Business
NNPC Moves To Stop $1.6bn Seplat, ExxonMobil Deal With Major Counter-offer
Following reports on the failed assets acquisition deal between Seplat Energy and ExxonMobil, investigation has shown that the state oil company, the Nigerian National Petroleum Corporation, has made a mouth-watering offer to acquire the assets, sources close to the deal disclosed to The PUNCH.
ExxonMobil and Seplat Energy had recently announced a $1.6bn sales agreement deal that would see Seplat purchase ExxonMobil’s complete shares in the state-owned oil firm.
However, just when all hopes were high for the completion of the deal, a letter dated May 16, 2022, by the Nigerian Upstream Petroleum Regulatory Commission to ExxonMobil, stated that the deal could no longer hold because the NNPC had exercised its right of pre-emption first refusal on the assets as part of a new era to focus solely on building the long-term profitability of the NNPC Ltd.
Right of pre-emption is a legal right to parties in a joint venture to be the first to be considered for any planned sale or takeover of assets in the JVs if either party chooses to trade them off.
READ ALSO: Airline Operators Accuse NNPC Of Withholding 25,000MT Of Aviation Fuel Approved By FG
According to findings, the NNPC objected to the sale of ExxonMobil’s equity to Seplat, and insisted on exercising its first right of refusal, after which the Corporation made an offer above $1.6bn to ExxonMobil.
The state-owned oil firm is the major shareholder in the Joint Ventures (JV) with ExxonMobil.
The NNPC will officially debut in July, and The PUNCH gathered that its bid to acquire ExxonMobil’s assets is part of the Corporation’s expansion plan.
Seplat Energy had made the winning bid, having staked $1.583bn for the deals to acquire the entire share capital of Mobil Producing Nigeria Unlimited plus contingent consideration, with the asset transfer waiting for the minister’s assent.
In a letter sighted by The PUNCH in March, signed by Group Managing Director, Mele Kyari, and addressed to ExxonMobil, the NNPC reiterated its resolve to take over ExxonMobil’s share of the assets.
“We are aware that you reached an agreement to divest from onshore and shallow waters JVs,” the NNPC said in the letter, stating “clearly we are interested.”
The NNPC also reiterated, in the letter, that it had already transformed from being a corporation to being a profit-driven company and that it now had the capacity to buy over the share of ExxonMobil in the Joint Ventures.
This means that the state-owned oil firm must have, based on its exercise of right of first refusal, paid above the $1.583bn mark offered by Seplat.
Sources disclosed that the Corporation must have parted with as much as $2 billion for the assets.
Recall that the NNPC recently announced a funding agreement with AFREXIM for up to $5 billion to grow its investment in new and existing upstream assets.
Both Seplat and ExxonMobil declined to comment on the development.
READ ALSO: Petroleum Minister, Sylva, NNPC Boss, Kyari Sabotaging Refineries Investigation, Reps Alleges
The PUNCH had contacted an official of the External Relations Department of Seplat, Mr. Stanley Opara, who asked that an official email should be sent to him and the company’s Director, External Affairs & Sustainability Officer, Chioma Nwachuku.
The PUNCH correspondent did send the email. However, no response was received as of press time. Also, the spokesperson for ExxonMobil, Oge Udeagha, who requested an official email, did not also respond as of the time of filing this report.
The spokesperson for NNPC, Garba Deen Muhammed’s, phone was switched off when our correspondent called his line to get a response.
PUNCH.
Business
NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment
The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.
It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.
This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.
READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume
The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.
“It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.
This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.
The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.
Business
Dangote Refinery Reduces Fuel Price
Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.
This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.
The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.
READ ALSO:Dangote Refinery Gets New CEO
“In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 CNG-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” said Chijiena.
The announcement comes as the refinery prepares to commence direct fuel distribution nationwide. The development is expected to lead petroleum product marketers to reduce their pump prices in the coming days.
In Abuja, the retail fuel price stood between N885 and N970 per litre as of Tuesday evening.
Business
Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US
India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.
This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.
According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.
Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.
READ ALSO:‘My Eyes Dey Your Body’: Drama As Portable Professes Love For Regina Daniels
The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.
Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.
Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.
According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.
READ ALSO:
Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.
On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.
In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.
“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.
-
Metro4 days agoVigilantes Beat, Strip Female Corps Member In Anambra
-
News5 days agoEx-US President Al Gore Loses Nigerian In-law
-
News3 days agoEdo Issues New Guideline On Education, Says Siblings’ Textbooks Transferable, Bans Graduation For KGs, Others, [A MUST READ]
-
News4 days agoCircuits Launchpad Targets 1M Jobs for Youths in the Digital Creative Sector
-
Headline3 days agoUK Bans Sanex Advert For Calling Black Skin ‘Problematic’, White Skin ‘Superior’
-
News4 days agoChieftaincy Title: Why Ooni Of Ife Won’t React To Alaafin’s 48-hour Threat — Palace Aide
-
News4 days agoLagos Declares Holiday For Isese Festival
-
News3 days agoNigerians Call For Mandatory DNA Tests At Birth
-
Sports4 days agoEnabulele Congratulates Bendel Insurance For Pre-Season Tournament Performance
-
News3 days ago
Yoruba Elders Wade In As Alaafin, Ooni Feud Escalates