NNPC Gets a Court Injunction Against ExxonMobil Sale of its Nigerian Assets

A Federal High Court in Abuja has fixed, for July 15, 2022, the hearing of a motion against the sale of shares of ExxonMobil’s Nigerian unit to any third parties.

The court, presided over by Justice S. B. Belgore, had on July 6, 2022, granted an injunction sought by Nigerian National Petroleum Company (NNPC) Limited, restraining Mobil Producing Nigeria Ltd and Mobil Development Nigeria Plc from selling, trading, allocating, transferring, or disposing of their shares in their interests covered by or connected to the Joint Operating Agreement between them and the NNPC.

The order restrains “sale of assets covered in Oil Mining Lease 68, Oil Mining Lease 69, Oil Mining Lease 70 and Oil Prospecting Licence 94, to anybody, person (s), company, consortium or entity howsoever described pending the determination of the claimant/applicant’s motion filed on the 5th of July or when the judicial tribunal is duly constituted and can make interim preservation orders.”

NNPC has stepped up, in public, its determination to take over the subject ExxonMobil assets since Seplat Energy Plc, Nigeria’s largest homegrown, private sector led energy company, announced in February 2022, that it had entered into an agreement to acquire the entire share capital of Mobil Producing Nigeria Unlimited (“MPNU”) from Exxon Mobil Corporation, Delaware.


Sponsored

1 comment

  1. IKO ZAKKA says:

    Enter your comment You are good to go

Leave a comment to IKO ZAKKA

Click here to cancel reply.

Comment form

All fields marked (*) are required

© 2021 Festac News Press Ltd..