The Management of NIPCO on Monday announced the official takeover of Mobil Oil Nigeria Plc following its N90 billion acquisition deal.
NIPCO Investments Ltd (NIPCO), a wholly-owned subsidiary of NIPCO Plc had acquired 60 per cent stake in Mobil Oil Plc.
Mr. Venkataraman Venkatapathy, the Group Managing Director, NIPCo Plc, gave the assurance during the official taking over of the company in Lagos.
Venkatapathy said that NIPCO would strive to justify this implicit confidence reposed in it by ensuring strict adherence to the Mobil brand while complying with ExxonMobil’s global standards.
He said that the company would vigorously sustain and follow ExxonMobil’s code of conduct, ethos and drive for operational excellence.
According to him, Mobil Oil Nigeria will now be trading and transacting under a new name that will be called 11Plc (double 1Plc).
Venkatapathy said that the company will review the two existing business models with an intent to synchronise and harmonise their operations.
“Each of the entities will remain and function independently, running the two entities separately will engender financial and strategic merits.
“Focus will now be placed on expansion of the retail footprint under the Mobil brand, concerted efforts will be deployed towards promoting the Mobil brand of lubricants in Nigeria, to ensure that it captures a much larger national market share.
“This will be achieved while still ensuring that it continues to retain its pivotal position as the premium lubricant brand in Nigeria,” he said.
According to him, NIPCO is delighted to be part of the 41,000 shareholders of Mobil Oil Plc.
He, however, assured all stakeholders that the company has promised that the acquisition shall usher in stability, prosperity, sustainability and growth.
Venkatapathy said that in due course, NIPCO shall, in furtherance of its agreement with ExxonMobil, change the name of Mobil Oil Plc to 11Plc, while retaining the Mobil Brand.