Modupe Gbadeyanka
By Modupe Gbadeyanka
NIPCO says it has put measures in place to enhance the fortunes of Mobil Plc after acquiring 60 percent stake of ExxonMobil in Mobil Oil Nigeria Plc.
During the closing gong to celebrate the landmark acquisition of majority shareholding by NIPCO at the Nigerian Stock Exchange (NSE) recently, the Group Managing Director of NIPCO Plc, Mr Venkataraman Venkatapathy, said the acquisition would bring about stability, prosperity, sustainability and growth in the downstream sector in particular and the industry in general.
According to him, the development will further ensure 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.
Mr Venkatapathy said, “As an efficient oil marketing company, NIPCO acquisition of Mobil Oil majority shares would also bring economies of scale to the firm, benefitting Nigerians and grow the economy further.”
Speaking during the ceremony, the Chief Executive Officer of the NSE, Mr Oscar Onyema, expressed great optimism that the deal which remains a major landmark event in the oil industry would add value to the sector as well as increase the confidence of investors.
He explained that the event was organized to support and recognize the recent milestone of NIPCO in the acquisition of majority shareholding in Mobil Oil.
