Nigerian energy giant, Seplat was in the news for the wrong reasons last month after the oil and gas industry’s regulator, the Nigerian Upstream Petroleum Regulatory Commission rejected its bid to acquire American oil and gas multinational corporation, Exxon Mobil Corp.

Now, it is in the news again for even the worse reason, an alleged conflict of interest that led to the two founders spending over $450 million, about N193.5 billion through companies tied to the founders over a 12-year period.

According to a Bloomberg expose, Seplat “spent more than $450 million on goods and services provided by companies linked to its two founders over 12 years, most of it after the firm publicly listed in London and Lagos in 2014”.

Read more>>> https://nigeriatodaynews.com/the-inside-story-of-how-founders-of-seplat-splurged-over-n190b-with-personal-companies/