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Tag: Nipco

  • NIPCO has world-class gas plant, NLNG chief

    NIPCO has world-class gas plant, NLNG chief

    Nigeria Liquefied Natural Gas limited (NLNG) Managing Director,  Mr. Tony Attah, has described NIPCO Liquefied Petroleum Gas (LPG) terminal as a world class facility.

    He described the plant as a game changer in the industry,  adding that it could assist the nation effectively.

    Attah spoke during a facility tour of NIPCO terminal in Lagos. He said the operations and the human capital of the company were worthy of emulation in the quest to deepen LPG access nationwide.

    “I never in my wildest imagination believed that this kind of facility exists in Apapa. The mental picture I have of Apapa is just a congested area, but coming to NIPCO, I can see that beyond the congestion, there is quite a lot of value for Nigeria through the operations of NIPCO Plc,” he said.

    The  NLNG chief noted that NIPCO does not only have an advantage of operating in front of three or four  jetties receiving both white products and gas but also investing heavily to upscale the amount of LPG that it can be received into its facility.

    Attah said: “For me NIPCO is a real game changer and we are committed to continue to support the company and indeed Nigeria to bring about the positive change in terms of energy availability for Nigeria.”

    He noted that there is a big scope for the company to strengthen the handshake, deepen the partnership between NLNG and NIPCO, adding “we stay committed to the partnership and most importantly, we stay committed to Nigeria.”

    Attah restated NLNG’s commitment to Nigeria, stressing that the company’s vision is to be a global player in the LNG market and to help build a better Nigeria, adding that part of it is its direct involvement in the LPG space.

    He said as at 2007, Nigeria was doing only about 50,000 tonnes of LPG before NLNG gom glad to say that as at 2016, NLNG’s LPG contribution to Nigeria was well over 25,000 tonnes with a plan to increase it to 300,000 tonnes this year.

    NIPCO Group Managing Director, Mr. Venkataraman Venkatapathy, confirmed NLNG as the biggest producer of LPG locally and has played commendable role in supplying LPG for domestic consumption.

    He recalled that NIPCO’s entry into the LPG business in 2009 was in apparent response to Federal Government’s call for genuine investors to improve LPG access to Nigerians through provision of infrastructure that could aid supply.

    According to him, the historic completion of the 4,800 MT facilities in 2008 and the unparalleled support of NLNG encouraged NIPCO to commence construction of the largest LPG facility in Africa (5,000MT) in continuous effort to improve access, facilitate gas evacuation across the country and quick turnaround of NLNG vessels.

    He told the visiting NLNG delegation that safety remains the company’s watchword as it has never experienced any lost time injury (LTI) in its operations since 2009.

    Venkatapathy informed the team that NIPCO has excellent relationship with off-takers for obvious reasons including proximity to jetty, enduring LPG business operations, improved loading and weighing facilities to ensure accuracy of product loaded, and faster turnaround, among others. These factors  make NIPCO first choice LPG terminal.

     

  • NIPCO promotes Venkatapathy, others

    NIPCO Plc has elevated its former Managing Director, Mr. Venkataraman Venkatapathy to  Group Managing Director (GMD).

    In a statement, the company  named Mr. Sanjay Teotia as Managing Director; the former Executive Director, Corporate Services, Alhaji Abdulkadir Aminu is Group Executive Director (GED), Corporate Services.

    The appointments followed the acquisition of ExxonMobil’s 60 per cent equity in Mobil Oil Nigeria Plc by NIPCO, which is now the firm’s majority shareholder.

    Venkatapathy joined NIPCO in 2009 as Head, Liquefied Petroleum Gas (LPG) and was made the Managing Director in January 2011.

    With the new promotion, he would be overseeing the  NIPCO Group, which consists of NIPCO and Mobil Oil Nigeria Plc.

    His exposure in the hydrocarbon industry covered refinery operations, LPG operations and market development, strategic management and business development, among others.

    Venkatapathy is a shrewd personality with numerous awards for innovations in LPG operations and marketing and he is currently an ex-officio member of the council of the Nigerian Gas Association (NGA), a non-profit organisation that promotes the progress of the gas industry.

    Sanjay has over 28 years’ experience in the oil and gas industry across Asia and African regions with core competencies in project management, downstream/midstream/upstream operations, human resource management, among others.

    A graduate of Birla Institute of Technology, Bihar, India, where he obtained a Bachelor of Engineering (Mechanical) with First Class.

    Sanjay prior to joining NIPCO was the Deputy General Manager (DGM) Origination, Trading & Marketing H-Energy Mumbai, India, a world-class company in LNG and heavy crude business. He was Head, Downstream Operations, Lake Oil Limited, Tanzania, and Vice President, Liquid Terminals, Adani Ports & Sez Limited, among others.

    Aminu is a civil engineer and one time Chief Engineer of Adamawa State and had chaired the Adamawa Task Force on petroleum products distribution through which he ensured product availability and stoppage of sharp practices at filling stations across the state.

    He served on the boards of several regulatory agencies in the petroleum sector, including the Petroleum Products Pricing & Regulatory Agency (PPRRA) and Petroleum Equalisation Fund (PEF).

    Aminu, who is Chairman of A A Mbamba Limited, a fuel marketing company with scores of service stations in the country, holds the  chieftaincy title of Sarkin Hurmi, Adamawa in the state emirate council.

     

  • NIPCO promotes Venkatapathy, others

    NIPCO Plc has elevated its former Managing Director, Mr. Venkataraman Venkatapathy to  Group Managing Director (GMD).

    In a statement, the company, named Mr. Sanjay Teotia as the Managing Director; the former Executive Director, Corporate Services, Alhaji Abdulkadir Aminu is Group Executive Director (GED), Corporate Services.

    The appointments followed the acquisition of ExxonMobil’s 60 per cent equity in Mobil Oil Nigeria Plc by NIPCO, which is now the firm’s majority shareholder.

    Venkatapathy joined NIPCO in 2009 as Head, Liquefied Petroleum Gas (LPG) and was made the Managing Director in January 2011.

    With the new promotion, he would be overseeing the  NIPCO Group, which consists of NIPCO and Mobil Oil Nigeria Plc.

    His exposure in the hydrocarbon industry covered refinery operations, LPG operations and market development, strategic management and business development, among others.

    Venkatapathy is a shrewd personality with numerous awards for innovations in LPG operations and marketing and he is currently an ex-officio member of the council of the Nigerian Gas Association (NGA), a non-profit organisation that promotes the progress of the gas industry.

    Sanjay has over 28 years’ experience in the oil and gas industry across Asia and African regions with core competencies in project management, downstream/midstream/upstream operations, human resource management, among others.

    A graduate of Birla Institute of Technology, Bihar, India, where he obtained a Bachelor of Engineering (Mechanical) with First Class.

    Sanjay prior to joining NIPCO was the Deputy General Manager (DGM) Origination, Trading & Marketing H-Energy Mumbai, India, a world-class company in LNG and heavy crude business. He was Head, Downstream Operations, Lake Oil Limited, Tanzania, and Vice President, Liquid Terminals, Adani Ports & Sez Limited, among others.

    Aminu is a civil engineer and one time Chief Engineer of Adamawa State and had chaired the Adamawa Task Force on petroleum products distribution through which he ensured product availability and stoppage of sharp practices at filling stations across the state.

    He served on the boards of several regulatory agencies in the petroleum sector, including the Petroleum Products Pricing & Regulatory Agency (PPRRA) and Petroleum Equalisation Fund (PEF).

    Aminu, who is Chairman of A A Mbamba Limited, a fuel marketing company with scores of service stations in the country, holds the  chieftaincy title of Sarkin Hurmi, Adamawa in the state emirate council.

     

  • NIPCO shareholders get N563m dividend

    NIPCO shareholders get N563m dividend

    Shareholders of NIPCO Plc yesterday approved the distribution of N563 million as cash dividend for the 2016 business year as shareholders applauded the strides by the company to increase its dominance in the Nigerian downstream oil sector.

    NIPCO had through its wholly-owned subsidiary acquired the 60 per cent majority equity stake in Mobil Oil Nigeria Plc from ExxonMobil Oil Corporation.

    The breakdown of the dividend implies that shareholders will receive a dividend per share of N3. Key extracts of the audited report and accounts of NIPCO for the year ended December 31, 2016 showed that turnover dropped from N170.50 billion in 2015 to N114.72 billion in 2016. Profit after tax meanwhile rose from N1. 42 billion in 2015 to N1.60 billion in 2016.

    Speaking at the 13th annual general meeting (AGM) yesterday at Transcorp Hotel, Abuja, chairman, NIPCO Plc, Chief Bestman Anekwe said the results demonstrated the aggressive push the company had made in the downstream sector.

    He described the year 2016 as one of the most difficult years ever witnessed in the socio-economic development of the nation but noted that the proactive nature of the company made it to stand shoulder high among its peers by being able to sustain its growth pattern.

    He pointed out what he described as the giant and audacious stride of acquiring ExxonMobil’s 60 per cent equity stake in Mobil Oil Nigeria Plc, which has further strengthened NIPCO’s position in the industry and widened its retail footprints.

    Anekwe commended shareholders for their unflinching support and constructive partnership over the years, which has enabled the company to attain enviable height in the industry in spite of a tough operating environment.

    In his own remarks, Group Managing Director, NIPCO Plc, Mr. VenkataramanVenkatapathy attributed the improved performance of the company to increased sales drive, effective management of resources and adjustment of business model to the changing market variables.

    According to him, although the year was marked by economic constraints, NIPCO made spirited efforts to reduce the impact on its customers without having any negative effect on shareholders’ return on investment.

    “We prepared ceaselessly for the expected harsh operating environment by focusing on effective management of resources with a special focus on cost containment without jeopardizing quality in our entire operations,” Venkatapathy said.

  • Harmonisation of NIPCo, Mobil Oil operations begins

    Harmonisation of NIPCo, Mobil Oil operations begins

    • Mobil retail outlets now II Plc

    With the completion of acquisition of 60 per cent ExxonMobil’s shares in Mobil Oil Nigeria (MON) Plc, following statutory approvals from the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE), NIPCo Plc has begun harmonising the operations of the two firms.

    Its Group Managing Director, Mr. Venkataraman Venkatapathy, said though each of the entities would  function independently, the management would review the two business models with the intention to synchronise and harmonise their operations.

    Venkatapathy told reporters in Lagos that management would ensure adherence to the Mobil brand, while complying with ExxonMobil’s global standards.

    He said: “NIPCo Plc, an indigenous Nigerian downstream oil and gas company, is pleased to announce the successful acquisition of 60 per cent stake in Mobil Oil Nigeria Plc (MON), following due statutory approvals from the Securities and Exchange Commission and the Nigerian Stock Exchange.

    “With the acquisition now completed, NIPCo will review the two existing business models with intent to synchronise and harmonise their operations.  NIPCo intends ultimately, that each of the entities will remain and function independently.  Running the two entities separately will engender financial and strategic merits.

    “Focus will now be placed on expansion of the retail footprint under the Mobil brand.  Concerted efforts will be deployed towards promoting the Mobil brand of lubricants in Nigeria to ensure that it captures a much larger national market share, whilst ensuring that it continues to retain its pivotal position as the premium lubricant brand in Nigeria.”

    According to him, NIPCo will rigorously sustain and follow Exxon Mobil’s code of conduct, ethos and drive for operational excellence. Mobil Oil Nigeria will now be trading and transacting business with a new name that will be called II Plc (double 1Plc).

    He said NIPCO was delighted to be part of the 41,000 shareholders of Mobil Oil Plc, adding that the acquisition shall usher in stability, prosperity, sustainability and growth. In due course, NIPCo shall, in furtherance of its agreement with ExxonMobil, change the name of Mobil Oil Plc to II Plc while retaining the Mobil logo.

    NIPCO had on October 19, 2016, aquired 60 per cent stake in Mobil Oil Plc, and in March 2017, completed the acquisition of ExxonMobil’s stake in Mobil Oil Nigeria Plc in a deal put at N90 billion and one of the biggest in the downstream sector in recent years.

     

  • NIPCO takes over ExxonMobil’s 60% stake in Mobil Oil Nigeria

    NIPCO takes over ExxonMobil’s 60% stake in Mobil Oil Nigeria

    • Launches N60.2b bid for minority shares

    NIPCO Investments Limited, a subsidiary of NIPCO Plc, at the weekend took over the 60 per cent majority equity stake of ExxonMobil Oil Corporation in Mobil Oil Nigeria Plc.
    This is coming on the heels of the $301million acquisition approval by capital market regulators.
    The cross deal for the transfer of the 60 per cent equity stake from ExxonMobil to NIPCO was executed on the Nigerian Stock Exchange (NSE) at the weekend, with Cordros Securities Limited acting as execution stockbroker for the deal.
    The deal, worth N90 billion at current exchange rate, was one of the biggest transactions in the downstream sector in recent years.
    Both the Securities and Exchange Commission (SEC) and NSE as well as other Nigerian and relevant foreign regulators had approved the deal.
    Under the deal, ExxonMobil transferred its total shareholding of 216.36 million ordinary shares of 50 kobo each to Nipco Investments Limited for the consideration of $301 million.
    The block divestment was done through the negotiated cross deal platform of the Exchange, a special-purpose trading platform that is meant for voluminous transaction equivalent to five per cent or more of the issued shares of any company.
    By the cross deal, it implies that the buyer and the seller had been prearranged and the transfer at the stock market was a mere perfection of the agreement between the two. The negotiated cross deal allows the parties to the deal to close the deal at reduced cost.
    The completion of the acquisition has also triggered a mandatory tender offer (MTO) bid by NIPCO for the minority shareholders in line with Section 131 of the Investment and Securities Act (ISA) and Rule 445 of SEC, which make it mandatory for any institution or person that acquires at least 30 per cent of a company to make an MTO to other minority shareholders.
    Under the terms of the MTO, NIPCO is expected to offer to buy the minority shares at the same price of N417.12 used under the ExxonMobil transaction.
    Mobil Oil Nigeria opens today at the NSE at N300 per share, thus the tender offer price implies a premium of 39.04 per cent. Mobil Oil Nigeria has total outstanding shares of 360.595 million ordinary shares of 50 kobo each, with the remaining 40 per cent minority shares totalling 144.238 million ordinary shares of 50 kobo each.
    Sources said the board of NIPCO has applied and received approval of SEC to proceed with the MTO.
    ExxonMobil and Nipco had in October 2016 executed a sale and purchase agreement (SPA) to sell the former’s majority equity stake of 60 per cent in Mobil Oil Nigeria (MON) to Nipco, an indigenous oil and gas company.
    Formerly known as IPMAN Petroleum Marketing Company Limited (IPMCL), Nipco was incorporated by members of the Independent Marketers Association of Nigeria (IPMAN) on January 8, 2001 as a private limited liability company to participate in the distribution of white petroleum products business in Nigeria.
    Mobil Oil Nigeria was incorporated as a private limited liability company in 1951 and converted to a public limited liability company in 1978. Its shares were listed on the NSE in 1979. Mobil Oil is a subsidiary of Mobil Oil Corporation of the United States, which holds 60 per cent equity stake.
    Nipco Managing Director, Mr. Venkataraman Venkatapathy, said the SPA marks the beginning of a six-month transition for the effective takeover of the downstream oil giant.
    “Nipco considers this acquisition an important synergy. It is part of our strategic move to support Nipco’s continuous growth and expansion of its retail footprint. We are confident of adding tremendous value to MON and likewise MON will add a huge value to Nipco. In furtherance of this value addition, Nipco will continue to maintain the Mobil brand on its retail outlets as well as continue to blend and sell the Mobil brand of lubricants under Branding Licence(s) from ExxonMobil,” Venkatapathy said.
    According to him, Nipco would justify the confidence repose in it by ExxonMobil for selecting it as the preferred bidder for the acquisition of MON and Nipco will continue to 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.
    “MON will continue to run as a separate, distinct and independent company ,from Nipco Plc .Each with its own chief executive officer .Each chief executive officer will report to its board of directors,” Venkatapathy stated .
    According to him, in addition to giving the employees much needed assurances on their job safety, Nipco’s goal is to increase presence and efficiency by expanding MON’s retail footprint to a minimum of 300 by December 2017 and make it a vibrant one.

  •  NIPCo honours 25 worthy employees

     NIPCo honours 25 worthy employees

    Twenty-five employees of NIPCo Plc have been honoured for their long services. They had served the company for 10 years.

    NIPCo said the members demonstrated diligence and commitment for 10 years.

    Its Managing Director, Mr. Venkataraman Venkatapathy, said the company placed utmost value on the contribution of the workforce in its meteoric rise since it began operations in 2004.

    According to him, recognising the workers at the event was in appreciation of their long association  with the company. He dded that the management looked forward to their serving the company for more 20 years without breaking their service.

    Venkatapathy praised the resilience, perseverance and dedication of the awardees, especially given the tough operating environment in the sector. He added that the workers had always shown great sense of commitment to growing the company beyond its peers.

    He said a decade of service was a feat, which should not be taken for granted but a great lesson for younger workers to emulate and draw inspiration fromh.

    Advocating extra efforts to take the company to greater heights, Venkatapathy assured the workers of the management’s commitment to facilitating an enabling environment which would further create  an avenue for glorious service by employees.

    The Executive Director (Finance), Mr. Ramesh Virwani, praised the doggedness of the awardees, who have committed a decade of their lives to NIPCo, adding that their  contributions would be acknowledged at all times.

    The company’s Head of Human Resources, Mr. John Okpeku, said a similar event was held in 2014.

  • Reps threaten warrant of arrest against recalcitrant oil company chiefs 

    The House of Representatives has threaten to issue warrant of arrest against Chief Executive officers (CEO) of some major oil companies for failing to honour it’s invitations.

    The oil companies that include Total Nigeria Plc, Mobil Nigeria, NIPCO, Forte Oil, Oando and MRS among others were being investigated for alleged huge debts and criminal acts of sabotage by oil marketers.

    Chairman, ad hoc committee mandated to carry out the investigation, Abdulahi Gaya Wednesday expressed concern over the attitude of the affected CEOs that have consistently failed to either honour the Committee’s invitation or failed to provide requested documents for the investigation.

    He said: “Before we started this investigation, what we did as a committee was to sit down to digest and see the best way out and fortunately for us, so far we have recovered a lot of money, huge amount of money.

    “We called PPMC to give us information on the outstanding of oil marketers and they came and told us. We then sent letters to 17 oil marketers to send in documents and tell us their own part, the outstanding.

    “We also requested that they come and defend it but instead of doing that, they are sending representatives. Why are sending persons that are not part of their organizations?”

    According to him, the investigation was to ascertain the veracity or otherwise of the claims of the Petroleum Product Marketing Company (PPMC) as well as the oil marketers who are the actors on the matter with a view to ensuring that the Nigerian government was not short-changed in anyway.

    Gaya, who revealed that 50 percent of the debts arising from default by  oil marketers has been recovered, however did not disclosed the actual amount recovered so far.

    While he noted that the amount was stipulated in the documents obtained from various stakeholders, the lawmaker expressed optimism that 80 percent of the money would be recovered by the end of the investigation.

  • Stock Exchange urges NIPCO to list shares

    Stock Exchange urges NIPCO to list shares

    The Nigerian Stock Exchange (NSE) has urged the directors of NIPCO Plc to consider listing the indigenous oil and gas company on the stock market in order to enhance its competitive advantage and deepen its access to long-term capital.
    Chief executive officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, said the board of NIPCO should consider listing the shares of the company because of the several benefits inherent in listing on the stock exchange.
    According to him, listing NIPCO on the NSE would give more credibility to the company and attract more shareholders to the company, thus enhancing its ability to raise large capital.
    He noted that beside the flexibility to raise capital, public quotation also help in enhancing corporate governance and sustainability of the business.
    Onyema, who paid a courtesy visit to NIPCO in Lagos, praised the recent acquisition of 60 per cent stake in Mobil Oil Nigeria by NIPCO noting that NIPCO has the ability to ensure continuous investors interest in the capital market.
    He described the acquisition deal as one of the largest acquisitions in the Nigerian downstream sector, adding that the strategic acquisition will no doubt enhance the company’s continuous growth and expansion in Nigeria as well as add increased value to investor and other stakeholders.
    Nipco had agreed to pay $301 million for the acquisition of ExxonMobil Oil Corporation’s 60 per cent majority equity stake in Mobil Oil Nigeria Plc. The total consideration of $301 million, which is subject to price adjustments for dividends and other factors, is equivalent to N91.88 billion at current official exchange rate of N305.25 per Dollar.
    Under the deal, ExxonMobil will sell its majority equity stake of 60 per cent to Nipco Investments Limited; a wholly-owned subsidiary of Nipco. ExxonMobil will transfer its total shareholding of 216.36 million ordinary shares of 50 kobo each to Nipco Investments Limited for the consideration of $301 million.
    “So we think it is a good development for the company, it also gives great potential for indigenous company to get global visibility,” Onyema said.
    In his remarks, Managing Director, NIPCO Plc, Mr Venkataraman Venkatapathy said the transition period for the Mobil acquisition will enable NIPCO to effectively manage a smooth and successful completion of the transaction.
    He assured that NIPCO considers the acquisition as an important synergy.

  • Transfer of Mobil shares to NIPCO nearing completion, says MD

    Transfer of Mobil shares to NIPCO nearing completion, says MD

    The transfer of shares and other liabilities of Mobil Oil Nigeria (MON) Plc to the Nigerian Independent Petroleum Company (NIPCo) Plc will soon be completed, NIPCO’s Managing Director Mr. Venkataraman Venkatapathy has said.

    Venkatapathy told The Nation, that NIPCO’s acquisition  of the Mobil shares would bring economy of scale to the firm, benefit Nigerians and the economy. NIPCo is an efficient oil trading and distribution company.

    NIPCO’s acquisition of mobil, he said, has expanded the Group, adding that the firm is adding new businesses such as the lubricant production unit to the system to make it bigger.

    On whether he foresees more acquisitions or mergers in the downstream sub-sector, the NIPCo chief said he could not say because the economy is going through difficult times.

    He said: “The acquisition of Mobil shares is good for the company. There is a synergy between NIPCo and Mobil Oil Nigeria in the sense that both are engaged in oil distribution, so there is economy of scale. Nigerians and the nation will benefit from the acquisition because NIPCo is efficient in the industry.

    “We are also bringing a new business into the system – the lubricant business. The Group is becoming bigger not just because of the acquisition, but the additional new business areas. The transition is ongoing and will soon be completed and we will do the announcement at the right time.”

    In October, last year, NIPCo bought ExxonMobil’s 60 per cent equity in Mobil Oil Plc and added to the seven per cent equity it previously held in Mobil Oil, raising its total equity holding in Mobil Oil to 67 per cent.

    The Manager, Media and Communications, Mobil Producing Nigeria Unlimited, Mr. Oge Udeagha, told The Nation that the transaction was transparently carried out. He also stated that the two firms reached far-reaching agreements, especially in protecting the welfare of Mobil Oil Plc workers that would be inherited by NIPCo, adding that the divestment was in line with ExxonMobil’s business plan.

    According to him, the choice of NIPCO was made on a commercial basis, considering price, transaction terms, long term strategic perspective and a number of other factors, including its commitment to Mobil Oil Nigeria’s employees.

    He noted that ExxonMobil carefully evaluated opportunities across a wide range of market conditions and only advance projects generating long-term shareholder value. “Following these assessments, we sometimes find that it makes greater business sense to divest when the businesses are estimated to have higher value to others.

    “This decision is in no way a reflection of our view on the local business climate, financial results or the workforce,” he added.

    Udeagha said: “ExxonMobil has reached an agreement with the Nigerian Independent Petroleum Company for the sale of its 60 percent share in its downstream Mobil Oil Nigeria affiliate. Mobil Oil Nigeria comprised 250 company-owned and dealer-owned Mobil-branded retail stations, a fuel terminal and a lubricant plant in Apapa, and interests in two aviation fuel joint ventures in Lagos.

    “We have also reached accompanying agreements for the continued import, blending and distribution of Mobil-branded lubricants and marketing of Mobil-branded fuel. These agreements will ensure the continued presence of the Mobil brand in Nigeria and position the brand for future growth.

    “Subject to regulatory approval, change-in-control is anticipated by mid-2017. The Mobil Oil Nigeria Board, Ministry of Petroleum, Nigeria Stock Exchange and other relevant statutory agencies have been notified of the transaction.

    “This share-sale agreement does not involve ExxonMobil’s upstream production operations in Nigeria or lubricant supply to Caterpillar dealer, Mantrac Nigeria. ExxonMobil regularly evaluates its global portfolio of businesses and opportunities for growth, restructuring or divestment depending on fit with strategic business objectives. Mobil Oil Nigeria will be renamed after the sale is completed. It is expected that Mobil Oil Nigeria’s employees will continue to be employed following change-in-control.”