US oil and gas giant, ExxonMobil is following the footstep of Chevron to divest from the downstream sector of Nigeria’s oil and gas business with a plan to sell 60% of its equity in Mobil Oil Nigeria Plc (MON) to Nipco Investments Limited, a wholly-owned subsidiary of Nipco Plc, Naija 24/7 reported.

The 60% MON stake is currently valued at $129m, though it is reported that the shares were sold at a significant markup. However, the actual dollar value of the transaction has not been disclosed. ExxonMobil will retain two upstream affiliates in Nigeria which are Mobil Producing Nigeria Unlimited and Esso Exploration and Production Nigeria Ltd, informed Investopedia.

Nigeria’s downstream sector had lost a couple of high profile foreign players in recent years with the earlier divestment of  Shell, Eni’s Agip and Chevron’s Texaco. This latest sale leaves France’s Total as the only major foreign player in the sector in Nigeria.

MON dates back to 1907 when Socony Vacuum Oil Company began marketing operations in Nigeria, through the sale of sunflower kerosene. In 1978, the company became a publicly quoted company and assumed its current name and status. MON is one of the six major petroleum products marketers in the country. It currently has over 200 retail outlets located in all 36 states of Nigeria.