₦airaland Forum

PressMyButton:
There's a difference between reading and understanding. You can read but can't understand. Buhari was his boss, if he asked him to approve the deal, dem no born am well.

kettykin:
Buhari approved as the minister of petroleum and Gbenga Komolafe blocked it as the head of NUPRC

femisplash:
You're mixing it all up because you have a limited understanding of the issue. The link you posted talks about JV ratio, which is clearly different from assets ownership. To simplify it for you, SEPLAT owns 40% of ExxonMobil onshore assets (MPNU) in the new acquisitions. However, a joint venture between NNPCL and SEPLAT is in the ratio of 70:30.

seunmsg:
I thought you said it was a Yoruba man in NNPC that blocked the deal. You see, this is why it is not advisable to always assist people from the south east. The level of your lies and ingratitude is just crass.

The Buhari administration through NNPC blocked the deal and took the intervention of the Tinubu administration to negotiate a truce and get everything resolved. Instead of showing gratitude, you started by lying that a Yoruba man singlehandedly blocked the deal and later moved to claim it was the 10% given to NNPC that solved the problem. Why did NNPC under Buhari not accept 10% as a compromise?

If this was Oando or any company linked to a Yoruba business man, you louts would be everywhere by now yelling at the topmost of your voice about how Tinubu is cornering all Nigerian assets. Bunch of hypocrites.

mikeapollo:
I know what I am saying and not mixing anything . What I said from the beginning is that the JV between Mobil and NNPC was 40:60. However when NNPC objected to the sale by Mobil to Seplat, the new ratio was adjusted to 30:70 in favour NNPC in order to appease NNPC and settle the case out of court.
Seplat inherits 30 percent of the JV while NNPC keeps 70 percent .
NNPC went to court to stop the sale because of the JV and that is what matters to them. NNPC is not bothered about what percentage of ownership Sepat has in Mobil.

femisplash:
Again, you got it wrong. Initially, NNPC claimed they had the "rights of first refusal" on ExxonMobil's assets than a third party (SEPLAT) and they were supposed to be at the pole position to purchase the assets from the seller first.. Which was the crux of the matter. The JV agreement was a separate issue completely.

mikeapollo:
The "assets" means the assets under the JV, which is the share of crude oil coming from the JV.
What relationship does Mobil have with NNPC if not the JV?
A company cannot lay claim to another company assets unless they have a business relationship or agreement e.g intragroup, partnership or JV etc

kettykin:
It would rather be your turn. Nigeria will happen to all those who cover the truth and support the deep state of Nigeria. I have never supported the deep state and its antics

femisplash:
This was a deal that was being foot dragged for more than two years. The former President, NNPCL, SEPLAT, ExxonMobil couldn't reach a deal. They had to drag themselves to court. The case was in court till Tinubu came in, soon as the issue was brought before him, he called together all parties involved. Little wonder, he has been able to successfully dismantle the barriers surrounding the deal. Kudos Mr President.

femisplash:
This was a deal that was being foot dragged for more than two years. The former President, NNPCL, SEPLAT, ExxonMobil couldn't reach a deal. They had to drag themselves to court. The case was in court till Tinubu came in, soon as the issue was brought before him, he called together all parties involved. Little wonder, he has been able to successfully dismantle the barriers surrounding the deal. Kudos Mr President.

mikeapollo:
Stop the twists and misrepresentation. Tinubu did not dismantle any barrier. It was the NNPC that went to court to challenge the sale by Mobil to Seplat because they (NNPC) believed they had the first right of refusal as agreed in the JV contract. As a compromise to settle out of court, Mobil agreed and gave additional 10percent to NNPC and sold the remaining 30percent to Seplat (instead of the initial 40percent).
That is what resolved the problem. Tinubu did not do anything special or spectacular. Stop hyping people who have not done anything !

mikeapollo:
Stop the twists and misrepresentation. Tinubu did not dismantle any barrier. It was the NNPC that went to court to challenge the sale by Mobil to Seplat because they (NNPC) believed they had the first right of refusal as agreed in the JV contract. As a compromise to settle out of court, Mobil agreed and gave additional 10percent to NNPC and sold the remaining 30percent to Seplat (instead of the initial 40percent).
That is what resolved the problem. Tinubu did not do anything special or spectacular. Stop hyping people who have not done anything !

SalamRushdie:
Seplat is now the new mobil

Asonaijaaso:
Does Nigeria have anti-trust laws, why are the biggest oil and gas firms allowed to buy even bigger assets so easily.

How are the smaller guys expected to survive with these mammoth creations ?

ednut1:
smallers guys cant buy billion dollar assets. They are operating in marginal fields. If you are not happy about it find your own 1 billion usd to buy from total or shell

mikeapollo:
Go and reconfirm the new JV ratio after the settlement of the dispure.
The original ratio in the JV was Mobil 40 : NNPC 60.
After the settlement of the didpute NNPC got additional 10percent from Mobil's share, hence making a new total of 70percent and Mobil sold the balance 30percent to SEPLAT.
Reuters does not know more than NNPC/NUPRC in this matter.

Federalis:
Will Exxon Mobil staffs be retained?

seunmsg:
I thought you said it was a Yoruba man in NNPC that blocked the deal. You see, this is why it is not advisable to always assist people from the south east. The level of your lies and ingratitude is just crass.

The Buhari administration through NNPC blocked the deal and took the intervention of the Tinubu administration to negotiate a truce and get everything resolved. Instead of showing gratitude, you started by lying that a Yoruba man singlehandedly blocked the deal and later moved to claim it was the 10% given to NNPC that solved the problem. Why did NNPC under Buhari not accept 10% as a compromise?

If this was Oando or any company linked to a Yoruba business man, you louts would be everywhere by now yelling at the topmost of your voice about how Tinubu is cornering all Nigerian assets. Bunch of hypocrites.

PressMyButton:
Something must be wrong somewhere in your head. Do you think NNPC would withdraw the court case without Tinubu's intervention? while Buhari asked them to settle in court.
By the way, it's not even NNPC but NUPRC, an agency of NNPCL who has the right of first refusal and who born the small boy when Tinubu is talking to say No?

yoruboid:
Watch the avoid this thread.

You may not like him but this is the bravest, most hardworking, most intelligent and most promising president Nigeria has ever had

Tinubu is a problem solver and by this time next year, I’m sure Nigeria will be doing over 2.5m bpd of crude and will be a next exporter of refined products

Next year, watch out for full LGA autonomy, more prosecutions of corrupt officials, state police and the tax reforms doubling Nigeria’s tax income while reducing the tax burden on the poor

Also the investment commitments will begin to manifest and I see FDIs surpassing $15bn in 2025

femisplash:
Finally, NNPCL maintains JV with all IOCs and as such, the equity stake of SEPLAT in this deal is 40%.

Asonaijaaso:
Does Nigeria have anti-trust laws, why are the biggest oil and gas firms allowed to buy even bigger assets so easily.

How are the smaller guys expected to survive with these mammoth creations ?

Asonaijaaso:
Does Nigeria have anti-trust laws, why are the biggest oil and gas firms allowed to buy even bigger assets so easily.

How are the smaller guys expected to survive with these mammoth creations ?

Asonaijaaso:
It doesn't support healthy competitions.
They should all submit bids
The highest bid doesn't necessarily have to win.
In the business world, sometimes the bigger guys buy big firms just to close them down and kill the competition
This would reduce jobs and employment.
Do you understand these things or am i talking to a uneducated person ?

If dangote decides to buy BUA cement. The government should block it.
Because dangote can buy it and shut it down. And double the price of cement.

femisplash:
It's disingenuous for anyone to downplay Tinubu's role in making this deal happened. Upon his assumption of office, he gave a directive for faster approvals from the regulatory authority. He also gave similar approvals for acquisitions to Oando and Odinmim for sale of assets of Eni and Equinor respectively.
Moreover, you're very wrong to say NNPCL got 10%. SEPLAT 's stake still stands at 40%.

Here's a like from Reuters, enlighten yourself on the declaration of the President in May, when he took over power.

https://www.reuters.com/business/energy/nigeria-approves-exxon-seplat-128-billion-deal-oil-regulator-says-2024-10-21/

ednut1:
before you comment on issues try to research first. Shell, chevron, total and other iocs have been selling off their assets in Nigeria for the past 10 years. The IOCs are moving off shore and no longer interested in onshore . Different Nigerian companies have bought including Eroton, Elumelu’s oil company etc. Seplat and mobil are not in the same levels. Its a case of willing buyer and seller.

Dangote failed in noodles business and sold his factory to indomie. If Bua decides to sell his cement factory to him ( which will never happen by the way) so be it. Cocacola bought off chivita some years ago. They should sell it to you?

You cannot put a private business up for bid, only government companies can do that

theamazonguru:
Without any prejudice, you need to know that oip business is serious business.
It is not a business for the poor or small business at all.
It needs money I mean better money to operate.

So how do you expect small businesses to fare or compete with the money bags who have the required money to keep the operation going.

Don't let me lie to you. Leave sentiments, small businesses can not achieve what this large conglomerates will.

With the kind of investments required to keep operations going and ensure expansion and business continuity,if you don't want to jeopardise the efforts that have been made by Mobil,you can't be making a case for small businesses to take over Mobil. I tell you the truth atari ajanaku kii séru òmòde. (The head of an Elephant is not a load a child can bear).

Asonaijaaso:
Does Nigeria have anti-trust laws, why are the biggest oil and gas firms allowed to buy even bigger assets so easily.

How are the smaller guys expected to survive with these mammoth creations ?