By Modupe Gbadeyanka
The Nigerian Independent Petroleum Company (NIPCO) has announced the acquisition of 60 percent equity in Mobil Oil Nigeria Plc.
This development was made known by NIPCO in a statement.
NIPCO said it would now commence merging Mobil into its company after it sealed the Sales and Purchase Agreement with ExxonMobil.
In the statement, Managing Director of NIPCO, Mr Venkataraman Venkatapathy, said the next stage of the transition process was obtaining regulatory approvals from the requisite federal agencies such as the Securities and Exchange Commission (SEC) and Nigerian Stock Exchange (NSE).
“The transition period will also enable NIPCO Plc to effectively manage a smooth and successful completion of the transaction. NIPCO considers this acquisition an important synergy,” he said.
According to him, “It is part of our strategic move to support NIPCO’s continuous growth and expansion of its Nigerian retail footprint. We are confident of adding tremendous value to MON and likewise MON will add a huge value to NIPCO.”
He assured that NIPCO would continue to maintain the Mobil brand on its retail outlets, as well as blend and sell the Mobil brand of lubricants under Branding Licence(s) from ExxonMobil.
Mr Venkatapathy further assured that the indigenous downstream oil and gas company would ensure stability, prosperity, sustainability and growth of the company and its shareholders
He expressed gratitude to ExxonMobil for choosing NIPCO as the preferred bidder, promising that NIPCO will ensure full brand compliance with ExxonMobil’s global standards.
