Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Conditions scuttle Mart, Delta Oil transaction

14 December 2015, 21:38

Lagos - Canadian energy company, Mart Resources, has announced the termination of an agreement that would have culminated in Delta Oil Nigeria purchase the firm.

Mart disclosed the deal, valued at CAD$124,92 million (some N18.7 billion), was off due to “prevailing market and industry conditions.”

The two companies have mutually agreed to terminate the arrangement agreement dated October 16.

Also read: Tensions build in Nigeria's oil-rich Delta

“The Company and Delta have also mutually agreed that Delta will not proceed with the previously announced private placement of units, which was conditional upon shareholders first approving the Plan of Arrangement set out in the Arrangement Agreement,” Mart stated on Monday.

Mart said it intended to continue to examine and consider strategic alternatives available to the company to maximise shareholder value. Last month, the Canadian firm had announced it had given additional time to raise some to complete the transaction between the two companies.


- CAJ News

Tags lagos oil

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...