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Ministerial Approval for ExxonMobil/Seplat Divestment Underway – Tinubu
President Bola Tinubu announced that ministerial approval for the ExxonMobil and Seplat divestment transactions is expected in the coming days. He made this disclosure during his Independence broadcast on Tuesday, highlighting that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has already approved the divestment process in accordance with the Petroleum Industry Act (PIA).
Tinubu emphasized his administration’s commitment to fostering free enterprise, allowing for both entry and exit in investments, while ensuring the integrity of the nation’s regulatory processes. “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,” he stated. He noted that the transaction was handled similarly to other approved divestments in the sector.
The President highlighted that this move is expected to enhance the vibrancy of the oil and gas sector, ultimately benefiting the national economy. The divestment deal between Seplat and ExxonMobil has faced delays for over two years. In July 2022, the Nigerian National Petroleum Company (NNPC) blocked the asset sale, resulting in a court decision that temporarily halted the transaction.
Seplat had initially agreed to acquire ExxonMobil’s Nigerian subsidiary for at least $1.28 billion in February. The NNPC aimed to take over the permits and prevent the sale, leading to ongoing litigations. A settlement was finally reached earlier this year when the NNPC lifted the court injunction, allowing the asset sale to Seplat to move forward. It was advised that the NNPC consider selling its stake in the ExxonMobil asset instead of maintaining a joint venture with Seplat.
Oil and gas expert Prof. Wumi Iledare commented on Tinubu’s update, affirming that the impending ministerial approval for the $1.28 billion sale is a positive development. He noted that while some may oppose divestment, it is an essential aspect of the upstream business. He suggested that the NNPC sell its share in the ExxonMobil joint venture to the Dangote oil refinery to strengthen its stake in the refinery.
Iledare expressed that the President should have delegated the announcement to the regulatory commission, stating, “The moment he’s announcing it himself, it becomes a political game. However, I think it’s a good thing if they can conclude it.”
The Transmission Company of Nigeria (TCN) has reported its seventh partial grid collapse in 2024. Despite the recurring issue, TCN’s General Manager of Public Affairs, Ndidi Mbah, reassured the public that efforts to restore power are well underway, with about 90% of substations receiving bulk power.
Mbah noted that the Azura Power Station initiated the grid recovery, although a minor setback occurred. However, power supply has been restored to the Abuja region and other key distribution centers. The Ibom Gas Generating Station remained unaffected, continuing to supply power to the South-South region.
An investigation into the cause of the collapse will commence once full grid restoration is achieved.
Vice President Kashim Shettima has expressed deep sorrow over the tragic tanker explosion in Jigawa State, which claimed over 100 lives. In a statement issued by his media aide, Stanley Nkwocha, Shettima, on behalf of President Bola Tinubu, extended condolences to the affected families, praying for strength and comfort in their time of grief.
Shettima assured the public that the federal government is mobilizing resources to support the injured and assist those affected. He has directed the immediate deployment of the National Emergency Management Agency (NEMA) to provide aid. The Vice President also stressed the need for a review of fuel transportation safety protocols to prevent future incidents.
In a separate statement, First Lady Oluremi Tinubu offered her condolences to Jigawa Governor Umar Namadi and the people of Jigawa, praying for peace and comfort for the families affected. She called the incident “unfortunate” and extended prayers for the recovery of the injured and the repose of the souls lost in the tragedy.
The Nigeria Customs Service (NCS) has revealed that it intercepted a total of 10,598 pieces of arms and 114,929 rounds of ammunition valued at N9.58 billion over the past six years. Comptroller General of Customs, Bashir Adewale Adeniyi, made this disclosure during a press conference on enforcement activities in Zone A.
Adeniyi highlighted that 60% of these seizures occurred in 2023, reflecting the Customs’ increased efforts to curb arms smuggling. He also mentioned that recent operations such as Operation Whirlwind and Operation Swift Sting are part of a strategic response to tackle evolving smuggling tactics.
In addition to arms seizures, the Customs CG announced the largest pangolin scale seizure since 2020, with 9,493 kg of scales confiscated in collaboration with the Wildlife Justice Commission. The joint operation led to four arrests across Kano, Kaduna, and Lagos. The NCS continues to intensify efforts against wildlife trafficking, targeting supply routes in northern Nigeria and border areas.
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