BusinessDay
NigeriaDecides2023

Seplat Energy refutes media reports on withdrawal of ministerial consent

Seplat Energy Plc has refuted reports published in the Nigerian media that the ministerial consent the firm received for its $1.28billion deal with a local unit of ExxonMobil earlier in the week has been withdrawn.

According to a statement by the Indigenous firm, it had 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of the Company’s proposed acquisition of the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) has been withdrawn.

“Seplat Energy has received no official notification of such a decision and is seeking clarification from the relevant authorities.

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“We will continue to work with all parties to achieve a successful outcome to the proposed acquisition and will provide an update in due course,” the statement read.

According to Seplat, this announcement is made pursuant to Rule 17.10 of the Rulebook of the Nigerian Exchange, 2015 (Issuer’s Rule).

President Buhari had on Monday conveyed his approval for the deal but later that same evening, the Nigerian Upstream Regulatory Commission (NUPRC) issued its own release stating that the status quo should remain.

However, on Wednesday Premium Times published a story claiming that presidential spokesperson Garba Shehu had informed them exclusively that Buhari had withdrawn the consent, following which other local media organisations ran with the story.

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