Seplat to engage stakeholders as Petroleum Minister rejects Mobil onshore assets acquisition bid

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Seplat Energy Plc has said it will expand its engagement with relevant stakeholders to get the required approvals for its bid to acquire the assets of Mobil Oil Producing Nigeria Unlimited (MPNU).

The Federal Government had declined to approve the deal citing “overriding national interest” and lack of adherence to relevant laws.

However, the chief financial officer of Seplat Energy, Emeka Onwuka, in a statement on Thursday titled “Response to media article on the proposed acquisition of Mobil Producing Nigeria Unlimited (MPNU)”, said that: “In response to an article published today in This Day newspaper, stating that the Federal Government of Nigeria has declined consent to the acquisition of Mobil Producing Nigeria Unlimited (“MPNU”), Seplat Energy confirms that it has received a letter from the Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (“NUPRC”) on the process,” the statement reads.

The oil company said it has also been notified by the shareholders of MPNU confirming the same letter from NUPRC.

“Under the terms of the Sale and Purchase Agreement (“SPA”), announced on 25 February 2022, which remains valid and subsisting, the Company will further its engagement with all relevant stakeholders,” Seplat Energy added.

“Seplat Energy is confident that the process to obtain all approvals on the acquisition of MPNU’s entire share capital is being followed and will be achieved.”