Seplat Energy Plc has got approval from the federal government on the $1.3 billion acquisition of Mobil Producing Nigeria Unlimited (MPNU) assets.

In a post on X on Wednesday, Seplat said that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed the consent of President Bola Tinubu to proceed with the purchase of the entire issued share capital of Mobil.

The company expressed gratitude to Tinubu for granting the approval, just as it appreciated the support and diligence of the various ministries and regulators for all the work on the transaction.

Seplat said it will now work with all parties to bring the transaction to completion.

This comes two years after the firm announced the acquisition of ExxonMobil’s 40 per cent stake in MPNU.