Workers Picket ExxonMobil office in Lagos

Renewable Energy Group

Reports reaching PageOne.ng says the Lagos office of ExxonMobil has been shut down by its workers who are protesting over the attempts by the company to sack more than 100 Nigerian workers.

ExxonMobil has not released any statement on the matter.

However, the proposed job cuts is linked to the sale of the company’s stake in Mobil Oil Nigeria PLC to Nipco, another downstream oil company.

In an official statement and also reported by PageOne.ng, ExxonMobil said it sold its 60% stake in Mobil Oil to Nipco for USD301 million.

ExxonMobil stated in the disclosure that the acquisition of EMOC’s 216,357,157 ordinary shares in Mobil Oil Nigeria Plc. will be for the consideration of $301,000,000.00 USD subject to price adjustments for dividends and other factors.

The company did not state when Nipco will be taking over fully. It is getting clearer that the sale might have gotten the go ahead of the Nigerian Stock Exchange and the SEC.

Feelers from the company also suggest that Nipco will be coming with its team. Affected staff in the job cut move are mainly its downstream staff who will no longer be needed in the organisation.

Earlier this year, ExxonMobil had stated that as part of its strategic imperative for the new year, it will be divesting from downstream activities into upstream and exploration side of the business.

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