October 1, 2024

The Federal Government says Exxon Mobil Corp’s deal to sell its Nigerian onshore assets to Seplat Energy will be approved in days after getting clearance from the regulator.

President Bola Tinubu made the announcement in a televised broadcast to mark the country’s 64 years independence.

According to him, the government is committed to making it easy for investors to come and go while upholding the country’s regulatory processes.

“Our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes”.

“This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively.

“As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.

The President said his government would continue with reforms to woo investors, adding that Nigeria had attracted foreign direct investments worth more than $30 billion since he came to office last year.