President Muhammadu Buhari reversed course on the agreement shortly after authorizing Seplat Energy Plc’s acquisition of ExxonMobil Corporation assets.
The purchase had been approved by Buhari on Monday, according to a statement released by the president’s spokesperson, Garba Shehu.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), calling the approval a regulatory matter, later expressed its displeasure with the approval.
Shehu stated on Wednesday that President Buhari had revoked his authorization and decided to support the NUPRC’s stance.
According to the media aide, the deal’s confusion stemmed from a lack of coordination among the various government agencies involved.
“It has become clear that the various agencies involved in the decision had not coordinated well among themselves and, having looked at all of the facts with all of the ramifications, the president decided the position of the regulator is to be supported,” Shehu told Premium Times.
The presidential spokesman responded, “I have no statement to issue,” when asked by TheCable whether there would be appropriate communication regarding the matter.
The commission rejected the proposed acquisition in May due to what it considered to be an overriding national interest.
In response to the development, Seplat Energy stated in a corporate filing on Wednesday that the acquisition of the assets was done in accordance with the law.
