SEC, NSE APPROVE ACQUISITION OF MOBIL BY NIPCO

April 5, 2017 AdminLeave a comment

The Nipco Plc, has announced the successful acquisition of 60% stake in Mobil Oil Nigeria Plc (MON) following due statutory approvals from the ‘Securities and Exchange Commission’ and the ‘Nigerian Stock Exchange’.

Briefing newsmen yesterday, the Group Managing Director, Nipco Plc Venkataraman Venkatapathy 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 intent to synchronize and harmonize their operations. Nipco intends ultimately, that each of the entities will remain and function independently. Running the two entities separately will engender financial and strategic merits.

“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.”

He said Nipco will strive to justify this implicit confidence reposed in it by ensuring strict adherence to the Mobil brand, while complying with ExxonMobil’s global standards. The company will rigorously sustain and follow ExxonMobil’s code of conduct, ethos and drive for operational excellence.

“Nipco is delighted to be part of the 41,000 shareholders of MON. To all stakeholders, the company makes a promise that this acquisition shall usher in stability, prosperity, sustainability and growth.”

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.

Source: Dailytrust.com

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