Seplat Energy Plc says that the terms of the Sale and Purchase Agreement with Mobil Producing Nigeria Unlimited (MPNU) “remain valid and subsisting.”
The company said that the process to obtain all approvals for the acquisition is being followed, adding that the approvals will be obtained.
Seplat stated this while responding to an article by This Day newspaper on Thursday which says that the Federal Government of Nigeria has declined consent to the acquisition of Mobil Producing Nigeria Unlimited.
In its response signed by Emeka Onwuka, Chief Financial Officer, Seplat said that it has been notified by the shareholders of MPNU confirming that Nigerian Upstream Petroleum Regulatory Commission declined their consent.
The document read in part:
“In response to an article published today in This Day newspaper, stating that the Federal Government of Nigeria has declined consent to the acquisition of Mobil Producing Nigeria Unlimited (“MPNU”), Seplat Energy confirms that it has received a letter from the Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (“NUPRC”) on the process. The Company has also been notified by the shareholders of MPNU confirming that MPNU received a letter from NUPRC declining their consent.
Under the terms of the Sale and Purchase Agreement (“SPA”), announced on 25 February 2022, which remains valid and subsisting, the Company will further its engagement with all relevant stakeholders.
Seplat Energy is confident that the process to obtain all approvals on the acquisition of MPNU’s entire share capital is being followed and will be achieved.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.