Mobil Oil Nigeria has sent a notice to the Nigerian Stock Exchange (NSE), informing dealing members and the investing public of its change of name from Mobil Oil Nigeria to 11 Plc. The change of name will take effect on the Nigerian Stock Exchange (NSE) on Friday, 11 August.
NIPCO Plc, had last year acquired a 60% stake in Mobil Oil Nigeria from Exxon Mobil of the USA in a deal valued at ₦90 billion. Following that, NIPCO launched a Mandatory take Over of shares held by minority owners, and indicated that it would embark on a name change for all of its operations excluding the Mobil brand of lubricants.
NIPCO, (previously called IPMAN Petroleum Marketing Company Limited), was incorporated on 8th January 2001 as an indigenous oil and gas company operating in the downstream sector of the Nigerian oil and gas industry.