04 April 2017, Sweetcrude, Lagos – Nipco Plc, an indigenous Nigerian downstream oil and gas company, says it has completed its acquisition of Mobil Oil Nigeria Plc.
The company stated that with the completion of the purchase of ExxonMobil’s 60 per cent equity stake in Mobil Oil, it would be effecting a name change for the company soon.
The company’s new name would be 11Plc, but, Group Managing Director of Nipco, Mr. Venkataraman Venkatapathy, who disclosed this, stated that even with the name change, the Mobil brand would be retained.
Nipco was in October 2016 selected by ExxonMobil as the preferred bidder for the acquisition of its stake in the Nigerian oil marketing company.
Speaking in Lagos on Monday, Venkatapathy said: “Nipco intends ultimately, that each of the entitles will remain and function independently. Running the two entities separately will engender financial and strategic merits. Focus will now be placed on expansion of the retail footprint under the Mobil brand.”
He said Nipco had been given statutory approvals in recognition of the completion of the Mobil Oil acquisition by the Securities and Exchange Commission and the Nigerian Stock Exchange.