President Bola Ahmed Tinubu has officially approved the acquisition of shares of Mobil Producing Nigeria Unlimited (MPNU) by Seplat Energy.

Seplat Energy disclosed this in a statement, on Wednesday.

In the statement, Seplat said it would work with all parties to bring the transaction to completion.

The oil company thanked President Tinubu for granting and acquisition and his support.

According to the statement, Tinubu‘s approval was communicated by the Nigeria Upstream Petroleum Regulatory Commission (NUPRC).

It read, “Seplat Energy Plc, 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 Transaction”).

“Seplat Energy sincerely thanks His Excellency, President Bola Ahmed Tinubu GCFR, for granting this approval, and appreciates the support and diligence of the various Ministries and regulators for all the work on this Transaction.

“The Company will now work with all parties to bring the Transaction to completion,” it stated.

Seplat explained that further information concerning to takeover of Mobil would be made public in line with regulatory requirements after completing the transaction process.

“Further announcements will be made as and when appropriate, in line with regulatory requirements,” it added.