NIPCO outlines steps to improve fortunes of Mobil Plc

The Group Managing Director, NIPCO Plc, Mr Venkataraman Venkatapathy, has outlined measures being put in place by the majority shareholders of the newly acquired ExxonMobil’s 60 per cent equity stake in Mobil Oil Nigeria Plc.

Specifically, the deal will ensure increase in the production of Mobil brand of lubes which has remained a cherished brand in the lubricant market and a re-start of its aviation business among others.

The GMD disclosed this on the occasion of the closing gong at the Nigerian Stock Exchange (NSE) on the invitation of the exchange to celebrate the successful completion of the largest acquisition witnessed in the Nigerian downstream sector in Lagos.

He said the acquisition, which marks NIPCO ’s avowed resilience in the Nigerian economy, will see a significant expansion in the production of lubes and ensure its availability across the country in a manner not seen before and thus making the company bigger.

“As an efficient oil marketing company, NIPCO acquisition of MON majority shares would also bring economies of scale to the firm, benefitting Nigerians and grow the economy further,” the GMD declared.

He assured the NSE that the expected due diligence would be implemented in all transactions in the market to spur investors’ confidence in the new management.

Earlier, the Chief Executive Officer, NSE, Mr Oscar Onyema, said the closing gong ceremony was organized to support and recognize the recent milestone of NIPCO, especially the acquisition of majority share holding in MON.