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    All diaspora remittances must be received by beneficiaries in foreign currency only – CBN

    UH Real Estate Investment Trust to distribute N5.05 per unit to unit holders

    Canceling Keystone XL pipeline cost thousands of jobs, billions of dollars – Biden Administration

    Breaking: President Joe Biden diagnosed with “aggressive” cancer

    Mexican Navy Ship crashes into New York Bridge

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    Sunny Anene raises his stake in United Capital Plc

    Tantalizers PLC acquires Grand Media Projects Limited

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    Finland charges Simon Ekpa with inciting terrorism

    Seyi Makinde sympathizes with traders over Alesinloye market fire incident in Ibadan

    Seyi Makinde sympathizes with traders over Alesinloye market fire incident in Ibadan

    • Nigeria
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    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

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    Buhari says Nigeria security and economy improved during his tenure

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    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    Security features of the new naira notes revealed by the CBN

    The Frontier Fund unit holders to get N17 per unit distribution

    Banks begin to charge taxes on bonds, T-bills as exemption expires

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    BITCOIN hits $103,000 for the first time

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    NGX RegCo approves Livingtrust Mortgage Bank’s free float compliance plan

    SEC approves Busha and Quidax as crypto exchanges in Nigeria

    GTCO is offering a subscription of 9,000,000,000 Ordinary Shares of 50 kobo each at ₦44.50 per share

    GTCO is offering a subscription of 9,000,000,000 Ordinary Shares of 50 kobo each at ₦44.50 per share

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NNPC initiates court action in relation to the acquisition of Mobil Producing Nigeria Unlimited

Wednesday, 13 July 2022, 4:06 pm
in Business, Companies
0
Court blocks Shell’s accounts in 20 banks over alleged oil theft
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The Nigerian National Petroleum Company Limited (NNPC) has initiated a court action in relation to the acquisition of the entire shares of Mobil Producing Nigeria Unlimited (MPNU).

The lawsuit which was filed at the State High Court of the Federal Capital Territory in Abuja named MPNU, its shareholders (Mobil Development Nigeria, Inc. and Mobil Exploration Nigeria, Inc.), and the Nigerian Upstream Petroleum Regulatory Commission as defendants in the suit.

This was disclosed by Seplat Energy Plc in filing with the Nigerian Exchange titled “Interim Corporate Announcement on the Court Action brought by NNPC in relation to the acquisition of the shares of Mobil Producing Nigeria Unlimited.”

NNPC in the suit “requested the State High Court to declare that a dispute has occurred between itself and MPNU in relation to the interpretation of preemption rights under their Joint Operating Agreement (“JOA”) and order NNPC and MPNU to arbitration as required by the JOA.”

“On 6 July 2022, the State High Court made an ex-parte order of interim injunction restraining the Defendants from completing any divestment in MPNU, including the Share Sale and Purchase Agreement signed with Seplat Energy Offshore Limited (the “SPA”),” Seplat stated in the filing.

Seplat Energy however, reiterated that the Sale and Purchase Agreement signed (SPA) it signed with MPNU is still “valid and subsisting,”

It added that the company “remains confident that the matter will be brought to a proper conclusion in accordance with the law.”

It says that any “further information will be provided if available to the Company and permitted by law.”

Recall that in November 2021, Investogist reported that Seplat Energy Plc in talks to acquire ExxonMobil’s Nigerian shallow water business.

In February 2022, Investogist also reported that Seplat Energy Plc has entered into an agreement to acquire the entire share capital of Mobil Producing Nigeria Unlimited (MPNU).

Transaction Summary:

  • Seplat Energy Offshore Limited, a wholly owned Nigerian subsidiary of Seplat Energy Plc, has entered into a Sale and Purchase Agreement to acquire the entire share capital of MPNU for a purchase price of $1,283 million plus up to $300 million contingent consideration, subject to lockbox, working capital and other adjustments at closing relative to the effective date.
  • The Transaction encompasses the acquisition of the entire offshore shallow water business of ExxonMobil in Nigeria, which is an established, high-quality operation with a highly skilled local operating team and a track record of safe operations, producing 95 kboepd (W.I.) in 2020 (92% liquids).

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

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