The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has overruled President Muhammadu Buhari’s approval of the sale of Nigeria’s unit of ExxonMobil to Seplat Energy.
Buhari in a statement by his spokesman, Femi Adesina approved the sale of ExxonMobil’s onshore assets worth $1.3bn to Seplat
But NUPRC overruled the president who doubles as Minister of Petroleum.
“The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) affirms that status quo remains in respect of ExxonMobil/Seplat Energy share acquisition,” NUPRC chief executive, Gbenga Komolafe said in a statement Monday evening.
Mr Komolafe insisted the commission remains the sole regulator in dealing with such matters, contradicting an earlier statement where Mr Buhari while acting in his capacity as the nation’s Petroleum minister consented to the takeover.
“Responding to media enquiries on latest development about the transaction, the Chief Executive of the NUPRC Engr. Gbenga Komolafe clarified that the Commission in line with the provisions of the Petroleum Industry Act 2021 is the sole regulator in dealing with such matters in the Nigerian upstream sector.
“As it were, the issue at stake is purely a regulatory matter and the Commission had earlier communicated the decline of Ministerial assent to ExxonMobil in this regard. As such the Commission further affirms that the status quo remains,” the NUPRC stated.
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