ExxonMobil has sold its 60% stake in Mobil Oil Nigeria to Nipco, an indigenous oil and gas company, divesting its entire Nigerian downstream oil investment. Nipco confirmed that a sales and purchase agreement had been reached with ExxonMobil in the latest trend of International Oil Companies divesting their downstream interests.
French oil giants, Total now remains the sole international player in Nigeria’s downstream oil sector.
In a message to the Nigerian Stock Exchange on Wednesday, the management of Mobil Oil Nigeria Plc said the Nigerian entity “has been informed by its majority shareholder, ExxonMobil Oil Corporation, that it has agreed, subject to regulatory approvals, to sell its shares representing 60 per cent of Mobil Oil Nigeria’s shares to Nipco Investments Limited, a wholly-owned subsidiary of Nipco Plc”.
The value of the deal was not disclosed but it is believed to be in the region of N45 billion.