In an announcement during the Independence Day speech, President Bola Tinubu revealed that the $1.28 billion divestment agreement between ExxonMobil and Seplat Energy is set to receive ministerial approval within days. Speaking at the State House in Abuja, Tinubu emphasized that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has already sanctioned the transaction involving ExxonMobil’s onshore assets.
President Bola Ahmed Tinubu highlighted that this approval aligns with the Petroleum Industry Act (PIA) and underscores his administration’s dedication to fostering a competitive investment climate while upholding regulatory integrity. “We are committed to enhancing the fortunes of our petroleum sector through transparent and effective regulatory processes,” he stated, reassuring the public that the forthcoming ministerial endorsement reflects the government’s commitment to promoting responsible investment practices.
