Nipco in Bid for More Mobil Oil Shares

Monday, June 26, 2017

Nipco Plc launched a $16 million offer for the shares it needs to take its stake in Mobil Oil to 70% in compliance with Nigerian takeover rules. The company already owns 66% of Mobil Oil, having bought 60% in October 2016, but is looking to raise that to 70% in order to take over the downstream unit from its parent company ExxonMobil.

The offer ends on June 29.

More and more indigenous firms are expanding their base in Nigeria’s downstream sector as the multi-nationals in the country look to divest their downstream holdings to focus on upstream activities.

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