NIPCO Plc, the new owners of Mobil Oil Nigeria are set to change the name of the corporation to 11 Plc, better pronounced as ‘Double One Plc’.

NIPCO Plc has successfully acquired 60 per cent equity of ExxonMobil in Mobil Oil Nigeria Plc after completing the acquisition in deal worth N90 billion.

Cordros Securities Limited acted as the execution stockbroker for both ExxonMobil Corporation and NIPCO Investments Limited.

Speaking with journalists yesterday, the Group Managing Director of NIPCO Plc, Mr Venkataraman Venkatapathy, said Mobil Oil Nigeria Plc would change its name to 11Plc in furtherance of the agreement with ExxonMobil.

Venkatapathy, however, added that the new company would retain the Mobil Brand.

He said with the successful completion of the acquisition, NIPCO would review the two existing business models with aim of to synchronise and harmonising their operations.

“NIPCO intends ultimately, that each of the entitles will remain and function independently.  Running the two entities separately will engender financial and strategic merits.  Focus will now be placed on expansion of the retail footprint under the Mobil brand. 

“Concerted efforts will be deployed towards promoting the Mobil brand of lubricants in Nigeria to ensure that it captures a much larger national market share, whilst ensuring that it continues to retain its pivotal position as the premium lubricant brand in Nigeria,” he explained.

He lauded ExxonMobil for entrusting this invaluable asset to NIPCO, stressing that the new owners would strive to justify this implicit confidence reposed in them by ensuring strict adherence to the Mobil brand, while complying with ExxonMobil’s global standards.

“The company will rigorously sustain and follow ExxonMobil’s code of conduct, ethos and drive for operational excellence. NIPCO is delighted to be part of the 41,000 shareholders of MON.  To all stakeholders, the company makes a promise that this acquisition shall usher in stability, prosperity, sustainability and growth,” Venkatapathy added.

NIPCO had executed a Sales and Purchase Agreement with ExxonMobil on October 17, 2016 for the acquisition of 216,357,157 shares of Mobil Oil.

The Board of NIPCO has already sent an application to SEC for a takeover bid and has received SEC’s “Authority to Proceed” with the takeover bid at the same price of N417.12 the acquisition was carried out.