NEWS
Buhari rescinds decision on Seplat Energy takeover of Exxon Mobile shares
President Muhammadu Buhari has reversed his earlier decision authorising Seplat Energy Limited to take over the shares in oil block in Nigeria previously owned by Exxon Mobil of United States of America.
The reversal of the President’s decision was confirmed yesterday by the Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu.
According to Shehu , the President Buhari had decided to back the Petroleum regulator, the Nigerian Upstream Petroleum Regulatory Commission ,NUPRC, which had on Tuesday insisted on its refusal to assent to the ExxonMobil/Seplat Energy share acquisition worth $1.3 billion.
He also said the earlier confusion in the President’s decision was as a result of the various agencies involved in the decision had not coordinated well among themselves. He added that President Buhari now wanted NUPRC position to be supported.
Mallam Garba Shehu said : ,“It has become clear that the various agencies involved in 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.”
Recall President Muhammadu Buhari had on Monday afternoon approved the acquisition of the entire share capital of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited.
This was revealed in an official tweet by the Presidency titled ‘President Buhari consents to the acquisition of Exxon Mobil shares by Seplat Energy Offshore Ltd.’
The Presidency had said in the tweet that Buhari authorized the acquisition in his capacity as Minister of Petroleum and it is aimed at attracting foreign direct investment to the country. The tweet also said that the President also directed that Exxon Mobil and Seplat mitigate all environmental and abandonment liabilities.
The tweet read : “In his capacity as Minister of Petroleum Resources, and in consonance with the country’s drive for Foreign Direct Investment in the energy sector, President @MBuhari has consented to the acquisition of the entire share capital of Mobil Producing Nigeria Unlimited by Seplat Energy Offshore Limited.
READ ALSO: Buhari Presidency Swings Again on Seplat Energy, Mobil Producing Oil Deal
“Exxon Mobil had entered into a landmark Sale & Purchase Agreement with Seplat Energy to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Mobil Development Nigeria Inc, & Mobil Exploration Nigeria Inc, registered in Delaware, USA.”
“Considering the extensive benefits of the transaction to the Nigerian Energy sector and the larger economy, President @MBuhari has given Ministerial Consent to the deal.”
“The President, in commitment to investment drive in light of the Petroleum Industry Act, granted consent to the Share Sales Agreement, as requested by the parties to the transaction, and directed that the approval be conveyed to all the parties involved.”
“Consequently, Exxon Mobil/Seplat are expected to carry out operatorship of all the oil mining licenses in the related shallow water assets towards production optimization to support Nigeria’s OPEC quota in the short term as well as ensure accelerated development and monetisation of the gas resources in the assets for the Nigerian economy.”
President Bola Ahmed Tinubu has appointed retired Vice Admiral Ibokette Ibas as the military administrator of Rivers State following the suspension of Governor Siminalayi Fubara, his deputy, Ngozi Odu, and all elected members of the state House of Assembly.
The announcement came during a nationwide broadcast on Tuesday amid heightened political tension in the oil-rich South-South state.
Tinubu said the suspension would last for an initial period of six months.
READ ALSO: JUST IN: Tinubu Suspends Fubara, Deputy and Lawmakers
“By this declaration, the Governor of Rivers State, Mr. Siminalayi Fubara, his deputy, Mrs. Ngozi Odu, and all elected members of the House of Assembly of Rivers State are hereby suspended for an initial period of six months,” the President stated.
Ibas, a former Chief of Naval Staff who served from July 2015 to January 2021, will take charge of the state’s affairs.
Tinubu clarified that the judiciary remains unaffected and will continue to function as mandated by the constitution.
“The Administrator will not make any new laws. He will, however, be free to formulate regulations as may be found necessary to do his job, but such regulations will need to be considered and approved by the Federal Executive Council and promulgated by the President for the state,” Tinubu added.
President Bola Ahmed Tinubu has suspended Rivers State Governor Siminalayi Fubara, his deputy, Mrs. Ngozi Odu, and all elected members of the state House of Assembly for an initial period of six months.
Tinubu made the announcement in a nationwide broadcast on Tuesday, citing undisclosed reasons for the decision.
READ ALSO: JUST IN: Rivers Assembly Accuses Fubara, Deputy Of Gross Misconduct
“By this declaration, the Governor of Rivers State, Mr. Siminalayi Fubara, his deputy, Mrs. Ngozi Odu, and all elected members of the House of Assembly of Rivers State are hereby suspended for an initial period of six months,” the President stated.
The suspension comes amid ongoing political tensions in Rivers State.
More updates to follow…
In what political watchers perceive as part of efforts to discomfit and scatter the Peoples Democratic Party (PDP) on the feeling that its National Working Committee (NWC) antagonises him, the Minister of Federal Capital Territory, Nyesom Wike, has revoked the rights to occupy the land on which the party’s national secretariat, Abuja is sited.
Biztelers reports that Wike’s revocation notice was conveyed in a letter released in Abuja on Tuesday, dated March 13, 2025.
The letter was titled, “Notice of right of occupancy with file no: MISC 81346 in respect of plot no: 243 within central area district, Abuja.”
ALSO READ: Explosion Hits Trans-Niger Oil Pipeline In Rivers
The letter was signed by the Director, Land Administration (FTC), Chijioke Nwankwoeze.
Wike, it was gathered predicated his action on the PDP’s failure to pay the annual ground rents due on the property for twenty (20) years, from January 1, 2006, to January 1, 2025.
The negligence on the part of the opposition party, the letter claimed was despite many publications in several national dailies and electronic media to pay up every outstanding bill and ground rent on its property.
The letter read, “I have been directed to refer to the above Right of Occupancy granted to PEOPLES DEMOCRATIC PARTY (PDP), NATIONAL SECRETARIAT and inform you that the Minister of Federal Capital Territory has in the exercise of powers conferred on him under the Land Use Act No. 6 of 1978, Cap. L5, Laws of the Federation of Nigeria 2004, revoked your rights, interests and privileges over Plot No. 243 within Central Area, Cadastral Zone A00, Abuja.
“The revocation is in view of your continued contravention of the terms and conditions of grant of the Right of Occupancy by failing to pay the annual ground rents due on the property for twenty (20) years, from Ist of January 2006 to 1st of January 2025. This is despite the many publications made by the FCT Administration since 2023 in several national dailies and on electronic media requesting all allottees of plots in the Federal Capital Territory to pay up every outstanding bill and ground rent on their property.
“You would please note that the said breaches by PEOPLES DEMOCRATIC PARTY (PDP), NATIONAL SECRETARIAT (MISC 81346) run contrary to the provisions of Section 28, Subsection 5 (a) and (b) of the Land Use Act.”
There are palpable fears that the PDP’s national secretariat might be demolished or vandalised, sooner than later because Wike added that the FCTA administration would take immediate possession of the party secretariat until all bills are settled.
Tinubu Appoints Vice Admiral Ibas As Rivers Administrator
JUST IN: Tinubu Suspends Fubara, Deputy and Lawmakers
JUST IN: Wike Renders PDP Homeless In Abuja
Explosion Hits Trans-Niger Oil Pipeline In Rivers
Osun Issues Guidelines For Tractor Operations
