Mobil Oil Nigeria officially changes name to 11 Plc

CEO of Nigerian Securities and Exchange Commission (SEC) Oscar Onyema shake hands with GMD Nipco PLC, Venkataraman Venkatapathy

Mobil Oil Nigeria has officially changed its name to 11 Plc, with the change of name set to implemented by the Nigeria Stock Exchange on 11 August.

In a statement issued by Godstime Iwenekhai acting head, Listings Regulation Department, the NSE said the company has already obtained a new Certificate of Incorporation from the Corporate Affairs Commission.

“Dealing members are hereby notified that Mobil Oil Nigeria has changed its name to 11 Plc (pronounced as “Double One Plc”).

“This is sequel to the resolution passed by the company’s shareholders at its Annual General Meeting (AGM) held on 24 May 2017.

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“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,” the statement read.

The change of name comes following the successful completion of the acquisition process of 60 per cent equity stake of ExxonMobil in Mobil Oil Nigeria Plc (MON) by Nipco Plc.

Speaking on the new development, the Group Managing Director, Venkataraman Venkatapathy, said the change of name was in furtherance of Nipco’s agreement with ExxonMobil while the company still retains its brand.

According to Venkatapathy who was before now, Managing Director, Nipco PLC, the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) have given their statutory approval of the deal.

“With the acquisition now completed, Nipco will review the two existing business models with an intent to synchronize and harmonize their operations”, he said Venkatapathy said Nipco’s intention is to allow each entity to function independently.

“Nipco intends ultimately, that each of the entities will remain and function independently. Running the two entities separately will engender financial and strategic merits.

“Focus will now be placed on expansion of the retail footprint under Mobil brand,” he said.