Regulatory Commission rejects sale of ExxonMobil’s assets as directed by Buhari

By G9ija

The Nigerian Upstream Petroleum Regulatory Commission has rejected the sale of ExxonMobil’s assets to Seplat Energy as approved by President Muhammadu Buhari.

Recall that the President had in a statement on Monday revealed that President Buhari had approved the sale.

According to the statement, Buhari had granted assent to the deal in which Seplat will acquire a 40 per cent stake of ExxonMobil oil assets around Akwa Ibom State.

The statement cited the Petroleum Industry Act, 2021 as an incentive to drive Foreign Direct Investment and raise oil production from the assets.

But reacting to there development, the NUPRC’s Chief Executive Officer, Engr. Gbenga Komolafe, in a statement on Monday, said the Commission in line with the provisions of the PIA, 2021 is the sole regulator in dealing with such matters in the Nigerian upstream sector.

Komolafe said: “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 Commission is committed to ensuring predictable and conducive regulatory environment at all times in the Nigerian upstream sector.”