Nigeria National Petroleum Company Ltd (NNPC) has ended legal action against Mobil Nigeria and Seplat Energy Offshore Limited.
The legal action is against Mobil Nigeria effort of selling off about $1.28 billion asset from Mobile Producing Nigeria Unlimited (MPNU) to Seplat Energy offshore limited.
The company’s legal counsel, Afe Babalola and Co presented an application on June 11, 2024 to request to grant leave and discontinue the suit.
The request of the application aligns with the policy of this Honourable Court and facilitates the finalisation of the settlement process.
Signed by Mele Kyari, NNPC CEO, and Shane Harris, MPNU Managing Director, the settlement agreement, stated: “MPNU shareholders will consent to Seplat providing the Share Sale and Purchase Agreement to NNPC to finalize their transaction.
“NNPC’s legal team highlighted that the discontinuance aligns with Order 24 of the High Court of the Federal Capital Territory Civil Procedure Rules 2018 and is crucial for the settlement’s completion.”
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