President Muhammadu Buhari has approved the acquisition of ExxonMobil Corporation assets by Seplat Energy Plc despite moves by the State-owned oil company to block the deal. Recall that in February, Seplat had entered into an agreement to acquire the entire share capital of Mobil Producing Nigeria (MPNU) from Exxon Mobil. However, the deal was blocked by Nigerian National Petroleum Company (NNPC) Limited. Regulatory authorities also declined consent to the transaction. In July, Seplat Energy informed investors that NNPC blocked the deal through a court injunction restraining Exxon Mobil from selling…
Read MorePetroleum Minister Buhari overrides NNPC, approves Seplats acquisition of Mobil Producing Oil assets
