The Nestoil Group has concluded arrangements to shop for about N44.25 billion from the Nigerian Stock Exchange (NSE) through private placement.

The development came on the heels of the commissioning of the company’s multi-billion naira industrial facilities and dredging vessels in Port Harcourt, Rivers State by the Vice-President, Dr Goodluck Jonathan, who was represented by the Minister of Special Duties, Mr. Godsday Orubebe.

The company would put on offer 1.5 billion shares at N29.5 per share. As part of efforts to involve the communities in ownership of the company, the company shared some of the subscription forms to the members of the host communities who were present at the commissioning ceremony. With the offer, Nestoil has become the first oil and gas service company to be listed on the stock market.

The President, Nestoil Group Sir Ernest Azudialu-Obiejesi in his address said that the facilities which sit on 59 acres of land was achieved as a result of encouragement from Vice-President Jonathan who made the management have faith in investing in the Niger Delta.

He said: "Your Excellency, this 59-acre of engineering, procurement and construction (EPC) facility is specially engineered and stabilised for offshore and onshore platform construction activities. Honour us by accepting to unveil the Great MV Enesto 1, the most sophisticated dredger in the coast of Africa today."

He assured government that its efforts at boosting local content would achieve results adding that with his colleagues in the Petroleum Technology Association of Nigeria (PETAN) and Pipeline Association of Nigeria (PLAN), they would not relent until they create employment and enterprise opportunities for Nigerians.

The company was established 15 years ago and went through some changes before changing its name to Nestoil. "What we celebrate began 15 years ago as an offshoot of a much older and successful trading company, the Obi-Jackson Group. From 1991 when we incorporated Nestoil as a fully indigenous oil company, we set our eyes on the exploration of the hidden potentials in the Nigerian upstream and downstream sectors, which have so far proven inaccessible to most Nigerian entrepreneurs. "From 1992, Nestoil systemically reengineered itself to effectively respond to the challenges of providing professional and qualitative support to the major operators in the Nigerian oil and gas industry.

"The management of Nestoil was encouraged to believe in the Nigerian local content philosophy and aggressively pursue performance because of the historic antecedent of Britain’s industrial revolution of the early 70s which achieved up to 70 per cent indigenization of major businesses in Britain

"Nestoil driven by the belief that with proper encouragement from policy makers, support from bankers and access to contracts provided by major players like the Nigerian National Petroleum Corporation (NNPC), Shell, Mobil, Elf and Chevron, among others, there is success for any focused indigenous company. "The commissioning of the facility is a manifestation of the tenacity of our dream, our faith in God and the belief in Nigeria."