Shareholders of 11Plc (formerly Mobil Oil Nigeria Plc ) have been assured of a brighter future for the company in view of the key projects it is embarking upon in the nation’s downstream sector
Managing Director/Chief Executive Officer, 11Plc , Mr. Adetunji Oyebanji, gave the assurance in his address during the 46th Annual General Meeting (AGM) of the company held at Abuja Continental Hotels, FCT, Abuja.
Oyebanji explained that the year 2023 was characterised with lots of headwinds in the country’s downstream sector, but insisted that 11Plc had remained focused on marketing of white oil and gas products.
The 11Plc MD/CEO stated that despite the current reality, the company was taking steps to position itself in the country’s gas sector, pointing out that its Liquefied Petroleum Gas (LPG) is growing fast with the deployment
of mire skids in the company’s retail outlets as well as the colocation of Compressed Natural Gas (CNG) outlets in the stations.
The company’s Chief Executive Officer, while speaking on the 11Plc future in the country’s downstream sector, said: “We remain optimistic about a brighter future for the company and resilience of the nation’s economy.
“We hope to build on the current momentum predicated on better management of the economy as professed by the new leadership. Our integrated business model
coupled with the sound financial measures being adopted across our business lines gives us hope for brighter outlooks in the ongoing transformation of 11Plc.
“With our projections coming to fruition, we look forward to bigger and more
powerful projects coming on streams which would undoubtedly boost the
company’s bottom line,” he declared
Oyebanji told the shareholders that substantial financial commitment
had been made in expanding its retail outlets which in turn has resulted in significant improvements in all areas of the company’s operations, alluding to the fact, that seven years after the takeover of 60-year equity stake of ExxonMobil in former Mobil Oil of Nigeria Plc by NIPCO Plc, the parent
company had made significant investments in its facilities to increase productivity and meet market demands.
While speaking on its fuels, and lubes infrastructure facilities, the
renowned oil and gas expert stated: “On fuels, we have about 250 retail
outlets across the nook and cranny of the country, offering stellar services
to motorists.
“The stations remain a benchmark in the industry with high ethical standards
and adherence to global best practices. The outlets occupy a leading position as a testament to the company’s brand equity.
“Our company has maintained a strong position in the lubricant market,
thanks to the distinctive quality of our lubes. Our products remain unique and reliable in the industry.
“We have consistently emphasised quality in all our lube grades, a feat that stands us out. Our ultra-modern lube oil planting in Apapa, Lagos, with a capacity of 300,000 barrels per annum is operating optimally and we are
proud as it’s regarded as one of the most sophisticated in Africa,” Oyebanji stated
On the massive investments, Oyebanji noted: “I am thankful that we are riding high with our stakeholders and the company as indicated by the soaring investments we continue to have over the years.
“My deep appreciation also goes to the staff for responding positively to our
drive for stellar service delivery across all our business lines.”