Nigeria authorizes the Exxon-Seplat agreement after more than two years

More than two years after the $1.28 billion deal was initially agreed upon, Nigeria’s upstream regulator’s chief executive officer announced on Monday that the sale of Exxon Mobil Corp.’s (XOM.N), opens new tab onshore assets to Seplat Energy (SEPLAT.LG) has been approved.

Ever since it was initially revealed in February 2022, the sale has been scrutinized while it sought regulatory approval.

On October 1, President Bola Tinubu stated that the agreement would be approved by ministers within a few days of receiving regulator permission.

At a ceremony in the capital, Abuja, on Monday, Gbenga Komolafe, the CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), stated that the deal was approved by ministers and was proposed by the regulator.