By Sebastine Obasi
IN a response to observers on the motive behind the acquisition of ExxonMobil’s 60 percent equity in Mobil Oil Nigeria, MON, Plc , Bestman Anekwe, Chairman of the acquirer, NIPCO Investments Limited, NIL, said it is a strategic feat to support NIPCO’s continuous growth and expansion in the downstream sector of the nation’s oil and gas industry.
Speaking through the Managing Director, Venkataraman Venkatapathy at the Company’s extraordinary general meeting, Anekwe said the development would also help in solidifying its enviable status in the sector.
”Strategically, this acquisition will allow us to broaden our geographical diversification, adding a new platform to the Company’s network of businesses and would also afford us the opportunity to apply our model for retail, creating value through improved efficiency and productivity in MON”, he said.
Anekwe explained that with MON’s 270 ‘Mobil’ branded fuel stations at various strategic locations of the country, and its huge blending and distribution unit of world class ‘Mobil’ branded lubricants used and trusted by people not only within Nigeria but across the world, NIPCO felt compelled to bid for the acquisition .
According to him, NIPCO would continue to maintain the Mobil brand on its retail outlets as well as continue to blend and sell Mobil brand of lubricants under branding license from ExxonMobil
NIPCO, he said, made its debut into the retail market in 2009, but as at November 2016, the company was successfully running 180 fuel stations across various locations scattered across the country, adding that this track record of success has given the firm foretaste of the enormous potentials in the retail sector, and has in turn, engendered a voracious appetite for growth and expansion
Anekwe noted that in line with its vision, the company seized the opportunity to purchase 6.67 percent of MON shares when it presented itself a few years ago and became the second largest shareholder after ExxonMobil.