Seplat Energy Plc has announced that the Nigerian government has granted final approval for its $1.3 billion acquisition of assets from Mobil Producing Nigeria Unlimited (MPNU).
The oil company disclosed the development in a statement released Wednesday via its official X account, stating that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) had confirmed presidential consent.
According to Seplat, President Bola Ahmed Tinubu, who serves as the Minister of Petroleum Resources, has given approval to proceed with the acquisition of MPNU’s entire issued share capital.
“Seplat Energy Plc has announced that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that consent has been granted by the Honourable Minister of Petroleum Resources in Nigeria, President Bola Ahmed Tinubu, GCFR, to proceed with the acquisition of the entire issued share capital of Mobil Producing Nigeria Unlimited (MPNU) (the Transaction),” the statement read.
The company expressed gratitude to President Tinubu for his support in granting the approval.
“Seplat Energy sincerely thanks His Excellency, President Bola Ahmed Tinubu, for granting this approval, and appreciates the support and diligence of the various ministries and regulators for all the work on this transaction.
“The company will now work with all parties to bring the transaction to completion,” Seplat added.
This approval comes nearly two years after Seplat first announced, in February 2022, its acquisition of ExxonMobil’s 40 percent stake in MPNU. However, regulatory hurdles had delayed the deal.
In May 2022, the NUPRC declined to approve the acquisition, citing “overriding national interest.” Additionally, the Nigerian National Petroleum Company Limited (NNPCL) filed a court case against Seplat’s acquisition of MPNU, which was eventually withdrawn.