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,

Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, Shane Harris, said ExxonMobil has concluded plans to invest $10 billion in Nigeria’s deep offshore.

“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.”

President Bola Tinubu says the ExxonMobil and Seplat divestment transactions will get ministerial approval in a few days.

The company also plans to invest around $2.5bn annually to enhance oil production by 50,000 barrels per day (bpd) over the next few years.

Vice President Kashim Shettima has welcomed ExxonMobil's proposed $10 billion investment in Nigeria's deep-water oil operations, describing it as a clear testament to the administration's economic reforms and investment-friendly policies.

The Federal Government said it welcomes oil major, ExxonMobil’s plan to invest $10 billion in Nigeria’s deep-water (offshore) oil operations.

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.