Nigeria Approves Sale of Exxon’s Onshore Assets to Seplat

Nigeria approved Exxon Mobil Corp.’s sale of its oil and gas assets to domestic energy supplier Seplat Energy Plc, ending a more than two-year hiatus that stalled the conclusion of the $1.3 billion transaction.

The deal together with three others received ministerial assent from President Bola Tinubu, who is also the minister of petroleum, said Gbenga Komolafe, the chief executive officer of the Nigerian Upstream Petroleum Regulatory Commission.

Shell Plc’s sale of its Nigerian onshore oil business to a consortium of local companies for more than $1.3 billion was rejected, he said.

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