Onyema: NIPCO Will Add Value to Mobil Oil Nigeria


The Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema has said the acquisition of 60 per cent stake in Mobil Oil Nigeria Plc by NIPCO Plc will add value to the investor and other stakeholders of the company.

Onyema stated this during a visit to the NIPCO management in Lagos yesterday. He said the NSE is keen at supporting businesses to achieve greater success and thrive within the enabling environment as well as provide organisations with various opportunities to fund their long term objectives.

According to him, NIPCO, as a critical stakeholder needs all the support with various initiatives and opportunities available via the capital market to enable the company excel in the sector .

He stressed that NIPCO’s 60 per cent stake in Mobil Nigeria Oil is a great development for the industry and indeed a great achievement for Nigerian own investment company.

“An industry that is expanding and imparted greatly to the growth of the oil and gas sector like NIPCO needs to be commended growing the sector and boosting the local content development. So we think it is a good development for the company, it also gives great potential for indigenous company to get global visibility. We are indeed impressed with NIPCO track record on safety and how serious they took safety very important,” he said.
However, Onyema urged the management of NIPCO to consider listing on the NSE, explaining that it gives more credibility and attracts more shareholder to the company.

In his remarks, the Managing Director of NIPCO, Mr. Venkataraman Venkatapathy hailed the NSE CEO and its management team for the visit.
He assured stakeholders that the acquisition is a new era that will usher in stability, prosperity, sustainability and growth.

He noted that the Nigerian economy still provides a robust and premium return on investment, adding that his company was privileged to have been given this opportunity by ExxonMobil on its home ground.

“We wish to give every assurance to ExxonMobil that having entrusted us with this invaluable asset (Mobil Oil Nigeria), we will ensure full brand compliance with ExxonMobil’s global standards as well as rigorously sustain and follow ExxonMobil’s code of conduct/ethos and operational excellence,” Ventakatapathy said.