Mobil Oil Nigeria (MON) Plc announced Nipco Plc will pay about $291m for the acquisition of the 60% shares of ExxonMobil in the company, informed This Day.

ExxonMobil Oil Corporation had executed a sale and purchase agreement (SPA) with Nipco, an indigenous Nigerian downstream oil and gas company, to sell its stake in Mobil Oil Nigeria in mid-October, The Nation reported. However, the financial consideration was not disclosed until recently.

Nipco’s Managing Director, Venkataraman Venkatapathy, said: “It is part of our strategic move to support Nipco’s continuous growth and expansion of its Nigerian retail footprint. We are confident of adding tremendous value to Mobil Oil Nigeria and likewise Mobil Oil will add a huge value to Nipco.” According to him, Mobil Oil will continue to run as a separate, distinct and independent company from Nipco Plc, each with its own CEO who will report to its board of directors.