Seplat Energy Plc has officially confirmed the approval of its $1.28 billion acquisition of ExxonMobil’s onshore assets, following a green light from the Nigerian Federal Government. This landmark transaction, which has faced regulatory delays for over two years, was revealed during the Nigerian Upstream Petroleum Regulatory Commission’s (NUPRC) 3rd Anniversary event in Abuja.

The chief executive officer of NUPRC, Gbenga Komolafe, announced the deal’s approval on Monday, noting that ministerial consent had now been granted by Nigeria’s President and Minister of Petroleum Resources, Bola Ahmed Tinubu.

In a statement on Tuesday, Seplat Energy expressed its excitement over the transaction. “Seplat Energy is delighted to announce that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has confirmed that consent has been granted by the Honourable Minister of Petroleum Resources in Nigeria, President Bola Ahmed Tinubu GCFR, to proceed with the acquisition of the entire issued share capital of Mobil Producing Nigeria Unlimited (‘MPNU’),” the company stated.

The approval will allow Seplat Energy to acquire a 40% stake in four oil mining leases previously owned by ExxonMobil. Additionally, the company will gain key infrastructure, including the Qua Iboe export terminal and a 51% stake in the Bonny River natural gas liquids recovery plant.

President Tinubu had hinted at the imminent approval on October 1, stating that final regulatory clearance was expected in days. Seplat Energy acknowledged the support from the Nigerian government and various regulatory bodies throughout the process, and noted that further updates would be provided as required.

The acquisition marks a significant milestone for Seplat, positioning the company as a leading player in Nigeria’s upstream oil and gas sector.