NIPCO Plc acquires Mobil Oil for N90bn, changes name
*Now Double One Plc
Following the complete acquisition of ExxonMobil’s 60 per cent equity stake in Mobil Oil Nigeria (MON) Plc operations by NIPCO Plc in a N90 billion deal, the new owners have announced a new name for MON.
Group Managing Director of NIPCO Plc, Mr. Venkataraman Venkatapathy, at a media briefing to announce the complete acquisition of MON in Lagos, said the erstwhile MON will now operate under a new name to be known as 11 Plc but pronounced as ‘double one’.
“In due course, NIPCO shall, in furtherance of its agreement with ExxonMobil, change the name of MON to 11 Plc while retaining the Mobil brand,” he said.
Venkatapathy said the complete acquisition process is sequel to due statutory approvals from the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE).
The NIPCO boss said going forward, the firm will review the two existing business models with intent to synchronise and harmonise their operations, adding that NIPCO intends ultimately that each of the entities 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, while ensuring that it continues to retain its pivotal position as the premium lubricant brand in Nigeria,” he said.
Venkatapathy, while acknowledging the confidence reposed by ExxonMobil for entrusting the invaluable asset, NIPCO, said the firm will strive to justify the implicit confidence by ensuring strict adherence to the Mobil brand, while complying with ExxonMobil’s global standards.
The company, he said, will sustain and follow ExxonMobil’s code of conduct, ethos and drive for operational excellence.
Recall that NIPCO had on 19th October, 2016, in a landmark deal, acquired 60 per cent equity stake in MON, heralding the final exit of ExxonMobil from downstream operations in Nigeria.