Mobil Oil new owners take “11 plc” as new name for operation

The new owners of Nigeria-based petroleum marketer, Mobil Oil Nigeria, have taken on a new name for the on-going and future operations of the business, it emerged Tuesday. The company is now to be known as 11 plc (pronounced as “Double One Plc”).

The name change is coming within a year of the successful completion of the acquisition of ExxonMobil Oil Corporation’s stake in Mobil Oil Nigeria Plc, in a deal worth N90 billion and one of the biggest in the downstream sector in recent years.

Godstime Iwenekhai, acting head, listing regulation department of the company, said in a statement that the decision to change its name was taken following a board resolution that was passed by shareholders.

“The change of name is sequel to the resolution passed by the company’s shareholders at its Annual General Meeting (AGM) held on 24 May 2017,” he said.

The company has obtained a new certificate of incorporation from the Corporate Affairs Commission (CAC) Abuja bearing the new name, he further stated.

The Nigerian Stock Exchange is expected to effect the change from Friday, August 11, with all dealing members of the exchange also to reflect this in their transactions.