The Nigerian National Petroleum Company Limited (NNPC) has applied to a High Court of the Federal Capital Territory, Abuja, to stop its ongoing legal action against several subsidiaries of Mobil Nigeria and the Nigerian Upstream Petroleum Regulatory Commission.
NNPC, in a motion filed on June 11, 2024, by their legal counsel Afe Babalola & Co., requested the court to grant leave for discontinuance and to strike out the suit, with the provision to relist it should the settlement process fail.
NNPC, in the motion stated that the application was part of a broader effort to finalise a settlement agreement involving the divestment of 100 per cent interest in Mobil Producing Nigeria Unlimited to Seplat Energy Offshore Limited.
As stated in the motion, one of the conditions required for the Settlement Agreement requires NNPC to withdraw the suit to facilitate the settlement.
NNPC’s counsel contended that the discontinuance is in the interest of justice which promotes an efficient resolution without prolonged litigation.
The motion also asks the court to strike out the suit without costs, emphasising the parties’ commitment to an amicable settlement. The agreement includes clauses to align the interests of all parties involved and finalise the transaction.
