Mobil Oil Nigeria Plc has notified the investing public of its name change, to 11Plc to be effected by the Nigerian Stock Exchange on Friday, 11 August, 2017.
The new name changed, pronounced as “Double One Plc” is sequel to the resolution passed by the company’s shareholders at its Annual General Meeting (AGM) held on 24 May, 2017.
According to the Company, a new Certificate of Incorporation from the Corporate Affairs Commission (CAC) bearing the new name has since been obtained.
Daily Times recalls that following NIPCO’s successfully completion of a 60 percent stake in Mobil Oil Nigeria (MON) in April, the Group Managing Director of NIPCO Plc, Mr. Venkataraman Venkatapathy disclosed to stock brokers and market stakeholders that MON is set to change its name to 11plc.
Venkatapathy, who was the stock exchange house to celebrate the completion of the N90 billion deal expressed delight and gratitude to the stock broking community and the capital market for a swift and seamless transaction.
He noted that the acquisition of majority shareholding in Mobil Oil Nigeria Plc by NIPCO Plc offers veritable opportunity to further spur investors’ confidence towards the company.
“The acquisition which marks our avowed resilience of the Nigerian economy will no doubt enhance the continuous growth and expansion of our retail footprint in Nigeria, as well as increase value and confidence to investors.”
As an efficient oil marketing company, NIPCO acquisition of MOBIL majority shares would bring the economy of scale to the firm, benefit Nigerians and grow the economy.
We would be adding new businesses and works towards increasing the production of its lubes which has remained a cherished brand in the lubricant market.
To all discerning investors, the deal is a big welcome to a new dawn and new era that will usher in stability,
prosperity, sustainability and growth in the downstream sector in particular and the industry in general.
The deal will definitely make the NIPCO Group bigger not only due to the acquisition but also the additional new business lines to be introduced to make the company one of the most proficient and best run outfit in the industry.
The Group overall goal is to increase Mobil presence and efficiency across the nooks and crannies of the country and expand its retail footprint to a minimum of 300 at the earliest.
The new management also noted that sequel to the landmark agreement signed with ExxonMobil, NIPCO will continue to use the Mobil brand and also continue to market Mobil lubricants.”