NIPCO Takes Majority Stake in MON

Monday, April 17, 2017

NIPCO Investments Ltd., a subsidiary of NIPCO Plc, took over the 60% majority equity stake of ExxonMobil Oil Corp. in Mobil Oil Nigeria Plc (MON) in late-March according to a report in The Nation.

Reports have the $294.3-million acquisition receiving approval from the Nigerian SEC and the Nigerian Stock Exchange.

ExxonMobil signed a sale and purchase agreement to sell the former’s majority equity stake of 60% MON to NIPCO in October 2016.

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