“As such, the ExxonMobil-Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”

Exxon Mobil Corp's deal to sell its Nigerian onshore assets to Seplat Energy will be approved in days after getting clearance from the regulator, President Bola Tinubu said on Tuesday. The $1.28 billion deal has been closely watched since it was first announced in 2022 with analysts saying it would also signal to investors that similar deals,

Nigeria is set to approve Exxon Mobil Corp.’s sale of its oil and gas assets to domestic energy supplier Seplat Energy Plc, President Bola Tinubu said.

The company also plans to invest around US$2.5 billion/y to enhance oil production by 50 000 bpd over the next few years.