Nipco to run Mobil Oil as separate entity – Chairman

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The Chairman of Nipco Plc, Chief Bestman Anekwe, has said Mobil Oil Nigeria Plc will continue to run as a separate, distinct and independent company from Nipco, The Punch reports.

Anekwe, who stated this at the company’s first Extraordinary General Meeting in Abuja, said each company would have its own chief executive officer, and each CEO would report to its board of directors. Nipco, an indigenous Nigerian downstream oil and gas company, had in October announced the acquisition of ExxonMobil’s 60 per cent stake in Mobil Oil.

Anekwe, who spoke through the Managing Director, Mr. Venkataraman Venkatapathy at the EGM, told shareholders, that with the execution of the agreement, a transition process, which would span about six months, had begun and the company had also initiated the process of obtaining regulatory approvals from the Securities and Exchange Commission and the Nigerian Stock Exchange.