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Statement by Lokpobiri: Tinubu’s commitment to finalizing Seplat-ExxonMobil deal



1712712015 955 Tinubu

Heineken Lokpobiri, the Minister of State for Petroleum Resources, emphasized President Bola Tinubu’s dedication to completing the acquisition of Mobil Producing Nigeria Unlimited from ExxonMobil by Seplat Energy, an indigenous energy company.

This declaration was made during the Facts Behind the Figures Presentation of Seplat Energy to commemorate its decade-long listing on the Nigerian Exchange.

Mobil Producing Nigeria Unlimited (MPNU) is ExxonMobil’s Nigerian offshore shallow water business holding both gas and oil reserves.

A pre-purchase agreement worth $1.28bn was signed between Seplat and ExxonMobil in February 2022, alongside a conditional payment of up to $300m.

However, the deal has faced delays due to a court ruling that temporarily halted ExxonMobil from selling assets to Seplat, following a legal challenge by the Nigerian National Petroleum Company Limited.

Lokpobiri affirmed, “Efforts are underway to resolve all outstanding issues regarding the ExxonMobil transaction. The President’s commitment to finalizing the deal is unwavering, and we are making significant strides towards its completion.”

Touching on the broader implications, Lokpobiri continued, “By successfully concluding this transaction and enabling Seplat’s expansion, particularly with projects like Bonga North, we are signaling to the global community that Nigeria is a prime investment destination, aligning with the government’s strategic objectives. I encourage other companies to follow Seplat’s lead.”

Moreover, Lokpobiri assured that the Federal Government is prepared to support Seplat in advancing its ventures for the mutual benefit of the company and Nigeria.

Udoma Udo Udoma, the Chairman of the Seplat Board, emphasized the company’s Nigerian roots and its commitment to the nation’s progress despite being listed on the Nigerian and London Stock Exchanges.

Roger Brown, the Managing Director of Seplat, discussed the company’s vision for the future and its strategic plans to harness Nigeria’s potential for growth alongside the government.

Various dignitaries at the event, including Dr. Umaru Kwairanga and Temi Popoola, commended Seplat’s accomplishments over the past decade and its significant contribution to the Nigerian capital market.

Since its dual listing on the NGX and LSE in 2014, Seplat has continued to demonstrate resilience, innovation, and corporate excellence in the energy sector.

As of the most recent trading session, Seplat closed at N3,370 on the Nigerian Exchange.