Having completed the acquisition of ExxonMobil’s 60 per cent equity stake in Mobil Oil Nigeria Plc, Nipco Plc said it will change the name of MON to ‘Double one’ 11Plc while retaining the Mobil brand.
Nipco, an indigenous Nigerian downstream oil and gas company, said in October 2016 that it had been selected by the United States-based oil major as the preferred bidder for the acquisition of the majority stake.
The Group Managing Director, Nipco Plc, Mr. Venkataraman Venkatapathy, in a press briefing in Lagos, said they had secured statutory approvals from the Securities and Exchange Commission and the Nigerian Stock Exchange.
He said with the completion of the acquisition, Nipco would review the two existing business models with the aim of synchronising and harmonising their operations.
He said, “Nipco intends ultimately, that each of the entities will remain and function independently. Running the two entities separately will engender financial and strategic merits. The Focus will now be placed on the expansion of the retail footprint under the Mobil brand.”
Venkatapathy said concerted efforts would be deployed towards promoting the Mobil brand of lubricants in Nigeria to capture a much larger national market share, and retain its pivotal position as the premium lubricant brand in Nigeria.
He said, “Once again, Nipco expresses its sincere and profound gratitude to ExxonMobil for entrusting this invaluable asset to our company. Nipco will strive to justify this implicit confidence reposed in it by ensuring strict adherence to the Mobil brand, while complying with ExxonMobil’s global standards.
“In due course, Nipco shall, in furtherance of its agreement with ExxonMobil, change the name of MON to 11Plc while retaining the Mobil brand.”