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Exclusive: Femi Otedola battles Mike Adenuga for Mobil
Dangote, Otedola and ADenuga: Is another oil war in the offing?

Exclusive: Femi Otedola battles Mike Adenuga for Mobil

Leke Adeosun

Corporate war is in the offing or has it already began? Well, we have it on good authority that the decision of ExxonMobil to divest from the downstream business may actually pitch two Nigerian billionaires, Forte Oil Chairman, Mr. Femi Otedola and Conoil Chairman, Dr. Mike Adenuga Jr. against each other.

Sources very familiar with the industry reveal that Otedola, who lost out to Sayyu Dantata of MRS (who was firmly backed by his uncle Ahaji Aliko Dangote) when Chevron embarked on a similar divestment initiative years back, is keen not to allow this huge pie slip past his fingers.

“Of all the contenders, we heard that Adenuga and Otedola have put in serious bids for the sale of the assets of Mobil Oil Nigeria PLC”, our source hinted

Mobil Oil Nigeria is one of the six major petroleum products marketers in the country. It currently has over 200 retail outlets located in all 36 states of Nigeria.These include many state of the art outlets. MON plc owns three plants located in Apapa, Lagos State, that manufacture lubes, petroleum jelly, and insecticide. Its ultra-modern lube oil plant, with a capacity of 450,000 barrels per annum is regarded as one of the most sophisticated in Africa.

It is not known when the  deal will be sealed but we have it on good authority that high wire negotiations and meetings have been going on, especially as it concerns smoothening out regulatory edges because the company is quoted on the Nigeria Stock Exchange

In recent years Chevron, Royal Dutch Shell (RDS), Conoco Phillips (COP), Italian company Eni (E) and French company Total SA (TOT) have all within the last few years sold holdings to local Nigerian companies.

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