The federal government has approved the long-delayed sale of ExxonMobil’s onshore assets to Seplat Energy for $1.28 billion, over two years after the deal was initially agreed.

The CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, confirmed the approval on Monday in Abuja. The transaction, first announced in February 2022, had faced regulatory delays but received clearance following assurances from President Bola Tinubu on October 1.

Tinubu stated that the sale would receive ministerial approval in days, following its regulatory conclusion by NUPRC in line with the Petroleum Industry Act (PIA).

In February 2022, Seplat Energy announced plans to acquire ExxonMobil Nigeria’s offshore shallow water operations. The deal was initially blocked by the Nigerian National Petroleum Corporation (NNPC) exercising its Right of First Refusal (RFR). However, the NNPC withdrew its objections in 2024, allowing the sale to proceed.