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11 Plc (formerly Mobil Oil Plc) is the main distributor of Mobil fuel and lubricants in Nigeria.[1] The company has two natural gas plants in the western part of Nigeria with future plans to invest in solar energy[2][3] The company sells Liquefied Petroleum Gas across 250 retail outlets in Nigeria.[4]
Aside from their business in the downstream petroleum sector, the company also invests in real estate businesses, most notably the acquisition of Lagos continental hotel.[5]
| Company type | Public |
|---|---|
| Industry | Oil and Gas |
| Founded | 1907 (Socony Vacuum Oil Company) |
| Headquarters | 1 Mobil Road, Apapa , |
Area served | West Africa |
Key people | Ramesh Kansagra (Chairman) Abdulkadir Amunu (Non-executive Director) Tunji Oyebanji (Managing Director) Ravi Bachu (Chief Financial Officer) Umesh Malik (Chief Business Officer) |
| Products | Petroleum products Fuel Oils Jet A-1 fuel Lubricants Gas cylinder |
| Revenue |  ₦N526.6 billion (Third Quarter 2023) |
| ₦N26.56B (Third Quarter 2023) | |
Number of employees | 405 |
| Website | [1] |
History
editIn 2019, 11 Plc expanded its investment in real estate by the acquisition of the Lagos Continental Hotel as reported by Nigerian Stock Exchange in a statement filed by the company representative.[5]
The Petroleum company known for Mobil brand unveil new products, Mobil Super 2000 and 3000, lubricants for motorists through a strategic radio campaign in 2022.[1]
According to the 45th Annual General meetings of shareholders, the Petroleum company has 53% increases in yield with N243,457,406 generated the previous year to N371,899,701 in 2022. This was in addition to dividends paid to share owners.[6] In 2024, 11 Plc increased her dividend from 850 kobo per share to 900 kobo per share for investors who held shares in the company in the midst of an economic downturn in Nigeria the previous year.[7] In the same year, N3.2 billion was approved for payment as cash dividends to shareholders as the company's profits rose to N26.6 billion according to a statement issued by Abdulkadir Amunu, the Non-executive director of the company during the Annual General Meeting held at Abuja.[8]
Alongside Total Energies and AA Rano, 11 Plc is at the forefront of petroleum companies purchasing dangote petrol from NNPC at the rate of N765.99 per litre.[9]
References
edit- ^ a b "11 Plc Unveils Mobil Super Lubricants's Radio Campaign – THISDAYLIVE". www.thisdaylive.com. Retrieved 2024-09-21.
- ^ Akintayo, OpeOluwani (2023-04-02). "11 Plc plans fresh investment in downstream sector". Punch Newspapers. Retrieved 2024-09-21.
- ^ Our Reporter. "11Plc targets increased investment, profitability". The Nation.
- ^ "11 Plc Sees Brighter Future Growth Pattern, Profitability – Independent Newspaper Nigeria". 2024-05-14. Retrieved 2024-09-21.
- ^ a b Popoola, Feyisayo (2019-12-24). "11 Plc acquires Lagos hotel from AMCON". Punch Newspapers. Retrieved 2024-09-21.
- ^ Nnodim, Okechukwu (2023-05-28). "11Plc's 53% revenue rise delights shareholders". Punch Newspapers. Retrieved 2024-09-21.
- ^ "Shareholders Excited as 11Plc Increase Dividends to 900 kobo – THISDAYLIVE". www.thisdaylive.com. Retrieved 2024-09-21.
- ^ Oladipo, Oladehinde (2024-05-23). "11 Plc pays N3.2bn dividends as profit hits N26.6bn". Businessday NG. Retrieved 2024-09-21.
- ^ Dipo oladehinde, Ibrahim Abubakar (19 September 2024). "11 Plc, Total Energies, AA. Rano, others pay N766/litre to lift Dangote petrol". Businessday NG.