Modupe Gbadeyanka
By Modupe Gbadeyanka
Mobil Oil Nigeria Plc has announced the formal change of its corporate name to 11 Plc (pronounced as Double One Plc).
The oil firm, in a statement issued on Tuesday, August 8, 2017, disclosed that the name change “will be implemented by the Nigerian Stock Exchange (NSE) with effect from Friday, August 11, 2017.”
it was revealed that the name change is “sequel to the resolution passed by the company’s shareholders at its Annual General Meeting (AGM) held on May 24, 2017.”
As a result of this, Mobil Oil Nigeria has “obtained a new Certificate of Incorporation from the Corporate Affairs Commission (CAC) bearing the new name.”
In 2016, NIPCO Plc had acquired a 60 percent stake in Mobil Oil Nigeria from Exxon Mobil of the USA in a deal valued at N90 billion.
After the acquisition, NIPCO launched a Mandatory take Over of shares held by minority owners, and indicated that it would embark on a name change for all of its operations excluding the Mobil brand of lubricants.
NIPCO, previously called IPMAN Petroleum Marketing Company Limited, was incorporated on January 8, 2001 as an indigenous oil and gas company operating in the downstream sector of the Nigerian oil and gas industry.
