ExxonMobil Sells 60% Stake in its Nigerian Unit, Mobil Oil Nigeria

Exxon Mobil Corporation (XON) has sold 60% of its stake in Mobil Oil Nigeria to Nipco Investments Limited for an undisclosed sum meaning it has exited the downstream oil business in Nigeria.

The 60% MON stake is currently valued at N40.6 billion (US $129 million), though Nigerian newspaper Vanguard reports the shares were sold at a significant markup.

Exxon Mobil will however retain two upstream affiliates in Nigeria: Mobil Producing Nigeria Unlimited and Esso Exploration and Production Nigeria Ltd

MON will still use Mobil branding on its gas stations and lubricants.

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