Seplat Energy on Thursday disclosed that it had yet received any formal notice from the Federal Government retracting its intended purchase of the whole share capital of Mobil Producing Nigeria Unlimited.
Additionally, the corporation stated that it was looking for clarity from the appropriate authorities on claims that President, Major General Muhammadu Buhari (ret.d), who also serves as Minister of Petroleum Resources, had revoked his ministerial authorization for the sale.
‘Seplat Energy has become aware of a news report claiming that ministerial approval of the company’s proposed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited has been withdrawn,’ Emeka Onwuka, the oil company’s chief financial officer, disclosed in a statement.
He further said that ‘Seplat Energy has received no official notification of such a decision and is seeking clarification from the relevant authorities.’
According to reports on Thursday, Buhari had on Wednesday revoked his approval of Seplat Energy Offshore Limited purchasing the whole share capital of MPNU.
The presidency now supports the Nigerian National Petroleum Company Limited, which had initially rejected the $1.3 billion deal.
On Monday, Buhari approved Seplat Energy’s purchase of Exxon Mobil shares, according to a report from Femi Adesina, the president’s special adviser on media and publicity.
The Presidency claims that Buhari issued the decree in his capacity as Minister of Petroleum Resources in order to draw direct investments from foreign countries to the nation.
The Nigerian Upstream Petroleum Regulatory Commission, whose chief executive, Gbenga Komolafe, asserted that the agency would not and did not approve of the transaction, however, disputed this.
Garba Shehu, the Senior Special Assistant to the President on Media and Publicity, responded to the news on Wednesday by asserting that Buhari had retracted his decision and that the confusion emanated from the ‘agencies involved in (the) decision had not coordinated well among themselves.’
Seplat responded on Thursday to allegations that the minister’s authorization had been reversed by noting that it had not obtained any official communication of the decision.
To ensure a successful conclusion to the proposed acquisition, the oil company stated that it ‘will continue to work with all parties to achieve a successful outcome to the proposed acquisition and will provide an update in due course.’
‘Announcement is made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015 (Issuer’s Rule).’ He stated.
