President Bola Tinubu has granted approval for Seplat Energy to acquire shares in Mobil Producing Nigeria Unlimited (MPNU).
Seplat Energy announced this in a statement on Wednesday, expressing its commitment to collaborate with all parties involved to finalize the transaction. The company also extended its gratitude to President Tinubu for his approval and support of the acquisition.
The statement noted that Tinubu’s approval was conveyed through the Nigeria Upstream Petroleum Regulatory Commission (NUPRC).
It 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 for all the work on this Transaction.
“The Company will now work with all parties to bring the Transaction to completion,” it stated.
Seplat explained that further information concerning to takeover of Mobil would be made public in line with regulatory requirements after completing the transaction process.
“Further announcements will be made as and when appropriate, in line with regulatory requirements,” it added.