The move aimed to facilitate finalising a settlement agreement involving the divestment of Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy Offshore Limited for $1.28 billion.
NNPC’s legal counsel, Afe Babalola & Co., presented the motion, requesting the court’s permission to withdraw the suit and strike it off the court’s cause list, with a provision to relist the case if the settlement process fails.
LEADERSHIP reports that the lawsuit, originally filed by NNPC on July 5, 2022, was referred to arbitration on August 3, 2022. Recent negotiations have led to an out-of-court settlement decision, with the Settlement Agreement requiring NNPC to withdraw the lawsuit.
