Connect with us
Advertisement
Oando
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Binance
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
Access bank
Advertisement
app

Business News

11 Plc (former Mobil Oil Plc) to delist from NSE, appoints new director

The board of directors of 11 Plc has approved the voluntary delisting of the multinational oil marketing from the NSE, subject to the approval of the shareholders. 

Published

on

11 Plc to delist from NSE, appoints new director

The board of directors of 11 Plc (formerly Mobil Oil Nigeria Plc) has approved the voluntary delisting of the multinational oil marketing from the Nigerian Stock Exchange (NSE) subject to the approval of the shareholders.

This was disclosed in a notification that was sent by the company to the Nigerian Stock Exchange and signed by the Company Secretary Chris-Olumayowa Maseko.

11 Plc formerly Mobil, Meristem, 11 Plc to boost revenue with acquisition of Lagos Continental Hotel 

11 Plc formerly Mobil

 

The decision was reached at the Board meeting, which was held on February 27, 2019. During the meeting, the following proposals were considered and approved by the directors:

  • A proposal for 11 Plc to voluntarily delist from the NSE. The proposal is to be considered for shareholders’ approval at the next Annual General Meeting slated for June 3, 2020. In line with NSE rules, the shareholders of the company will have a 90-day window on voluntary delisting to decide on the exit plan on offer to shareholders.
  • A proposal to restructure the company’s business by transferring its real estate unit to 11 Hospitality Limited, the new subsidiary of the company, for optimum return on investment whilst 11 Plc will concentrate more on the downstream sector of its business.
  • The board also appointed Senator Daniel O. Aluko as an Independent Non-Executive Director with effect from February 27, 2020.

(READ MORE: 11 Plc to boost revenue with Lagos Continental Hotel’s acquisition)

It should be recalled that in October 2016, the majority shareholder in Mobil Oil Nigeria Plc, ExxonMobil Oil Corporation announced the divestment of its shares and agreed to sell its 60% stake to Nipco Investment Limited, a wholly-owned subsidiary of Nipco Plc. Following the acquisition, in May 2017, the new owners announced a change of name to 11 Plc.

Meanwhile, the newly appointed Non-Executive Director, Senator Gbenga Aluko had his first degree in Geography from the University of Benin, Also, he is a graduate of the College of Energy and Petroleum Studies, Oxford England with a post-graduate degree in international oil trading and pricing.

He is the Executive Chairman of Aisteg & Midlands Limited and serves as an external consultant to Chevron Nigeria Mid-Africa Strategic Business Unit. He has over 25 years of experience in the oil and gas industry.

He was a Senator of the Federal Republic of Nigeria representing Ekiti South Senatorial District from 1999 to 2003

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Spotlight Stories

Tip Jar, Twitter’s new giveaway feature that lets users send money to you

Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

Published

on

US Elections: Twitter, Facebook suspend several news accounts

Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

According to the blog post, “Tip Jar is an easy way to support the incredible voices that make up the conversation on Twitter. This is a first step in our work to create new ways for people to receive and show support on Twitter – with money.”

The new feature utilizes different payment platforms like PayPal, Venmo, Patreon, CashApp, and others.

Users can link their Twitter accounts with Tip Jar to any of these payment providers. Twitter takes no cut.

READ: Facebook is creating an audio chat product similar to Clubhouse

You’ll know an account’s Tip Jar is enabled if you see a Tip Jar icon next to the Follow button on their profile page. Tap the icon, and you’ll see a list of payment services or platforms that the account has enabled. Select whichever payment service or platform you prefer and you’ll be taken off Twitter to the selected app where you can show your support in the amount you choose.

Twitter has released series of features this year as part of its efforts to grow Twitter’s user base to 315 million daily active users by the end of 2023.

The company also launched Twitter crop where images don’t get crop again on Twitter for Android or iOS. Standard aspect ratio images (16:9 and 4:3) will now display in full without any cropping and images will look just like they did when you shot them.

Hotflex

READ: Does YouTube stand a chance against TikTok?

Lauren Alexander, a Twitter spokesperson said, “Today’s launch is a direct result of the feedback people shared with us last year that the way our algorithm cropped images wasn’t equitable, The new way of presenting images decreases the platform’s reliance on automatic, machine learning-based image cropping.”

Twitter has tested several features and more will be rolled out soon.

Continue Reading

Business

Customs Apapa Command generates revenue of N65.4 billion in April

This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

Published

on

Border closure: Amid N5bn daily revenue, Customs officials lament allowance slash  

The Nigerian Customs Service (NCS) Apapa Area Command has announced a revenue of N65,463,398,355.85 for the month of April—an increase of N25,585,561,139.92 compared to the same period last year.

This was disclosed by Comptroller Ibrahim Yusuf, Area Controller of Apapa command, in a press briefing on Thursday.

What Ibrahim Yusuf is saying

“This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

In line with the provision of extant laws, trade guidelines, and enforcement of government fiscal policy measures, the command was able to further strengthen its anti-smuggling operations against economic saboteurs through credible intelligence-driven operations.

READ: Customs revenue rises by N200 billion to hit N1.5 trillion in 2020

This led to the seizure of 4×40 feet containers laden with unregistered pharmaceuticals (674 cartons of tramadol tablets in 225mg and 120mg, and 805 cartons of codeine syrup in 100ml) at APMT and SIFAX 3 bonded terminal respectively.

Other items seized in the period under review include: two containers of unprocessed wood and one container of scrap copper wire,” he said.

He added that the progress the Apapa Command made in the month of April was possible due to the resilience of the officers, citing that the Command had taken steps to ensure efficient revenue collection by creating an enabling environment for legitimate businesses to thrive.

What you should know

Recall Nairametrics reported that the Nigeria Customs Service (NCS) Apapa Command stated earlier that it generated a revenue of N159.58 billion in the first quarter of 2021.

Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.