Thursday 17 August 2017

Nigeria: Mobil Oil Nigeria changes name to 11 Plc

Nigeria: Mobil Oil Nigeria changes name to 11 Plc
(Agence Ecofin 08/09/17)

Nigeria-based petroleum products marketer, Mobil Oil Nigeria Plc., has announced that it has officially changed its name to Double one Plc (11 Plc).

This was confirmed in a statement signed by Godstime Iwenekhai, the acting head, listings regulation department of the Nigerian Stock Exchange, on Tuesday.

According to the document, the name change will take effect from Friday, 11 August 2017.

“Dealing Members are hereby notified that Mobil Oil Nigeria Plc has changed its name to 11 Plc (pronounced as Double One Plc). This is a sequel to the resolution passed by the company’s shareholders at its Annual General Meeting (AGM) held on 24 May 2017. The Company has since obtained a new Certificate of Incorporation from the Corporate Affairs Commission (CAC) bearing the new name. The change of name will be implemented by The Nigerian Stock Exchange with effect from Friday 11 August 2017,” it reads.

Established in 1951, Mobil Oil Nigeria Plc. is a subsidiary of ExxonMobil. The company currently operates over 200 retail outlets located in all 36 states of Nigeria. Mobil also owns three plants located in Apapa, Lagos State, that manufacture lubes, petroleum jelly, and insecticide.

It should be recalled that in October 2016, Nipco Plc., bought 60% of Mobil Oil’s shares from ExxonMobil Corporation for $248 million, when the latter pulled out of the country’s downstream fuel distribution.

This new development is, however, in furtherance to Nipco’s agreement with ExxonMobil in April 2017, when the final agreement was sealed.

Anita Fatunji

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