Acquisition of Mobil will raise investors confidence – Onyema

ExxonMobil

The Chief Executive Officer of Nigerian Stock Exchange (NSE), Oscar Onyema,  has expressed confidence in NIPCO’s ability to ensure continuous investors interest in the capital market following its 60 per cent stake acquisition in Mobil Oil Nigeria (MON).

Onyema who gave the assurance during a courtesy visit with its management team to NIPCO’s office in Apapa, Lagos described the deal as one of the largest acquisitions in the downstream sector.

He said the strategic acquisition will enhance the company’s continuous growth and expansion as well as add increased value to investor and other stakeholders in the country.

Onyema said, “At the exchange ,we are keen to support businesses to achieve greater success so that they can thrive within the enabling environment as well as provide organisations with various opportunities to fund their long term objectives.”

The NSE CEO said NIPCO, as a critical stakeholder, needed all the support with various initiatives and opportunities available via the capital market to enable it excel in the sector

According to him, NIPCO 60 per cent stake acquisition  in MON was a great development for the industry and indeed a  great achievement  for Nigerian own investment company.

“An industry that is expanding and imparted greatly to the growth of the oil and gas sector like NIPCO needs to be commended (for) growing the sector and boosting the local content development.

“So we think it is a good development for the company,  it also give great potential for indigenous company to get global visibility,” he said.

The NSE boss said, “We are indeed impressed with NIPCO track record on safety and how serious they took safety very important.”

Onyema, however urged the management to reconsider enlisting NIPCO company on the NSE, adding that it would give more credibility and attracted more shareholder to the company.