Nipco Investments Limited has filed an application with the Securities and Exchange Commission for approval to progress with the acquisition of a 60% equity ownership in Mobil Oil Nigeria Plc.

According to Mobil Oil Nigeria, a notice on Nipco’s communication to the Securities and Exchange Commission (SEC) was received from ExxonMobil Oil Corporation.

“Further to our communication of October 19, 2016, where we disclosed that ExxonMobil, our majority shareholder, had executed a sale and purchase agreement with Nipco Investments for the acquisition of EMOC’s entire 60 per cent equity ownership in Mobil Oil Nigeria, we have received notice from EMOC that a formal application has been filed by Nipco with SEC for an authority to proceed with acquisition,” the company said.

Mobil oil added that the acquisition of ExxonMobil Oil Corporation’s 216,357,157 ordinary shares in Mobil Oil Nigeria, would be for the consideration of $301,000,000, and subject to price modifications for dividends as well as other factors.

Anita Fatunji