Kunle Kalejaye 08 February 2017, Sweetcrude, Lagos – Three months after successfully acquiring ExxonMobil’s 60 percent stake in Mobil Oil, NIPCO Plc has been urged to get enlisted on the Nigerian Stock Exchange, NSE.
NSE Chief Executive Officer, Mr. Oscar Onyema, made the call during a courtesy visit to NIPCO’s head office in Lagos.
Onyema said enlisting in NSE would give NIPCO more credibility and attract more shareholders to the company.
“We urge NIPCO to embrace being listed at the NSE. There are so many benefits that are attached to enlisting on the NSE.
“One of the benefits is the flexibility to raise capital to help in enhancing corporate governance, to make it easier to raise fund in the banking industry, to give sustainability in terms of fund rising, among others benefits,” Onyema said.
The NSE boss also commended NIPCO for the bold step in initiating, implementing and executing the 60 percent acquisition stake in Mobil Oil Nigeria.
“An industry that is expanding and impacting greatly on the growth of the oil and gas sector like NIPCO needs to be commended for growing the sector and boosting local content development.
“It is a great deal for a Nigerian-owned investment company. So, we think it is a good development for the company. It also give great potential for an indigenous company to get global visibility,” he said.
In his remarks, the Managing Director of NIPCO, Mr. Venkataraman Venkatapathy, disclosed that the company was incorporated by members of the Independent Marketers Association of Nigeria, IPMAN, in 2001 as a private limited liability company to participate in the distribution of white petroleum products across the country.
