Following the completion of the acquisition of ExxonMobil’s 60 per cent equity stake in Mobil Oil Nigeria Plc, Nipco Plc has said it will change the name of MON to 11 Plc while retaining the Mobil brand. Nipco, an indigenous Nigerian downstream oil and gas company, said in October 2016 that it had been selected by the United States-based oil major as the preferred bidder for the acquisition of the majority stake.
The Group Managing Director, Nipco Plc, Venkataraman Venkatapathy, in a press briefing on Monday in Lagos, said they had received statutory approvals from the Securities and Exchange Commission and the Nigerian Stock Exchange.
He said with the completion of the acquisition, Nipco would review the two existing business models with the aim of synchronising and harmonising their operations.
“Nipco intends ultimately, that each of the entitles will remain and function independently. Running the two entities separately will engender financial and strategic merits, he added.
What will happened to listing status on the floor of the Nigerian Stock Exchange (NSE)? since the NIPCO is not listed, a question beging for answer as time progressing.