MOBIL Oil Nigeria Plc has revealed that Nigeria’s Nipco Investments Limited is offering $301million (about N91.8billion) for 60 percent of Exxon Mobil Oil Corporation (EMOC) shares to become the new controlling shareholder in the company.
According to a statement signed by Adetunji Oyebanji, Chairman/Managing Director, Mobil Oil Nigeria Plc, the amount offered by Nipco Investments Limited will enable it own about 217 million units of shares formerly owned by EMOC, largest equity holder in the oil firm.
Oyenbanji disclosed that Nipco Investments Limited has filed a request for an ‘Authority to Proceed’ with the deal to the Securities and Exchange Commission (SEC) on Tuesday. Mobil Oil Nigeria Plc first informed the Nigerian Stock Exchange (NSE) of the intention of Nipco to acquire the shares of EMOC on October 19, 2016.
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