From left to right: Mobil CEO Mr. Adetunji Oyebanji, NSE DG, Oscar Onyema and NIPCO CEO Mr. Venkataraman Venkatapathy

The Nigerian Stock Exchange on Wednesday issued a corporate action confirming that New owners of Mobil Nigeria Plc, Nipco Ltd, has extended the deadline for its Mandatory Offer to July 27, 2017 . The MTO deadline was initially set for June 29, 2017.

In a press release dated July 4th, the company informed Dealing Member firms that the securities and Exchange commission had granted it a formal approval to extend the closing date for the MTO from June 29, 2017 to July 27th, 2017, providing qualifying shareholders with ample time to tender their shares and ensure minority shareholder satisfaction.

Some retail investors had complained of the short timeline for the MTO as well as the qualification date for the Mandatory Takeover Bid which still remains April 10, 2017.

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