NIPCO Plc has acquired ExxonMobil as the US-based company quits the downstream sector in the Nigerian petroleum industry.

NIPCO Managing Director, Nipco, Mr. Venkataraman Venkatapathy, revealed this in a statement released yesterday. He said the acquisition was agreed with the execution of a sales and purchase agreement with ExxonMobil.

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“With the signing, we will start the transition period and initiate the process of obtaining regulatory approvals from the requisite federal agencies – the Securities and Exchange Commission and the Nigerian Stock Exchange.”

“Nipco considers this acquisition as an important synergy. It is part of our strategic moves to support Nipco’s continuous growth and expansion of its Nigerian retail footprints. We are confident of adding tremendous value to MON and likewise MON will add a huge value to Nipco.”

“NIPCO wishes to express its profound gratitude and appreciation to ExxonMobil for selecting us as the preferred bidder for the acquisition of MON. We wish to give every assurance to ExxonMobil that having entrusted us with this invaluable asset. We will ensure full brand compliance with ExxonMobil’s global standards. Also, we will rigorously sustain and follow ExxonMobil’s code of conduct/ethos and operational excellence.”

“The Nigerian economy still provides a robust and premium return on investment and Nipco Plc is privileged to have been given this opportunity by ExxonMobil on its home ground. To our shareholders and stakeholders, we say welcome to a new dawn. A new era that will usher in stability, prosperity, sustainability and growth.”

The American Company divested 60% stake in its shares to the indigenous downstream oil and gas company. This leaves Total of France as he only international oil company operating in the downstream sector.