Buhari Reverses Approval of Oil Deal Between Seplat Energy and Mobil – Presidency

President Muhammadu Buhari reversed course on the agreement shortly after approving Seplat Energy Plc’s acquisition of ExxonMobil Corporation assets.

The purchase had been approved by Buhari on Monday, according to a statement released by the president’s spokeswoman, Garba Shehu.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), calling the decision a regulatory concern, later expressed its displeasure with the license.

Shehu claimed on Wednesday that President Buhari had revoked his authorization and decided to endorse the NUPRC’s stance.

The media assistant claimed that the lack of cooperation between the numerous government entities involved was to blame for the confusion around the deal.

The president decided to support the regulator’s position after carefully weighing all the relevant factors and their implications, according to Shehu, who spoke to Premium Times. “It has become clear that the various agencies involved in the decision had not coordinated well among themselves,” Shehu said.

But the presidential spokesman responded, “I have no comment to issue,” when asked by TheCable whether there will be appropriate communication regarding the matter.

The proposed acquisition was rejected by the commission in May because of what it deemed to be the greater national interest.

In response to the development, Seplat Energy stated in a corporate filing on Wednesday that the acquisition of the assets was done in accordance with the law.

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