Toba Owojaiye reporting
Abuja, Nigeria
In a significant move that reflects Nigeria’s strategic push for increased local ownership in its oil and gas sector, President Bola Tinubu has granted final approval for Seplat Energy Plc to acquire Exxon Mobil Corp.’s assets in the country. This $1.3 billion deal marks the end of a prolonged two-year delay, during which the agreement awaited regulatory clearance.
Truth Live News gathered that the announcement was made by Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), during an event in Abuja. “The ministerial approval for this landmark agreement has been secured,” Komolafe confirmed, adding that this was one of four approvals granted by the President as part of efforts to streamline the sector.
Under the terms of the agreement, Seplat Energy will acquire a 40% interest in four oil mining leases along with associated infrastructure, including the strategically vital Qua Iboe export terminal. Additionally, Seplat will assume a 51% stake in the Bonny River natural gas liquids recovery plant, which was previously operated by Exxon’s local subsidiary, Mobil Producing Nigeria Unlimited.
The transaction represents a paradigm shift in Nigeria’s oil and gas industry, where foreign multinationals have traditionally dominated. Seplat Energy’s successful acquisition underscores the country’s determination to foster homegrown capabilities and entrust local firms with key assets. This shift aligns with President Tinubu’s broader economic agenda, which focuses on empowering Nigerian companies and building a more sustainable and self-reliant energy sector.
“This deal is a positive step toward increasing indigenous participation in the oil and gas sector, which will not only boost the local economy but also provide more jobs and strengthen Nigeria’s position in the global energy market,” said Komolafe.
For decades, Nigeria has relied heavily on foreign oil giants for exploration and production. However, there has been a steady drive to build a strong local industry that can compete on a global scale. The government’s approval of Seplat’s acquisition is seen as a strategic move to reduce dependence on foreign multinationals and leverage the expertise and capacity of Nigerian firms.
As the oil and gas sector continues to evolve, this deal sets a precedent for similar acquisitions and collaborations between local companies and international stakeholders. The hope is that, by placing key assets in the hands of competent national companies like Seplat Energy, Nigeria can better navigate the challenges of the global energy transition while maximizing its natural resources.
This development may encourage other local firms to explore opportunities in the sector, leading to a more diversified and competitive market. Furthermore, public sentiment around national pride and economic self-sufficiency is likely to rally behind this shift, which could herald a new era of increased local control over Nigeria’s