ExxonMobil sells Nigerian retail business
ExxonMobil Corp. has agreed to sell its retail business in Nigeria to Nipco Investments Ltd., a wholly owned subsidiary of Nipco PLC, Abuja.
Terms of the sale of the company’s 60% interest in Mobil Oil Nigeria weren’t disclosed.
Nipco estimated market value of the deal at the time of the announcement at $130 million.
Mobil Oil Nigeria operates more than 200 service stations, with outlets in all 36 Nigerian states.
It started work when Socony Vacuum Oil Co. began selling sunflower kerosene in Nigeria in 1907.
Nipco said it will retain the Mobil brand at the service stations and continue to sell Mobil lubricants under license.