And the Chairman/Managing Director of Mobil Oil Nigeria, Adetunji Oyebanji said Nipco is acquiring those shares for a consideration of $301 million subject to price adjustments for dividends and other factors. The Managing Director of Nipco, Mr. Venkataraman Venkatapathy had said the company considered this acquisition an important synergy. "It is part of our strategic move to support Nipco's continuous growth and expansion of its Nigerian retail footprint. We are confident of adding tremendous value to Mobil Oil Nigeria and likewise Mobil Oil will add a huge value to Nipco. In furtherance of this value addition, Nipco will continue to maintain the Mobil brand on its retail outlets as well as continue to blend and sell the Mobil brand of lubricants under Branding Licence (s) from ExxonMobil," he said. According to him, Mobil Oil will continue to run as a separate, distinct and independent company, from Nipco Plc, each with its own CEO who will report to its board of directors.