ExxonMobil’s Nigeria divestment is a learning opportunity for other Big Oil firms
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Lagos Offshore oil rig
Shani Alexander
Shani Alexander, Senior Reporter

Oil giants should closely watch ExxonMobil’s stalled sale of its Nigeria assets for lessons on how to safely navigate divesting from a country that offers strong union protection and health and safety regulations.

An agreement between Exxon and Lagos-based Seplat Energy for the purchase of the international firm’s four oil licences was reached in February. The $1.28bn deal was approved by Nigeria’s President Muhammadu Buhari in early August, but just hours later Nigeria’s energy regulator rejected the deal.