Nipco Plc has launched a 4.84 billion naira ($16 mln) offer for the shares it needs to take its stake in Mobil Oil to 70 percent to comply with Nigerian takeover rules, Reuters reports.

Nipco’s investment subsidiary bought 60 percent of Mobil Oil Nigeria from Exxon Mobil Corp. in October, when the U.S. giant pulled out of downstream fuel distribution in Nigeria. Nipco, which was founded in 2001, now owns 66.7 percent of the fuel retailer, according to an offer document seen by Reuters.

It is offering minority shareholders 417.12 naira per share for the 3.23 percent of the capital, or 11.6 million shares, it needs, the same price it paid Exxon last year and a 75 percent premium to Wednesday’s market price of 238.36 naira. The offer ends on June 29.