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Home Companies Company News

Mobil Oil Nigeria has changed its name to 11 (Double One) Plc

Onome Ohwovoriole by Onome Ohwovoriole
August 8, 2017
in Company News
This Is How Mobil Shareholders Can Reap A Staggering 129% Profit On Their Shares
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In a notice sent to the Nigerian Stock Exchange (NSE), Mobil Oil Nigeria has informed dealing members and the investing public of its change of name from Mobil Oil Nigeria to 11 Plc. The change of name will take effect on the Nigerian Stock Exchange (NSE) on Friday 11th August 2017.

Background to the name change

NIPCO Plc, had last year acquired a 60% stake in Mobil Oil Nigeria from Exxon Mobil of the USA in a deal valued at $300 million. NIPCO had indicated that the company would embark on a name change, excluding the Mobil brand of lubricants. NIPCO, had few months ago launched a Mandatory take Over (MTO) of shares held by minority owners.

Implications of the name change

Mobil will have to embark on a rebranding campaign that could cost it hundreds of millions. Mobil, a major petroleum marketer has over 200 stations which, would have to be repainted. In addition, the company may need to run a public relations campaign informing the public of the name change. Half year results by the company showed a massive decline in profit before tax due to a change in the company’s pension scheme. Mobil Oil Nigeria was incorporated as a private company in 1951, became a public limited liability company and was listed on the NSE in 1978. Mobil shares are currently trading at N226 on the NSE. Year to date, the shares are down 15.8%.

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Tags: Mobil Oil Nigeria PlcNews Review
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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