Business
Did Timipre Sylva ‘deceive’ Buhari in a bid to approve the controversial Seplat-ExxonMobil oil deal?
Did Timipre Sylva ‘deceive’ Buhari in a bid to approve the controversial Seplat-ExxonMobil oil deal?
Timipre Sylva, minister of state for Petroleum, may have influenced President Muhammadu Buhari to approve the controversial sale of ExxonMobil shares to Seplat Energy, a decision that has now been reversed by the president, THE WITNESS reports.
Presidential sources disclosed to reporters that Sylva had encouraged Buhari to sign the deal, which Seplat Energy Plc had first announced in February, a development that surprised industry players and quickly prompted counter reactions.
Recall that on Monday, President Buhari approved the acquisition of ExxonMobil Corporation’s assets by Seplat Energy Plc despite moves by the Nigerian National Petroleum Company (NNPC) Limited blocking the deal.
The deal entails an agreement to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Delaware, in other words, ExxonMobil Nigeria’s entire offshore shallow water business, for $1.28bn.
According to the deal, ExxonMobil Nigeria’s shallow water business is an established, high-quality operation with a highly skilled local operating team and a track record of safe operations.
Coming in the wake of growing divestment from Nigeria by oil majors, the deal represented yet another significant setback to the country’s oil sector, given that local players largely lack the capacity to step into the gap, which may have warranted the intervention from the state owned oil company.
The NNPC which opposed the deal citing overriding national interest, it would be recalled, last month won a court decision temporarily blocking Exxon from selling assets in Nigeria to Seplat.
A judge in Abuja had granted NNPC an “order of interim injunction” on July 6, 2022, barring Exxon Mobil “from completing any divestment” in a unit that ultimately operates four licenses in Nigeria.
However, despite the extant injunction, Seplat on Monday, announced that it had received a letter from Sylva, the minister of state for Petroleum Resources notifying it that President Buhari had approved that ministerial consent be granted to Seplat Energy Offshore Limited (a Seplat Energy subsidiary)’s cash acquisition of the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) from its shareholders, Mobil Development Nigeria Inc (MDNI) and Mobil Exploration Nigeria Inc (MENI), being entities of Exxon Mobil Corporation registered in Delaware, USA (“ExxonMobil”).
Seplat also stated that the approval was given by President Buhari in his capacity as the minister of Petroleum Resources, and with the granting of ministerial consent pursuant to the powers of the minister under Paragraphs 14-16 of the First Schedule of the Petroleum Act, 1969, separate announcement from the State House was released earlier.
It added that in the letter, the president directed that the HMSPR to convey ministerial consent to all relevant parties, including but not limited to the Nigerian Upstream Petroleum Regulatory Commission (“NUPRC”), the Nigerian National Petroleum Company Limited (“NNPC”), the ExxonMobil companies, the Federal Competition and Consumer Protection Commission (“FCCPC”), and Seplat Energy/Seplat Energy Offshore Limited.
But in a twist of events, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), which had previously declined to consent to the proposed acquisition deal, said the issue at stake was a regulatory matter, adding that status quo would remain on the issue.
The NUPRC in a statement later on Monday, said that the status quo remained in respect of the ExxonMobil/Seplat Energy share acquisition.
The agency, in the statement signed by its chief executive, Gbenga Komolafe, said that “the commission (NURPC) in line with the provisions of the Petroleum Industry Act 2021 is the sole regulator in dealing with such matters in the Nigerian upstream sector.
The statement added, “As it were, the issue at stake is purely a regulatory matter and the commission had earlier communicated the decline of ministerial assent to ExxonMobil in this regard. As such the commission further affirms that the status quo remains.
“The commission is committed to ensuring a predictable and conducive regulatory environment at all times in the Nigerian upstream sector.”
Having discovered lapses in the deal and angered by the Sylva’s action, President Buhari on Wednesday, reversed his approval of the deal.
Garba Shehu, presidential spokesman who communicated the reversal, said the president has taken a decision that the position of the Nigerian Upstream Petroleum Regulatory Commission be supported.
He said the earlier confusion was because “various agencies involved in (the) decision had not coordinated well among themselves.
“It has become clear that the various agencies involved in the decision had not coordinated well among themselves and having looked at all of the facts with all of the ramifications, the president decided the position of the regulator is to be supported.”
Sources within the Presidency had told this newspaper that there are extant laws governing such transactions, arguing that this statutory mandate lies within the purview of the Nigeria Upstream Petroleum Regulatory Commission.
One of the Presidency sources with knowledge of the transaction had told this website that the president had on July 5 issued a directive to the NNPC Limited to proceed with the acquisition of 40 per cent interest of ExxonMobil.
The source who said the approval by President Buhari still subsists, argued that that the president cannot suddenly reverse himself for a transaction of such magnitude.
Horatius Egua, senior special adviser on Media and Communication to the petroleum minister, speakingto reporters said the minister is yet to receive any communication of the president’s reversal of the oil deal, stressing that the president couldn’t have been deceived because he is intelligent enough to either consent or decline on national issues.
Blue Lagos Launches Community Sensitisation and Engagement Campaign in Riverine Areas
Blue Lagos has officially commenced its community sensitisation and engagement campaign across riverine and coastal communities in Lagos State.
The initiative is designed to amplify the voices of underserved communities, raise awareness on civic responsibilities, and highlight the unique challenges faced by residents living along the waterways.
Through on-ground interactions and digital advocacy, Blue Lagos aims to foster inclusive participation and ensure that no community is left behind.
Speaking on the campaign, The Director of Mobilisation & Community Engagement for the Blue Lagos Team, Hon. Ashade Abdul-Salam emphasized the importance of engaging directly with residents to better understand their daily realities, from access to basic services and transportation challenges to opportunities for development and improved governance.
The campaign will feature community visits, short sensitisation videos, interactive sessions, and stakeholder engagement, all geared towards empowering residents with the knowledge and tools to actively participate in shaping their future.
Blue Lagos calls on riverine and coastal residents to take advantage of this initiative, share their experiences, and stay informed on civic processes, including voter registration and community development programs.
This campaign marks a significant step towards building stronger connections between communities and decision-makers, while promoting inclusive growth across Lagos State.
For media inquiries, please contact:
Blue Lagos Team via email: [email protected]
One Universe Launches to Redefine How People Find and Pay for Trusted Services
One Universe, a new trusted digital marketplace designed to connect people who need services with skilled professionals, has officially launched and is now available for download on the Apple App Store and Google Play Store.
Built to solve the everyday challenge of finding reliable service providers, One Universe brings trust, convenience, and transparency into one seamless platform. From beauty and lifestyle services to technical, creative, and professional support, users can now discover verified professionals, agree on terms, and complete payments securely – all within the app.
A Safer, Smarter Way to Get Things Done
One Universe was created to eliminate uncertainty in service transactions. The platform enables buyers to find professionals, chat directly, agree on pricing and timelines, and make payments securely. Funds are held safely until the job is completed, ensuring protection for both parties.
Empowering Professionals to Grow
For service providers, One Universe offers a powerful opportunity to showcase skills, receive referrals, build credibility through reviews, and access more customers without the usual barriers. Professionals can focus on delivering quality work while the platform supports visibility, trust, and secure payments.
Introducing the One Universe Recruiter Program
As part of its launch, One Universe is rolling out the Recruiter Program, designed to reward individuals who help grow the community. Recruiters earn incentives by inviting people to join the platform – especially buyers seeking services – thereby helping professionals get more jobs while expanding the ecosystem. The program turns everyday referrals into real value and shared growth for all participants.
Key Features Include:
• Verified professionals across multiple service categories
• Secure in-app payments with buyer and seller protection
• Transparent pricing and direct communication
• Ratings and reviews to build trust
• A growing community driven by referrals and reputation
• Incentives through the Recruiter Program for community growth
*Now Available on iOS and Android*
One Universe is now live and ready for use. Individuals and businesses are encouraged to download the app, explore services, and experience a smarter way to connect and transact.
Download One Universe today:
Apple App Store
https://apps.apple.com/au/app/one-universe/id6753012310
Google Play Store
https://play.google.com/store/apps/details?id=com.oneuniverse.oneuniverse
About One Universe
One Universe is a trusted digital marketplace built to connect people with skilled professionals, making service discovery, engagement, and payment simple, safe, and reliable. The platform is committed to empowering service providers while giving users confidence and peace of mind.
Media Contact:
www.oneuniverse.ng
08083327368
Business
Adron Homes Unveils Sallah Mega Promo with 30% Discount and Exciting Gift Rewards for Subscribers
Adron Homes Unveils Sallah Mega Promo with 30% Discount and Exciting Gift Rewards for Subscribers
As the festive spirit of Eid al-Adha (Sallah) approaches, Adron Homes & Properties, Nigeria’s leading real estate company, has announced a nationwide Sallah Mega Promo designed to reward subscribers with unbeatable discounts, flexible payment plans, and exciting gift items.
The limited-time promotional campaign aims to empower Nigerians to celebrate the season of sacrifice with both joy and long-term investment security by making property ownership more accessible and rewarding. Subscribers can enjoy a 30% discount on all plots across Adron estates nationwide, alongside a flexible payment plan of up to 36 months. In addition, clients can spread their initial deposit over four months, easing financial pressure while securing valuable real estate assets.
According to the company, the Sallah promo reflects its continued commitment to providing affordable housing solutions while rewarding both new and existing clients during key festive periods.
“Sallah is a time of giving, sacrifice, and celebration. At Adron Homes, we believe there is no better time to empower families and investors with the opportunity to own land while also receiving valuable gifts that enhance their celebration,” the company stated.
As part of the promo, subscribers will enjoy a wide range of gift rewards tied to their payment milestones. Platinum plot subscribers stand to receive items such as bags of rice ranging from 10kg to 50kg, food packs with chicken and seasoning, goats and rams for Sallah celebrations, and even a cow or a double-door refrigerator for high-value subscribers. Compact plot subscribers will also benefit from gift items including bags of rice, vegetable oil, cartons of noodles, goats, and other household essentials designed to support festive celebrations.
Over the years, Adron Homes & Properties has remained at the forefront of real estate development in Nigeria, consistently delivering affordable luxury and flexible payment structures tailored to a wide range of investors. The Sallah Mega Promo further reinforces the company’s mission to democratize property ownership while strengthening its relationship with clients through value-driven initiatives.
Prospective subscribers are encouraged to take advantage of this limited-time offer by contacting Adron Homes through its official channels.
📲 WhatsApp: +234 805 101 1951
🌐 Website: Adron Homes Official Website
With the Sallah season fast approaching, this promo presents a unique opportunity for Nigerians to celebrate meaningfully by securing their future through real estate investment while enjoying generous festive rewards.
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