May 29, 2022

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DIVESTMENT OF EXXONMOBIL OIl CORPORATION’S SHARES IIN MOBILE OIL NIGERIA PLC

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DIVESTMENT OF EXXONMOBIL OIl CORPORATION’S SHARES IIN MOBILE OIL NIGERIA PLC


Further to our communication of October 19, 2016 where we disclosed that ExxonMobil Oil Corporation (EMOC) our majority shareholder, had executed a sale and purchases agreement with Nipco investments Limited for the acquisition of EMOC’s entire 60 percent equity ownership of Mobile Oil Nigeria Plc, we have received notice from EMOC ha a formal application has been filled today by Nipco investment Limited with the security and exchange commission for an “Auhority to Preceed” with the acquisition.
In the light of the filling, EMOC has consequently advise us of the following material commercial information relating to the proposed acquisition, which we would immediately liked to furnished to the Nigerian Stock Exchange and the market generally, the acquisition of EMOC’s 216,337,157 ordinary shares oof Mobile Oil Nigeria PLC will be for the consideration of $310,000,000.00 USD subject to price adjustments for dividend and other factors.

This press released was signed by Adetunje A. Oyebanji, Chairman/Managing Director of Mobile Oil Nigeria PLC and made available in the exchange on 29th November, 2016.

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