ExxonMobil's (XOM) Nigerian Asset Sale Nears Completion [Yahoo! Finance]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance
Nigeria's state oil company, the Nigerian National Petroleum Company (“NNPC”), has withdrawn its legal challenge to the transaction, removing a major obstacle that had stalled the $1.3-billion deal. The NNPC applied to a high court in Nigeria's capital, Abuja, to drop the case, a move confirmed by its legal firm, Afe Babalola. The decision follows an undisclosed agreement reached between the NNPC and ExxonMobil last month, paving the way for the deal's completion. However, court documents indicate that the NNPC reserves the right to resume its case if the terms of the settlement are not met. The divestment, which was signed between ExxonMobil and Seplat Energy in February 2022, has been awaiting regulatory approval since then. Key approvals from the Nigerian Upstream Petroleum Regulatory Commission, with an indicated August deadline, and Nigerian president Bola Tinubu are still pending. Once finalized, the deal will see Seplat Energy acquiring ExxonMobil's assets for $1.28 bill
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