President Bola Tinubu has announced that the divestment transactions between ExxonMobil and Seplat will receive ministerial approval in a few days.
The divestment process was previously stalled due to legal challenges and NNPC’s attempts to acquire the assets itself. However, a settlement agreement was reached earlier this year, allowing the sale to proceed.
President Tinubu emphasized his administration’s commitment to free enterprise and the sanctity of regulatory processes. He noted that the divestment deal aligns with these principles and will create vibrancy and increase oil and gas production in Nigeria.
The acquisition of ExxonMobil’s subsidiary by Seplat is expected to have a positive impact on the Nigerian economy. Oil and gas expert Professor Wumi Iledare advised the NNPC to sell its share in the ExxonMobil joint venture to Dangote oil refinery to further strengthen its stake in the refining sector.
While some individuals may have reservations about divestment, Iledare believes that the sale of ExxonMobil’s assets to a publicly traded Nigerian company is a positive development for the country.
