NipCo Makes Takeover Bid For Minority Shares Of Stake In Mobil Nigeria

Yemisi Izuora

In a follow-up to the Friday 31st March 2017 acquisition of ExxonMobil Oil Corporation’s stake in Mobil Oil Nigeria Plc, in a deal worth N90 billion and one of the biggest in the downstream sector in recent years, NIPCO Investments Limited has made a takeover bid of shares of Mobil Oil Nigeria Plc minority shareholders.

Cordros Securities Limited, the Execution Stockbroker to both ExxonMobil Oil Corporation and NIPCO Investments Limited for the earlier transaction in a letter dated 20th June 2017 informed shareholders that acceptance forms can be obtained through The Registrar, GTL Registrars Limited, 266 l4urtala Muhammed Way, Yaba, Lagos.

Those qualified are said to be shareholders of Mobil Oil Nigeria Plc, whose names appear on the register as at the Qualification Date of April 10, 2017.

“Kindly also be informed that all executed Acceptance Forms must be forwarded to the Registrar’s Office before 1 .00 p.m. on Thursday, June 29, 2017,” the letter stated.

The Security and Exchange Commission was said to have approved the deal at the same price of N417.12 the acquisition of the majority stake was carried out.

NIPCO, (previously called IPMAN Petroleum Marketing Company Limited), was incorporated on 8th January 2001 as an indigenous oil and gas company operating in the downstream sector of the Nigerian oil and gas industry.

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