Shortage of quality lubricants has been identified as a major reason for the emergence of adulterated products at Ikoku Spare Parts Market, Port Harcourt, Rivers State, but the management of 11 Plc, formerly known as Mobil Nigeria, has promised to flood the market with genuine lubricants. Manager, Lubricant Sales and Marketing, 11Plc, Steve Ezendiokwere, gave […]
Read More Shareholders of 11PLC (formerly Mobil Oil Nigeria Plc) have approved ₦2.6 billion for payment as dividend translating to 800 kobo per share for its shareholders for the financial year ended December 31, 2017. However, the company‘s profit dropped marginally by 1.4 percent to ₦15.3 billion in 2017 from ₦15.5 billion posted in 2016. However, financial […]
Read More 11 Plc, formerly Mobil Oil Nigeria Plc, as part of efforts to deepen the use of Liquefied Petroleum Gas (LPG) popularly called cooking gas, has increased its investment by opening 14 new plants. The latest investment decision, according to the Managing Director of the company, Mr. Tunji Oyebanji, was due to the current capacity of […]
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The Nigerian National Petroleum Corporation (NNPC) has intensified efforts to flood the market with Premium Motor Spirit (PMS), otherwise called petrol, and other products. Already, six major marketers: Total, Forte Oil, Oando Plc, MRS, 11 Plc and Nipco Plc, are now loading products round the clock from their various depots in Lagos for onward trucking […]
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Nipco Plc has bought another 3.23 percent stake in 11 Plc, the fuel retailer formerly known as Mobil Oil Nigeria, for ₦4.84 billion ($16 million) to increase its holding to 70 percent. Nipco’s investment subsidiary in October bought 60 percent of Mobil Oil Nigeria from Exxon Mobil Corp., when the U.S. giant pulled out of […]
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Oando Nigeria Plc is being investigated by the Securities and Exchange Commission over observed malpractices in the company’s financial statements. The investigation was reported to have been triggered by the petition filed by some foreign investors over the shareholding structure following the $1.65bn paid by Oando for the acquisition of the oil production assets of […]
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Following the complete acquisition of ExxonMobil’s 60 per cent equity stake in Mobil Oil Nigeria (MON) Plc operations by NIPCo Plc in a N90 billion deal, the new owners have announced a new name for MON. Group Managing Director of NIPCo Plc, Mr. Venkataraman Venkatapathy, at a media briefing to announce the complete acquisition of […]
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