The Securities and Exchange Commission (SEC) has approved an extension in the period for the minority shareholders of Mobil Oil Nigeria Plc to sell their shares to NIPCO Investment Limited (NIL), All Africa reports.

Following the successful acquisition of a 60 per cent equity stake of Mobil Oil Nigeria Plc by NIL from Exxon Mobil Oil Corporation, the company had applied to regulators to acquire additional shares from minority shareholders. The application for the Mandatory Take Over (MTO) bid opened on May 30 and was to close on June 29, 2017.

However in a notification to the Nigerian Stock Exchange (NSE), Cordros Securities Limited, one of the financial advisers in the transaction, said SEC had approved an extension. The MTO will now close July 27, 2017.