Buhari Rescinds Decision Authorising Acquisition ExxonMobil Shares
President Muhammadu Buhari rescinds his earlier decision, authorising the acquisition of ExxonMobil shares by Seplat Energy Offshore Limited.
The President had on Monday granted assent to the deal in which Seplat will acquire 40% stake of ExxonMobil oil assets around Akwa Ibom State, South-South Nigeria.
On Wednesday, Shehu said President Buhari had reversed his authorisation, choosing to support the position of the NUPRC.
According to the media aide, the confusion trailing the deal was due to the non-coordination among the various agencies of government involved.
“It has become clear that the various agencies involved in decision had not coordinated well among themselves and having looked at all of the facts with all of the ramifications, the president decided the position of the regulator is to be supported,” Shehu told Premium Times.
But when asked by TheCable whether there would be proper communication over the issue, the presidential spokesman said, “I have no statement to issue”.
In May, the commission declined to approve the proposed acquisition due to what it described as overriding national interest.
Owing to the development, Seplat Energy in a corporate filing on Wednesday, said it followed due process in the acquisition of the assets.
