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The Nigerian National Petroleum Company Limited on Thursday announced the signing of a settlement agreement facilitating the divestment of Exxon Mobil ’s stake in Mobil Producing Nigeria Unlimited to Seplat Energy Plc. This comes two years after the divestment plan was announced. The NNPC Ltd., in a statement, said the agreement involved MPNU, Mobil …
“Settlement agreement between NNPC Ltd. and MPNU, Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc. signed regarding the proposed divestment of a 100 percent interest in MPNU to Seplat Energy Offshore Limited,” the NNPC stated. Minister of State for Petroleum Resources , Heineken Lokpobiri, said the President had given a clear directive to him and the NNPC Ltd. Group Chief Executive Officer, Mal Mele Kyari, to resolve the issue of divestment, which they were doing their best to achieve.
Two months later, Seplat reported that NNPC Ltd. had secured a court injunction preventing ExxonMobil from selling its assets in Nigeria. This opposition led former President Muhammadu Buhari to reverse his initial authorization for the acquisition on August 10, 2022, shortly after granting approval.
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