President Bola Tinubu has officially granted approval for Seplat Energy’s acquisition of shares in Mobil Producing Nigeria Unlimited (MPNU), marking a significant milestone in the nation’s energy sector.
In a statement released on Wednesday, Seplat Energy confirmed this development, emphasizing its commitment to collaborate with all relevant stakeholders to ensure the successful completion of the transaction. The company expressed deep gratitude to President Tinubu for his support and consent in facilitating this acquisition.
The statement further noted that President Tinubu’s approval was communicated through the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), highlighting the government’s regulatory endorsement for this strategic business move.
Seplat’s official statement read, “Seplat Energy Plc is delighted to announce that the Nigerian Upstream Petroleum Regulatory Commission (“NUPRC”) has confirmed that consent has been granted by the Honourable Minister of Petroleum Resources in Nigeria, President Bola Ahmed Tinubu GCFR, to proceed with the acquisition of the entire issued share capital of Mobil Producing Nigeria Unlimited (“MPNU”) (“the Transaction”).
“Seplat Energy sincerely thanks His Excellency, President Bola Ahmed Tinubu GCFR, for granting this approval, and appreciates the support and diligence of the various Ministries and regulators involved in overseeing this Transaction.
“The Company will now work diligently with all parties concerned to bring the Transaction to completion,” the statement continued, underscoring the company’s dedication to finalizing the acquisition in alignment with legal and regulatory standards.
Seplat Energy added that it plans to release further information related to the Mobil takeover in accordance with regulatory requirements upon completion of the transaction. The company assured stakeholders that details would be publicly disclosed as the process unfolds.
“Further announcements will be made as and when appropriate, in line with regulatory requirements,” Seplat added, reaffirming its commitment to transparency in the acquisition process.
