LAGOS: US oil group ExxonMobil has agreed to sell its majority stake in its Nigerian marketing and retail arm to a local firm, the Nigerian affiliate said Thursday.
Mobil Oil Nigeria (MON), one of three affiliates of ExxonMobil in the oil-rich country, informed the stock exchange of the move. Financial details of the sale were not revealed.
"Mobil Oil Nigeria (MON) plc has been informed by its majority shareholder, Exxon Mobil Corporation, that the shareholder has agreed to sell shares representing 60 percent of Mobil Oil Nigeria, to Nipco Investments," MON, a quoted company, said in a statement it filed with the Nigeria Stock Exchange (NSE) in Lagos.
The two companies have signed an agreement for the deal, which is subject to regulatory approvals, a senior NSE official told AFP.
Nipco managing director Venkataraman Venkatapathy, in a statement, hailed the acquisition as "an important synergy."
"We are confident of adding tremendous value to MON and likewise MON will add a huge value to Nipco," he said.
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