FG Approves For Seplat Energy to Takeover Mobil

FG Approves For Seplat Energy to Takeover Mobil

Nigeria’s Federal Government has approved for the cash acquisition of Mobil Producing Nigeria Unlimited by Seplat Energy.

This was revealed by via public statement on Monday by the Finance Officer of Seplat, Onwuka Francis.

The statement noted that President Muhammadu Buhari had given a ministerial consent for the cash acquisition to go though.

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The statement read in part;

“Seplat Energy is pleased to announce that it has received a letter from the Hon. Minister of State for Petroleum Resources notifying Seplat that HE., President Muhammadu Buhari has graciously approved that Ministerial Consent be granted to Seplat Energy Offshore Limited’s (a Seplat Energy subsidiary) cash acquisition of the entire share capital of Mobil Producing Nigeria Unlimited from its shareholders, Mobil Development Nigeria Inc & Mobil Exploration Nigeria Inc, being entities of Exxon Mobil Corporation registered in Delaware, USA.

“The Board and Management of Seplat Energy thank His Excellency, President Muhammadu Buhari, for the Ministerial Consent to this landmark acquisition of the entire share capital of MPNU.”