NUPRC Overrules Buhari on Mobil-Seplat Deal
"Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has rejected Nigeria’s President Muhammadu Buhari consent for Seplat’s acquisition of ExxonMobil’s shallow water assets. The rejection by the upstream regulator came hours after presidential spokesperson Femi Adesina said that President Buhari had approved the transaction.
The NUPRC, in a statement shared with the media on Monday, said the deal requires a regulatory approval instead of a presidential approval, and ExxonMobil has been notified that the deal has been declined," Samuel Nwite reports
Indeed, everyone is still trying to make sense of the new petroleum industry law. Even the presidency needs training. Where are the consultants? Train everyone on this law. I knew there was a problem when the central bank reported that Nigeria’s cash cow (NNPC*) is no more sending money to the “special account” - and because of that, Nigeria has limited US dollars to fight and protect the Naira. As CBN looks helpless with the realization that the account is not getting alert, it will make time to read the text of the law. I hope the Presidency does so.
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