NIPCO Investments Limited has completed the acquisition of ExxonMobil Oil Corporation’s stake in Mobil Oil Nigeria Plc following the approval by the Securities and Exchange Commission, SEC, and the Nigerian Stock Exchange, NSE.
The deal, accorded one of the biggest in the downstream sector in recent years, worth N90 billion which was executed on the floor of the NSE on Friday.
Following the successful acquisition 60 per cent of Mobil shares, NIPCO is required by the Investment and Securities Act, to make a takeover bid to all minority shareholders of Mobil Oil Nigeria Plc.
The Group Managing Director, Nipco Plc Venkataraman Venkatapathy on Monday said the focus will now be placed on expansion of the retail footprint under the Mobil brand.
With the acquisition now completed, Nipco management said it will ‘review the two existing business models with an intent to synchronize and harmonize their operations.
“Nipco intends ultimately, that each of the entitles will remain and function independently.
“Concerted efforts will be deployed towards promoting the Mobil brand of lubricants in Nigeria to ensure that it captures a much larger national market share, whilst ensuring that it continues to retain its pivotal position as the premium lubricant brand in Nigeria.”
“In due course, Nipco shall, in furtherance of its agreement with ExxonMobil, change the name of MON to 11 Plc while retaining the Mobil Brand”.