Oil & Energy
Mixed Reactions Trail ExxonMobil Divestment
Some capital market operators have expressed mixed feelings to ExxonMobil divestment from the country’s downstream sector.
Some of the operators told The Tide source in Lagos on Thursday that the divestment would encourage more individual marketers to embrace the Nigerian capital market.
But others attributed the divestment to unfavourable policies inherent in the country.
ExxonMobil, a US-based international oil company, on October 19, divested its downstream operations in Nigeria.
The company sold its 60 per cent equity in Mobil Oil Nigeria Plc to Nipco Plc, an indigenous downstream oil and gas company.
The Managing Director, APT Securities and Funds Ltd, Mallam Garbs Kurfi, said that acquisition of the 60 per cent in Mobil by an indigenous company was good for the market.
Kurfi said that being an indigenous company Nipco would not likely seek delisting from the Nigerian Stock Exchange (NSE).
He stated that with the entrance of Nipco, more individual independent marketers would seek quotations on the exchange, thereby deepening the market.
the Chief Executive Officer, SOFUNIX Investment and Communications Ltd., Mr Sola Oni, described the divestment as a normal business decision.
Oni said that the existing staff of the company must be treated fairly.
“I am sure the NSE must be convinced about the motive for divestment, capability of the prospective buyer and value to the company before approval,’’ he said.
However, the Chief Operating Officer, InvestData Ltd., Mr Ambrose Omordion, said that the company’s divestment was due to unfriendly government policies.
Omordion said that corporate governance issue might be a challenge with the ownership of Nipco.
“ExxonMobil selling its 60 per cent holdings to a Nigerian company means that the company will be fully owned and managed by Nigerians.
“And other companies in that sector managed by Nigerians are dragging their feet due to management problems,’’ Omordion said.
He said that investors should be cautious in taking position in the stock for the time being.
National President, Progressive Shareholders Association of Nigeria (PSAN), Mr Boniface Okezie,said the divestment might be in line with American policy to pull out of the country’s downstream sector.
Okezie said that shareholders were not surprised with the divestment because the same thing happened in Texaco now MRS Oil some years ago.
He called on the new buyers to protect the interest of the minority shareholders and as well ensure good corporate governance.
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Digital Technology Key To Nigeria’s Oil, Gas Future

Experts in the oil and gas industry have said that the adoption of digital technologies would tackle inefficiencies and drive sustainable growth in the energy sector.
With the theme of the symposium as ‘Transforming Energy: The Digital Evolution of Oil and Gas’, he gathering drew top industry players, media leaders, traditional rulers, students, and security officials for a wide-ranging dialogue on the future of Nigeria’s most vital industry.
Chairman of the Petroleum Technology Association of Nigeria (PETAN), Wole Ogunsanya, highlighted the role of digital solutions across exploration, drilling, production, and other oil services.
Represented by the Vice Chairman, Obi Uzu, Ogunsanya noted that Nigeria’s oil production had risen to about 1.7 million barrels per day and was expected to reach two million barrels soon.
Ogunsanya emphasised that increased production would strengthen the naira and fund key infrastructure projects, such as railway networks connecting Lagos to northern, eastern, and southern Nigeria, without excessive borrowing.
He stressed the importance of using oil revenue to sustain national development rather than relying heavily on loans, which undermine financial independence.
Comparing Nigeria to Norway, Ogunsanya explained how the Nordic country had prudently saved and invested oil earnings into education, infrastructure, and long-term development, in contrast to the nation’s monthly revenue distribution system.
Chief Executive Officer (CEO) and Executive Secretary of the Major Energies Marketers Association of Nigeria (MEMAN), Clement Using, represented by the Secretary of the Association, Ms Ogechi Nkwoji, highlighted the urgent need for stakeholders and regulators in the sector to embrace digital technologies.
According to him, digital evolution can boost operational efficiency, reduce costs, enhance safety, and align with sustainability goals.
Isong pointed out that the downstream energy sector forms the backbone of Nigeria’s economy saying “When the downstream system functions well, commerce thrives, hospitals operate, and markets stay open. When it fails, chaos and hardship follow immediately,” he said.
He identified challenges such as price volatility, equipment failures, fuel losses, fraud, and environmental risks, linking them to aging infrastructure, poor record-keeping, and skill gaps.
According to Isong, the solution lies in integrated digital tools such as sensors, automation, analytics, and secure transaction systems to monitor refining, storage, distribution, and retail activities.
He highlighted key technologies including IoT forecourt automation for real-time pump activity and sales tracking, remote pricing and reconciliation systems at retail fuel stations, AI-powered pipeline leak detection, terminal automation for depot operations, digital tank gauging, and predictive maintenance.
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