Mobil, NIPCO settle N90bn deal, name changes to 11Plc

Following a successful N90 billion acquisition deal between Mobil Oil Nigeria (MON) and NIPCO Plc, the Group Managing Director Of NIPCO Plc, Mr. Venkataraman Venkatapathy, has disclosed that Mobil Oil Nigeria (MON) is set to change its name to 11Plc.

Mr. Venkatapathy, who revealed this to stock brokers on Thursday while celebrating the successful completion of the N90 billion deal, expressed gratitude to the stockbroking community, and the capital market for a swift and seamless transaction.

He said: “I am delighted to be here with my Executive Management on this historic occasion of closing gong to the event which is our first public appearance on the Nigerian Stock Exchange after the recent attainment of majority shareholding in Mobil Oil Nigeria Plc by NIPCO Plc offers veritable opportunity to share thoughts with the nation’s bourse on the milestone.

“First and foremost, I want to acknowledge the support and cooperation of the NSE on the acquisition process and the eventual approval to proceed with the exercise and the eventual approval of the deal.”

Venkatapathy also assured the NSE and other regulatory agencies that the expected due diligence will be implemented to the letter in all of the company’s transactions in the market and further spur investors’ confidence in the new management of the company.

“The acquisition which marks our avowed resilience of the Nigerian economy will no doubt enhance the continuous growth and expansion of our retail footprint in Nigeria as well as increase value and confidence to investors.”

Speaking further, he said: “The Group is confident that investors will benefit greatly from the deal as improved performance of the company as an integrated oil firm remains our priority objective”.

“As an efficient oil marketing company, NIPCO acquisition of MOBIL majority shares would bring economy of scale to the firm, benefit Nigerians and grow the economy.

“We would be adding new businesses and works towards increasing the production of its lubes which has remained a cherished brand in the lubricant market.

“To all discerning investors, the deal is a big welcome to a new dawn and new era that will usher in stability, prosperity, sustainability and growth in the downstream sector in particular and the industry in general.

“The deal will definitely make the NIPCO Group bigger not only due to the acquisition but also the additional new business lines to be introduced to make the company one of the most proficient and best run outfit in the industry.

“The Group’s overall goal is to increase Mobil presence and efficiency across the nooks and crannies of the country and expand its retail footprint to a minimum of 300 at the earliest and make it a vibrant one.

It is pertinent to mention that in the landmark agreement signed with ExxonMobil, NIPCO will continue to use the Mobil brand and also continue to market Mobil lubricants.