Mobil Oil Nigeria change its name to 11 Plc

Mobil Gas Station(Image source: Anthony92931/Commons)In a notice sent to the Nigerian Stock Exchange, Mobil Oil Nigeria has informed dealing members and the investing public of its change of name from Mobil Oil Nigeria to 11 Plc

The change of name will took effect on the Nigerian Stock Exchange on Friday 11th August 2017.

NIPCO Plc, had last year acquired a 60 per cent stake in Mobil Oil Nigeria from Exxon Mobil of the USA in a deal valued at US$300mn. NIPCO had indicated that the company would embark on a name change, excluding the Mobil brand of lubricants. NIPCO, had few months ago launched a Mandatory take Over (MTO) of shares held by minority owners.

Mobil, a major petroleum marketer has over 200 stations in Niger which will have to be repainted. In addition, the company may need to run a public relations campaign informing the public of the name change. Half year results by the company showed a massive decline in profit before tax due to a change in the company’s pension scheme.

Mobil Oil Nigeria was incorporated as a private company in 1951, became a public limited liability company and was listed on the NSE in 1978. Year to date, the shares are down 15.8 per cent.

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