Nigeria has approved the sale of Exxon Mobil Corp’s onshore assets to Seplat Energy, the chief executive officer of the country’s upstream regulator said on Monday, more than two years after the $1.28 billion deal was first agreed.
The sale had been under scrutiny as it awaited regulatory approval since it was first announced in February 2022.
President Bola Tinubu on Oct. 1 said the deal would receive ministerial approval in a matter of days after getting clearance from the regulator.
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) CEO Gbenga Komolafe said on Monday at an event in the capital Abuja that the deal was recommended by the regulator and had received ministerial approval.
(Reporting by Isaac Anyaogu, Ope Adetayo and Camillus Eboh; Writing by Bhargav Acharya; Editing by Alexander Winning)