Mobil Oil Nigeria finally changes name to 11 Plc
Mobile Oil Nigeria will soon beverased out of the minds of Nigerian public. Reason: it’s now to be known as 11plc…Read more:
Mobil Oil Nigeria Plc, Nipco Pc, will no longer be known with that name, as its new owbers Nipco Plc has lived to its words by renaming the oil company to 11 Plc.
The company said this is in line with the wish of the majority shareholders of Nipco.
Though it is not quite clear when the final words of the Security and Exchange Commission and that of the Nigerian Stock Exchange, approving this will be made public, the new owners said the change of name would not affect Mobil brand.
The exercise is in furtherance to Nipco’s agreement with ExxonMobil, the former foreign investors in April 2017 when the final agreement was sealed, said a source.
Venkataraman Venkatapathy, Nipco group managing director , on Tuesday said: “This marks the successful completion of the acquisition process of the 60 per cent equity stake of ExxonMobil in Mobil Oil of Nigeria plc by Nipco PLC.
“Therefore, we express appreciation to the shareholders and Nigerians for their patience for the period the exercise lasted.
“Following the successful acquisition and due statutory approvals from the Securities and Exchange Commission and the Nigerian Stock Exchange, we have commenced the process of reviewing the existing business models with an intent to synchronise and harmonise their operations.”
But it can be confirmed that as the needed approval from relevant regulatory agencies is expected any moment within August 2017, Mobile Oil Nigeria will now be seen displaying 11 Plc as its new name, but on the old logo of Mobile.