Archive ExxonMobil Removes its 60% Share from Mobil Oil Nigeria

ExxonMobil Removes its 60% Share from Mobil Oil Nigeria

-

- Advertisment -

ExxonMobil, the world’s largest oil company by market value, has quit Nigeria’s downstream oil sector, divesting its 60 percent stake in Mobil Oil Nigeria (MON).

In a statement circulated on Thursday, the company, which has a market value of $460 billion – more than Nigeria’s gross domestic product (GDP) – said it made business sense to quit the downstream oil sector at this time.

“Following these assessments, we sometimes find that it makes greater business sense to divest when the businesses are estimated to have higher value to others,” ExxonMobil  said.

The company went on to say “this decision is in no way a reflection of our view on the local business climate, financial results or the workforce”.

Nipco Plc., an indigenous downstream oil and gas company, confirmed the acquisition of ExxonMobil’s 60 percent stake in Mobil Oil Nigeria Plc (MON).

Venkataraman Venkatapathy, managing director, Nipco Plc., said: “With the signing, we will start the transition period and initiate the process of obtaining regulatory approvals from the requisite federal agencies – SEC and NSE.

“This will also enable Nipco Plc. to effectively manage a smooth and successful completion of the transaction.

“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.”

With a revenue stream of $246,204 billion, ExxonMobil, founded by John D. Rockefeller, one of the world’s richest men of all time, is the second biggest company in the world – just after Walmart and before Apple on Fortune 500 list.

Source: The Cable

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

COVID-19: Nigeria to Launch 38 oxygen Plants Across the Country

President Muhammadu Buhari has given the go ahead for the launching of at least 36 oxygen plants across the...

Minister Talks Tough On Violence Against Women, Girls

By IJEOMA UKAZU | ...Says Nigeria Must Mainstream Gender Following the high rate of Violence Against Women And Girls, VAWG in...

Christian Aid Appoints First Director Based Outside the UK

Christian Aid has appointed its first director based outside the UK. Nigeria-based Ojobo Ode Atuluku will join the charity at the...

Lauretta Onochie’s Affiliation with APC Makes Her Unfit as INEC National Commissioner – KDI

Kimpact Development Initiative (KDI) has expressed concern on the nomination of Ms. Lauretta Onochie, a political appointee and Senior...

Schools must be Open, Accessible and Safe from Attacks, say African children

African children speak out about how the COVID-19 pandemic tipped an existing education safety crisis to breaking point While the...

Day of the African Child: Nigeria Children Advocates For A Better Continent

By IJEOMA UKAZU |  "There are children out there who are vulnerable to violence, exposed to danger, forced into labour,...

Must read

Minister Talks Tough On Violence Against Women, Girls

By IJEOMA UKAZU | ...Says Nigeria Must Mainstream Gender Following the...
- Advertisement -

You might also likeRELATED
Recommended to you

%d bloggers like this: