Business

BREAKING: Buhari makes U-turn, give in to regulator’s rejection of Seplat’s purchase of ExxonMobil asset

Published

4 years ago

August 10, 2022

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President Muhammadu Buhari has reversed his earlier decision to authorise Seplat Energy’s takeover of ExxonMobil’s shallow water business in Nigeria, throwing his weight instead behind the regulator’s decline of the $1.3 billion transaction.

A spokesperson said the president decided the position of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) is to be supported, and the earlier confusion was because “various agencies involved in (the) decision had not coordinated well among themselves.”

“It has become clear that the various agencies involved in decision had not coordinated well among themselves and having looked at all of the facts with all of the ramifications, the president decided the position of the regulator is to be supported,” spokesperson Garba Shehu told PREMIUM TIMES Wednesday evening in response to persistent enquiry by one of our reporters.

The NUPRC had on Monday said the proposed takeover of Mobil Producing Nigeria Unlimited by Seplat, an indigenous oil firm, was a regulatory matter and it had notified ExxonMobil the transaction could not go through.

“As it were, the issue at stake is purely a regulatory matter and the Commission had earlier communicated the decline of Ministerial assent to ExxonMobil in this regard. As such the Commission further affirms that the status quo remains,” said a statement by NUPRC chief executive, Gbenga Komolafe.

“The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) affirms that status quo remains in respect of ExxonMobil/Seplat Energy share acquisition. Responding to media enquiries on latest development about the transaction, the Chief Executive of the NUPRC Engr. Gbenga Komolafe clarified that the Commission in line with the provisions of the Petroleum Industry Act 2021 is the sole regulator in dealing with such matters in the Nigerian upstream sector.

The statement came a few hours after presidential spokesperson Femi Adesina said Mr Buhari had approved the sale to Seplat.

Mr Adesina said Mr Buhari approved the transfer in his capacity as Minister of Petroleum Resources and the approval was in consonance with the country’s drive for Foreign Direct Investment in the energy sector and considering the “extensive benefits of the transaction to the Nigerian Energy sector and the larger economy.”

THE SEPLAT SALE DEAL
ExxonMobil entered into a landmark Sale and Purchase Agreement with Seplat Energy to acquire the entire share capital of Mobil Producing Nigeria Unlimited from Exxon Mobil Corporation, Mobil Development Nigeria Inc, and Mobil Exploration Nigeria Inc. earlier this year.

The transaction suffered a setback after the state-owned Nigerian National Petroleum Corporation Limited asserted a right of first refusal on the deal. As a joint venture partner, NNPC argued it retained the right to be allowed to buy oil blocks sold by ExxonMobil ahead of any competitor or private firm.

Seplat Energy in July said NNPC Ltd. won a court decision to block its quest to purchase the entire oil assets of Mobil Producing Nigeria Unlimited (MPNU), a local unit of oil major ExxonMobil.

The court decision on July 6 was temporary and forbade MPNU and the defendants from consummating any asset disposal in MPNU, not excluding the share sale and purchase deal it struck with Seplat in February.

NNPC had prayed the court, State High Court of the Federal Capital Territory, to declare that a conflict happened between the state-owned oil company and MPNU over the “interpretation of preemption rights under their Joint Operating Agreement (“JOA”) and order NNPC and MPNU to arbitration as required by the JOA.”

Seplat Energy said neither itself nor Seplat Energy Offshore Limited was a party in the lawsuit, and insisted the share purchase agreement remained valid. The asset purchase would enable Seplat Energy to scale up production by 95,000 barrels of oil a day from assets in a joint venture ExxonMobil runs with NNPC.

Buhari had last week declined Seplat’s bid in favour of NNPC, only for a contradictory statement to be released on Monday. Officials said the contradictory decisions suggest the president may not be in full control of critical state matters and powerful interests sometimes work through aides to obtain favourable, even if controversial, decisions.

They questioned why the president would hand the oil asset to a private firm when the government has just recently commercialised the NNPC, making the former regulator a operator and competitor in the industry.

ExxonMobil’s move to exit Africa’s largest crude producer mirrors the growing tendency among international oil companies to discontinue their stakes in offshore operations in the country and plough in their investment elsewhere.

Oil drillers are finding operations that are close to host communities increasingly worrisome and feel holding on to offshore fields is the way to go.

In April, TotalEnergies SE announced plans to divest its 10 per cent minority stake in a joint venture with a company holding twenty onshore and shallow water licenses in Nigeria.

Shell, owner of the permits, has received approaches from four indigenous companies including Seplat for a 30 per cent stake in the firm.

Business

CBN revokes licences of 46 microfinance banks

Published

1 week ago

July 2, 2026

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The Central Bank of Nigeria (CBN) has revoked the operating licences of 46 microfinance banks (MFBs).

The apex bank cited the failure of the banks to meet regulatory requirements for continued operation.

In a statement issued on Wednesday by Hakama Sidi-Ali, acting director of corporate communications, the apex bank said the revocation took effect from July 1, 2026, in line with Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020.

The CBN said the action was approved by Olayemi Cardoso, the apex bank governor, as part of efforts to safeguard the stability of the financial system, protect depositors and ensure compliance with regulatory standards.

“According to the revocation order, the action became necessary because of one or more of the circumstances: Insufficient assets to meet liabilities, closure of operations without the CBN approval, Inactivity and cessation of financial intermediation, failure to commence operations within 12 months of licence approval, and failure to maintain minimum capital funds unimpaired by losses,” CBN said.

“The revocation of the licences is part of the Bank’s ongoing efforts to safeguard the stability of the financial sector, protect depositors, and ensure that licensed institutions comply with current laws and regulatory requirements,” the statement reads.

CBN added that it remains committed to promoting a safe, sound and resilient financial system and would continue to take supervisory and regulatory actions where necessary to maintain public confidence in Nigeria’s financial sector.

The affected microfinance banks are:

1. Minji-Se Churchill MFB (tier 1) in Rivers

2. Merchant MFB (tier 2) in Abia

3. Janmaa MFB (tier 1) in Kwara

4. Busu MFB (tier 2) in Niger

5. Gold MFB (tier 1) in Lagos

6. Zain MFB, formerly Dawakin Tofa MFB, a tier 2 lender in Kano

7. Bompai MFB (tier 1) in Kano

8. Ajwa MFB (tier 2) in Kano

9. Now Now Digital MFB (tier 2) in Kano

10. Crystabel Microfinance Bank (tier 1) in Bayelsa

11. Chanelle MFB (state-based) in Lagos

12. Abia SME MFB (tier 1) in Abia

13. Kamba MFB (tier 2) in Kebbi

14. Iwade MFB (tier 2) in Ogun

15. Winview MFB (tier 1) in Abuja

16. Zuru MFB (tier 2) in Kebbi

17. Minjibir MFB (tier 1) in Kano

18. Shanono MFB (tier 2) in Kano

19. Sumaila MFB (tier 2) in Kano

20. Rimin Gado MFB (tier 2) in Kano

21. Mwaghavul MFB (state-based) in Plateau

22. Sycamore MFB (tier 2) Kano

23. TOFA MFB (tier 2) in Kano

24. Safegate MFB (tier 1) in Lagos

25. Creekline MFB (tier 2) in Delta

26. Bestar MFB (tier 1) in Oyo

27. Livingspring MFB (tier 1) in Cross River

28. Apple MFB (tier 2) in Ogun

29. Stanford MFB (state-based) in Uyo

30. Frontline MFB (tier 2) in Anambra

31. Zafec MFB (tier 2) in Kaduna

32. Supreme MFB (tier 1) in Lagos

33. Bejin-Doko MFB (tier 2) in Niger

34. Kanopoly MFB (tier 1) in Kano

35. Bellbank MFB, formerly Tsanyawa (Tier 2), in Kano

36. Yeneng MFB (tier 2) in Plateau

37. Creditville MFB (tier 1) in Lagos

38. MBAG MFB (tier 1) in Lagos

39. Straight Sahara MFB (tier 1) in Benue

40. Our Pass MFB (tier 2) in Ondo

41. VERDANT MFB (tier 1) in Lagos

42. Basawa MFB (tier 2) in Kaduna

43. Casha MFB (tier 2) in Abuja

44. Esteem MFB (tier 2) in Kano

45. Enterpreneur MFB (tier 1) in Lagos

46. Avantus MFB (tier 2) in Osun

It would be recalled that the CBN increased the capital base for banks, in March 2024, giving them until March 31, 2026, to meet the requirements.

On March 6, 2026, the financial regulator disclosed that 30 banks have met the minimum capital requirement.

Business

Wema Bank launches Hackaholics 7.0, increases grand prizes to N150m

Published

1 week ago

July 1, 2026

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… introduces 3 tracks, 7 Verticals,

Wema Bank, Nigeria’s oldest indigenous national bank, most innovative and pioneer of Africa’s first fully digital bank, ALAT, has announced the 7th edition of its flagship innovation initiative, Hackaholics.

The announcement was made on Wednesday, July 1, 2026, during the official press conference at the Wema Bank Head Office in Lagos, Nigeria.

Launched in 2019, Hackaholics is Wema Bank’s youth and tech-focused initiative designed to serve as a platform for young Africans with creative, game-changing, tech-driven ideas and products, and to bring innovative their ideas to life.

Since its launch, Hackaholics has discovered thousands of groundbreaking solutions, supported over 10,000 startups, engaged 50,000 participants, developed over 100 solutions from scratch and disbursed $500,000,000 in grant prizes to dozens of winners whose remarkable solutions have earned top spot in the past 6 editions.

With the launch of Hackaholics 7.0, Wema Bank is set to execute the biggest Hackaholics edition yet.

Themed “Powering Possibilities”, Hackaholics 7.0 will kick off with an open call for applications, calling on all young Africans with creative tech-driven solutions across any of the 7 verticals: Financial Inclusion, Healthcare, Digital Transformation, Education, Sustainability, Social Impact and Future of Work.

Each application is to be made via the portal at hackaholics.wemabank.com, under one of three tracks: The Startup Pitch Competition, Hackathon and the newly introduced Social Impact track.

Following the application window, Hackaholics 7.0 will then proceed on a national tour which will touch 10 pitch centres across the six geopolitical zones of Nigeria.

Each pitch centre will serve as a hub for innovators within the region to pitch their creative solutions and get the opportunity to secure the top spot in their pitch centre, and ultimately, proceed to the grand finale where the winners of Hackaholics 7.0 will be announced.

Speaking on the Bank’s inspiration behind Hackaholics’ exceptional seven-year journey, Wema Bank’s MD/CEO, Moruf Oseni, reiterated the Bank’s commitment to powering innovation, empowering youth and promoting economic growth in Africa.

According to him, “At Wema Bank, we believe that institutions have a responsibility that extends beyond providing commercial services. We have a responsibility to create meaningful opportunities, provide the right resources, enable innovation to thrive, and support the ecosystems that will shape today’s youth as well as tomorrow’s economy.

“This sense of responsibility is what has driven the evolution of Hackaholics from inception till date. With Hackaholics, we have, and we are investing in the next generation of innovators, inspiring innovation that will impact lives, strengthening Nigeria’s innovation ecosystem and giving youth a platform to make meaningful use of their creativity; and the numbers continue to speak volumes.”

Declaring the application window open, Tajudeen Bakare, Wema Bank’s Divisional Executive, Business Support, added, “As we launch Hackaholics 7.0 today, we are opening up a new phase of opportunities for more Nigerian youth to challenge themselves, explore their creativity and become startup founders.

“I encourage every young Nigerian with a passion for innovation to leverage the opportunity that we have carefully curated through Hackaholics and get ahead of the curve in today’s dynamic work landscape.

“Together, we can continue to build an ecosystem where innovation flourishes, opportunities expand, and young people are empowered to create solutions that shape the future.”

Hackaholics 7.0 is free, and open to any Nigerian youth who has innovative ideas and solutions to pitch. Interested startups and innovators can apply at hackaholics.wemabank.com. All updates on the Hackaholics 7.0 journey will be made available on the Bank’s website @wemabank.com as well as its social media platforms @wemabank and @alat_ng.

Business

Wema Bank’s 5 for 5 rewards delivers ₦17.96m to 273 customers in one month

Published

4 weeks ago

June 14, 2026

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One month after launching the Season 5 of its flagship 5 for 5 Rewards campaign, Wema Bank has rewarded 273 customers with a total of ₦17.96 million, demonstrating the strong early impact of its refreshed customer rewards platform and reinforcing its commitment to rewarding everyday banking.

Launched on May 2, 2026, as part of the Bank’s 81st anniversary celebration, this season of the campaign introduced a more structured and inclusive rewards framework designed to encourage positive financial habits while recognising customer loyalty across the Youth, Women and Mass Market segments.

The season opened with a special anniversary activation at Ikeja City Mall, where 81 customers received ₦81,000 each, resulting in ₦6.56 million in rewards on launch day. Since then, the campaign has continued to reward customers through daily and monthly draws, with an additional 192 winners emerging within the first month.

Across the Youth segment, 37 students have received rewards worth ₦4.4 million, including 20 students who received ₦50,000 PocketMoni rewards and 17 university students who received ₦200,000 each in Tuition Support.

The Women segment also recorded strong participation, with 12 customers receiving ₦150,000 each through the #SelfCare category, while the Mass Market segment recorded the highest number of winners. Within the first month, 120 customers received daily cash rewards, and 23 customers won ₦200,000 each in the monthly draw, bringing total rewards in the category to ₦5.2 million.

Commenting on the campaign’s early impact, Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, said; “At Wema Bank, we believe loyalty should be rewarded in ways that are meaningful, transparent and accessible. The response to Season 5 of the 5 for 5 Rewards campaign has been encouraging, and seeing hundreds of customers benefit within just one month reinforces our belief that everyday banking should create everyday opportunities.

Beyond rewarding transactions, we are encouraging positive financial habits while delivering real value to our customers. He added; “This is only the beginning. With more reward categories, more winners and more opportunities still ahead, we remain committed to creating meaningful impact for our customers and ensuring more Nigerians experience the value of banking with Wema.”

Customers can participate by opening or reactivating a Wema Bank account, funding it with a minimum of ₦5,000, maintaining an average monthly balance of ₦5,000, and completing at least five transactions every month using the ALAT app, Wema or ALAT cards, or *945#.

With over ₦170 million earmarked for rewards between May and December 2026, thousands more customers are expected to benefit as the campaign continues, reaffirming Wema Bank’s commitment to rewarding loyalty, promoting positive financial behaviour and delivering value beyond banking.