Connect with us

    Hi, what are you looking for?

    Business

    NNPC

    The Nigerian National Petroleum Corporation (NNPC) is reportedly set to stop the sale of ExxonMobil shares worth $1.583 billion to Seplat Energy Plc.

    Ravenewsonline.com learnt that the state oil company has made a mouth-watering offer to ExxonMobil in an attempt to acquire the assets.

    Recall that ExxonMobil had announced that Seplat Energy has agreed to purchase its complete shares in Mobil Producing Nigeria Unlimited (MPNU), subject to regulatory approval.

    Also, Seplat Energy Plc on February 25 announced an agreement to acquire the entire share capital of MPNU, a subsidiary of ExxonMobil.

    On March 4, the NNPC Group Managing Director, Mele Kyari, in a letter addressed to ExxonMobil said the national oil company has opted to exercise its right of first refusal in the deal as contained in the Joint Operating Agreement (JOA).

    Reacting to the development, the Chief Financial Officer of Seplat, Emeka Onwuka, said the proposed deal had not been blocked or terminated by NNPC as widely reported.

    According to the Punch, the NNPC’s bid to acquire ExxonMobil’s assets is part of the Corporation’s expansion plan.

    It was learned that the state-owned oil firm must have, based on its exercise of the right of first refusal, paid as much as $2 billion for the assets.

    Loading

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    News

    Nigeria Civil Aviation Authority (NCAA) has dismissed recent claims by Senator Orji Uzor Kalu alleging lapses in pilot preparation, substance abuse among flight crews,...

    Tech

    OpenAI Chief Executive Officer, Sam Altman, has announced a major policy shift for the company’s flagship chatbot, ChatGPT, revealing plans to relax content restrictions...

    News

    Sultan of Sokoto, Alhaji Sa’ad Abubakar III, has called for the regulation of social media in Nigeria, warning that its unrestrained use poses a...

    E-Financial

    Polaris Bank has reaffirmed its commitment to delivering exceptional customer experience through deeper engagement and partnership with its clients. This was demonstrated last Thursday...