prohibiting Exxon from finalizing any divestment in a subsidiary that holds four licenses in Nigeria.

Nairametrics also reported that President Bola Tinubu later met with ExxonMobil president Liam Mallon and other executives, assuring them of a quick resolution of the agreement between ExxonMobil and Seplat.

Optics: This development marks a significant step in the ongoing efforts to conclude ExxonMobil’s divestment plan announced two years ago, which has been the subject of intense legal and regulatory scrutiny.

  • The court’s approval of the discontinuance could pave the way for a smoother transaction process between the involved parties.
  • Seplat share price closed flat at N3,450 per share. The stock is up 49% year to date.

Note: This story has been updated to reflect new information.


Follow us for Breaking News and Market Intelligence.
Tags: ExxonMobilNigerian Upstream Petroleum Regulatory CommissionNNPCseplat
Nnaemeka Onyekachi

Nnaemeka Onyekachi

My name is Nnaemeka Onyekachi, a writer, public speaker and an award winning journo with over 5,000 reports on a wide range of topics associated with the Nigerian society and the international community. Currently serving as a Senior Editorial Analyst at Nairametrics, my passion lies in delivering insightful financial,corporate, economic news and analysis on foreign relations, governance, judiciary and legislature.

Related Posts

Nigeria’s gas flare commercialisation programme could unlock $2.5 billion investment – NUPRC 
Energy

NUPRC dismisses claims of guidelines violation in 2024 oil block licensing round 

June 5, 2025
Trump’s First 100 Days, IMF Downgrades, and Nigeria’s Earnings Surge | Drinks and Mics
Digital Media

Trump’s First 100 Days, IMF Downgrades, and Nigeria’s Earnings Surge | Drinks and Mics

May 3, 2025
Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 
Energy

Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 

April 18, 2025
companies
Equities

Dangote, MTN, BUA, Nestlé Nigeria, Seplat , others incur N1.42 trillion in interest expenses in 2024, up 146%

April 15, 2025
NNPC’s New Board and CBN’s Reserve Truth | Drinks and Mics
Digital Media

NNPC’s New Board and CBN’s Reserve Truth | Drinks and Mics

April 5, 2025
Meet Bayo Ojulari: Former Managing Director Shell appointed CEO of NNPC
Energy

Meet Bayo Ojulari: Former Managing Director Shell appointed CEO of NNPC

April 2, 2025
Next Post
Uzoma Nwagba, Consumer Credit Scheme

Credit scheme: FG to integrate credit score into NIN, targets 80 million Nigerians

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • ngCERT alerts Nigerians to new Android malware targeting WhatsApp and banking apps 
  • Falling sugar prices to boost profits for Dangote Sugar, BUA, and Golden Penny
  • Baillie Gifford exits Jumia, closing a major chapter in African e-commerce investment

Follow us on social media:

Recent News

ngCERT alerts Nigerians to new Android malware targeting WhatsApp and banking apps 

ngCERT alerts Nigerians to new Android malware targeting WhatsApp and banking apps 

June 11, 2025
Falling sugar prices to boost profits for Dangote Sugar, BUA, and Golden Penny

Falling sugar prices to boost profits for Dangote Sugar, BUA, and Golden Penny

June 11, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics