The Nigerian Exchange Limited, on Friday, July 25, 2025, officially suspended trading in the shares of MRS Oil Nigeria Plc (formerly Texaco Nigeria Plc).
This suspension, the NGX informed stockbrokers, followed the approval granted “for the voluntary delisting of the company’s securities.”
The move, it added, is intended to prevent further trading activity ahead of the delisting process.
MRS Oil which has a strong link to Africa’s richest man- Aliko Dangote, currently has 342,759,473 shares in issue according to the company’s annual report for the full-year ended December 31, 2024.
Its shares were last traded on July 21, 2025 at N149.50 each, bringing market capitalization to about N51.26bn.
MRS Oil is 60% owned by MRS Africa Holdings Limited belonging to Sayyu Dantata, Aliko Dangote’s half-brother, while the General Public holds another 29.5% stake, and State/Government, 10.5% of the shares; individual insiders own approximately 0.0128%.
MRS Oil, a major petroleum products marketing company had in March announced plans for voluntary delisting of all its issued shares from the NGX, and subsequent admission to the NASD OTC Securities Exchange (NASD).
The decision, it said, followed the approvals granted by its shareholders at the Extraordinary General Meeting (EGM) held on June 25, 2024, in accordance with applicable regulations.
In accordance with Rule 1.10 and Rule 1.13 (f) of NGX’s Rules for Delisting of Equity Securities from the Daily Official List of the Exchange and other relevant legal and regulatory requirements, the company said it will in furtherance of the Voluntary Delisting, purchase the interests of shareholders who were absent from the meeting, or dissented to the Voluntary Delisting.
The effectiveness of the payout, it added, remains subject to the final approval of the SEC and NGX.
Analysts believe the move will offer the company greater operational flexibility by reducing costs associated with maintaining a listing on the NGX, and align its strategic objectives and restructuring efforts, offering it room to operate in a less regulated environment.
Texaco Nigeria Plc, which was established in 1969 to take over the Nigerian trading interest of Texaco Africa Limited, had its first name change in 2006 when Chevron Oil acquired the parent company of Texaco Nigeria and it became Chevron Oil Nigeria Plc. Three years after in 2009, a consortium of MRS Holdings and Petroci Holdings bought majority stake of Chevron Oil Nigeria Plc to form MRS Oil Nigeria Plc.
