TheCable

Mobil Oil Nigeria Plc says it will now be known as 11 Plc (to be pronounced as Double One Plc).

In a statement signed by Godstime Iwenekhai, acting head, listings regulation department of the Nigerian Stock Exchange, the name change will be implemented on the NSE on Friday, August 11.

“Dealing members are hereby notified that Mobil Oil Nigeria Plc 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.

“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.”

Nipco Plc had offered shareholders a total of $16 million for 11.6 million shares, 3.23 percent of the capital it needed to increase its shares in Mobil Oil to 70 percent.

In October 2016, Nipco’s investment subsidiary bought 60% of Mobil Oil Nigeria shares from Exxon Mobil Corporation in October, when the latter pulled out of downstream fuel distribution in Nigeria.

Mobil, which was founded in 1951, is a fuel distributor with petrol stations across the country, it also owns plants where it manufactures lubes, petroleum jelly, and insecticides.