NIPCO Plc has outlined growth measures to be put in place in the newly acquired Mobil Oil Nigeria Plc, to make the company the best in the downstream industry.
The Group Managing Director, NIPCO Plc, Venkataraman Venkatapathy, said the deal will ensure increase in the production of Mobil brand of lubricants, which has remained a highly demanded brand in the market, and also to re-start its aviation business.
Venkatapathy made this statement at celebration of the completion of the largest acquisition witnessed in the Nigerian downstream sector in Lagos, during the closing gong at the Nigerian Stock Exchange (NSE) .
According to Guardian, the visit to the Exchange being the first public appearance after the attainment of majority shareholding in Mobil Oil, offered a veritable opportunity to share thoughts with the bourse on the milestone and the Group’s efforts to assure investors of immense benefits.
“To all discerning investors, the deal is a big welcome to a new dawn, and a new era that will usher in stability, prosperity, sustainability and growth in the downstream sector in particular, and the industry in general,” he said.
Venkatapathy noted that the deal would also make the NIPCO Group bigger not only just due to the acquisition, but also the new business lines that come with it to make the company one of the most proficient and best run outfit in the downstream industry.
Earlier, the Chief Executive Officer, NSE, Oscar Onyema, said the closing gong ceremony was organised to support and recognise the recent milestone of NIPCO especially the acquisition of majority shareholding in Mobil Oil.
He expressed great optimism that the deal would add value to the sector as well as increase the confidence of investors