Exxon Shrinks Footprint In Nigeria Despite Renewal Of Lease On Lagos Office: Report

Exxon Mobil Corporation XOM is renewing a 33-year-old lease on its expansive offices in Lagos’s upscale Lekki district.

The lease was set to expire on Friday.

The move comes after it plans to scale down operations in Nigeria, reported Reuters.

Exxon is relocating staff from its 12-floor Mobil House, reportedly leased at $10 million annually, to a six-floor office building 22 kilometers away in the Ikoyi area.

The new office is said to accommodate half the personnel working at the former offices.

Earlier this month, Exxon said an asset sale to Seplat Energy SEPLF could be approved in less than two weeks and currently nearing closure.

Shell plc SHEL, TotalEnergies SE TTE, and Eni S.p.A. E have also planned to leave Nigeria’s oil-rich Niger delta, citing security concerns. Such moves have been stalled by regulatory hurdles.

Investors can gain exposure to the XOM via Energy Select Sector SPDR Fund XLE and IShares U.S. Energy ETF IYE.

Price Action: XOM shares are up 0.17% at $113.82 at the last check Thursday.

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