Nigeria has officially approved the sale of Exxon Mobil Corp’s onshore assets to Seplat Energy, concluding a $1.28 billion deal that had been pending for over two years. The transaction, initially agreed upon in February 2022, had been under regulatory scrutiny, awaiting the necessary approvals.
President Bola Tinubu announced on October 1 that the deal would receive ministerial approval soon after clearance from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). This announcement followed more than two years of delays as both parties awaited the go-ahead from regulators.
Gbenga Komolafe, CEO of the NUPRC, confirmed at an event in Abuja on Monday that the regulator recommended the sale and that it has now been approved by the relevant ministry, finalizing the long-awaited transaction.
