Exxon Mobil Corp's deal to sell its Nigerian onshore assets to Seplat Energy is on the verge of approval, with President Bola Tinubu stating clearance from the regulator is imminent. This $1.28 billion transaction has been pending for over two years.
The divestment is part of ExxonMobil's ongoing strategy to high-grade its global portfolio by shedding less competitive assets. This allows the company to focus capital and resources on higher-return projects, such as those in the Permian Basin and Guyana.
Finalizing this sale will provide ExxonMobil with additional capital, which can be reinvested into strategic growth areas or returned to shareholders. The approval removes uncertainty surrounding the future of these Nigerian onshore assets for the company.
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