MRS Oil Nigeria Joins NASD OTC Securities Exchange After NGX Exit

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange has announced the admission of MRS Oil Nigeria Plc to its  trading platform.

The energy firm is joining the unlisted securities exchange after leaving the country’s flagship stock exchange, the Nigerian Exchange (NGX) Limited.

It started trading its securities on the NASD on Monday, 11, 2025, with the symbol code SDMRS, following approval by the NASD Board of Directors.

MRS Oil Nigeria is a Nigerian downstream energy company engaged in the marketing of fuels, aviation products, and lubricants through an extensive distribution network and modern blending facilities.

According to details released by the NASD Exchange, a total of 310,596,579 issued shares of 50 Kobo each were admitted at a price of N149.5 per share, giving the company a market capitalization of N46.43 billion.

The company’s registrar is First Registrars and Investor Services Limited.

With this admission, MRS Oil Nigeria becomes the latest energy firm to trade on the NASD OTC platform, a group which includes 11 Plc (formerly Mobil Nigeria Plc) and Acorn Petroleum Plc among others.

The admission expands opportunities for investors and strengthening the depth of Nigeria’s capital market.

The new entrant began marketing petroleum products in Nigeria in 1913 under the Texaco brand, initially through CFAO. Texaco Africa Limited took over in 1964, expanding into aviation and bunkering, and incorporated Texaco Nigeria Limited in 1969. After the 1978 Indigenization Decree, 40 per cent of its shares went to Nigerian investors. It became a public company in 1990, joined ChevronTexaco in 2001, and was renamed Chevron Oil Nigeria Plc in 2006.

In 2009, MRS acquired Chevron’s downstream assets in Nigeria, inheriting the Texaco brand’s strong market presence and over 200 skilled employees, laying a solid foundation for future growth.