By Ifeanyi Mbagwu
Employees of Mobil Oil plc has been assured that the recent acquisition of the company will not lead to job loss and sack of any of its employees.
This assurance was given by the Group Managing Director of NIPCO Plc, Venkataraman Venkatapathy at the historic occasion of the closing gong at the Nigerian Stock Exchange (NSE) after successful completion of the largest acquisition in the downstream sector in recent memory.
He disclosed that rather than sack, more opportunities will be created through the company’s strategic expansion plans, adding that the company will improve performance through increased presence and efficiency in all its business units.
Venkatapathy who also disclosed of the company’s plans of name change from Mobil Oil Plc to Double One Plc as part of its business objectives, added that Nipco would however retain the Mobil brand and review the two existing business models aimed at synchronising and harmonising their operations.
He said, “Nipco intends ultimately, that each of the entities will remain and function independently. Running the two entities separately will engender financial and strategic merits. The Focus will now be placed on the expansion of the retail footprint under the Mobil brand.”
The Group Managing Director of Nipco assured the NSE that the expected due diligence would be implemented in all transactions in the market aimed at encouraging and spurring investors’ confidence in the new management.
The Chief Executive Officer of NSE, Oscar Onyema had earlier expressed great optimism of the deal which he believed would add value to the downstream sector and increase investors’ confidence.