Emmanuel Addeh
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has reacted to the statement from the presidency earlier in the day, in which President Muhammadu Buhari granted ministerial consent regarding the $1.283 billion Mobil-Seplat deal.
But NUPRC Chief Executive, Mr Gbenga Komolafe, in a statement he personally signed last night affirmed the commission’s position on the matter, insisting that as the upstream regulatory body, its announcement a few months ago declining consent to the deal still stands.
“The NUPRC affirms that status quo remains in respect of ExxonMobil/Seplat Energy share acquisition.
“Responding to media enquiries on latest development about the transaction, the Chief Executive of the NUPRC, Gbenga Komolafe, clarified that the commission in line with the provisions of the Petroleum Industry Act (PIA) 2021 is the sole regulator in dealing with such matters in the Nigerian upstream sector.
“As it were, the issue at stake is purely a regulatory matter and the commission had earlier communicated the decline of ministerial assent to ExxonMobil in this regard. As such the commission further affirms that the status quo remains,” the NUPRC statement said.
The commission added that it was committed to ensuring a predictable and conducive regulatory environment at all times in the Nigerian upstream sector.
