Group Managing Director of Nipco Plc, Mr. Venkataraman Venkatapathy, has said the recent acquisition of ExxonMobil’s 60 per cent equity stake in Mobil Oil Nigeria will benefit investors.
Venkatapathy stated this on Thursday in his address on the occasion of the closing gong ceremony at the Nigerian Stock Exchange to celebrate the successful completion of the deal.
He described the deal as one of the largest acquisitions witnessed in the downstream sector of the nation’s oil and gas industry.
He said their first public appearance on the NSE after the recent attainment of majority shareholding in Mobil Oil Nigeria by Nipco offered veritable opportunity to share thoughts with the nation’s bourse on the milestone.
Venkatapathy acknowledged the support and cooperation of the NSE on the acquisition process and the eventual approval of the deal.
He reassured the NSE and all other regulatory agencies that the expected due diligence would be implemented to the letter in all their transactions in the market and further spur investors’ confidence in the new management of the company.
He said, “The acquisition, which marks our avowed resilience of the Nigerian economy, will no doubt enhance the continuous growth and expansion of our retail footprint in Nigeria as well as increase value and confidence to investors.
“The group is confident that investors will benefit greatly from the deal as improved performance of the company as an integrated oil firm remains our priority objective.”