Nigeria set to approve $1.3B Exxon asset sale to Seplat, president says

Exxon Mobil’s (NYSE:XOM) deal to sell its Nigerian onshore oil and gas assets to Seplat Energy will be approved within days after gaining clearance from the country’s regulator, Nigeria President Tinubu said Tuesday.

The sale will “increase oil and gas production, positively impacting our economy,” Tinubu said in a speech marking Nigeria’s Independence Day.

“Our administration is committed to free enterprise, free entry, and free exit in investments, while maintaining the sanctity and efficacy of our regulatory processes,” Tinubu also said.

Approving the sale to Seplat would end a more than two-year delay that stalled the conclusion of the $1.3B deal.

Nigeria’s vice president said recently that Exxon (XOM) is considering investing as much as $10B in the country’s offshore oil industry in the coming years.