{"id":12022,"date":"2017-04-04T13:17:40","date_gmt":"2017-04-04T12:17:40","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=12022"},"modified":"2017-04-04T13:17:40","modified_gmt":"2017-04-04T12:17:40","slug":"n90bn-acquisition-mobil-oil-transforms-to-11plc-to-retain-brand","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/n90bn-acquisition-mobil-oil-transforms-to-11plc-to-retain-brand\/","title":{"rendered":"N90bn acquisition: Mobil Oil transforms to 11Plc, to retain brand"},"content":{"rendered":"

Following<\/span> the complete acquisition of ExxonMobil\u2019s 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.<\/span><\/p>\n

Group Managing Director of NIPCO Plc, Mr. Venkataraman Venkatapathy, at a media briefing to announce the complete acquisition of MON in Lagos, yesterday, said the erstwhile MON will now operate under a new name to be known as 11 Plc but pronounced as double one.\u00a0<\/span><\/p>\n

\u2018\u2018In due course, NIPCO shall, in furtherance of its agreement with ExxonMobil, change the name of MON to 11 Plc while retaining the Mobil brand,\u2019\u2019 he said.\u00a0<\/span><\/p>\n

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).<\/span><\/p>\n

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.\u00a0<\/span><\/p>

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\u2018\u2018Running the two entities separately will engender financial and strategic merits.\u00a0 Focus will now be placed on expansion of the retail footprint under the Mobil brand.\u00a0Concerted 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,\u2019\u2019 he said.<\/span><\/p>\n

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\u2019s global standards.<\/span><\/p>\n

The company, he said, will sustain and follow ExxonMobil\u2019s code of conduct, ethos and drive for operational excellence.<\/span><\/p>\n

Recall that NIPCO had on October 19, 2016, in a landmark deal, acquired 60 per cent equity stake in MON, heralding\u00a0the final exit of ExxonMobil from downstream operations in Nigeria.<\/span><\/p>\n

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Following the complete acquisition of ExxonMobil\u2019s 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 …<\/p>\n","protected":false},"author":11,"featured_media":12023,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[1705],"coauthors":[2392,2393],"class_list":["post-12022","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-mobil"],"yoast_head":"\nN90bn acquisition: Mobil Oil transforms to 11Plc, to retain brand - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/n90bn-acquisition-mobil-oil-transforms-to-11plc-to-retain-brand\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"N90bn acquisition: Mobil Oil transforms to 11Plc, to retain brand - National Wire\" \/>\n<meta property=\"og:description\" content=\"Following the complete acquisition of ExxonMobil\u2019s 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. 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