Indication has emerged that the $1.28bn divestment of ExxonMobil’s Nigerian assets to Seplat Energy is poised to receive ministerial approval within days.

President Bola Tinubu announced this in his independent day speech, while emphasising the government’s commitment to facilitating a smooth transition for the deal, which has been a focal point in Nigeria’s economic strategy.

He reaffirmed his administration’s commitment to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of the country’s regulatory processes.

“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes.

“This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively.

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“As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is, in line with the Petroleum Industry Act, PIA.

“This was done in the same manner as other qualified divestments approved in the sector.

“The move will create vibrancy and increase oil and gas production, positively impacting our economy” he disclosed.

It will be recalled that the deal had earlier hit a brick wall but received a go ahead after President Tinubu waded in.

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

By: Babajide Okeowo

The post FG to approve ExxonMobil/Seplat $1.28bn divestment deal in matter of days —Tinubu appeared first on Latest Nigeria News | Top Stories from Naomisophyblog.