… records modest growth, boosts green energy drive via CNG partnership with NIPCO gas

Oredola Adeola

11 Plc (formerly Mobil Oil Nigeria) has approved a final dividend payout of ₦3,335,506,164.25 (₦3.34 bn) for the financial year 2024, representing 925 kobo per ordinary share of 50 kobo each, an amount subject to withholding tax at the prevailing rate.

The company recorded modest financial growth during the period under review, bolstered by its strategic partnership with NIPCO Gas Ltd to promote green energy through the nationwide expansion of Compressed Natural Gas (CNG) infrastructure.

Alhaji Abdulkadir Aminu, Non-Executive Director, who chaired the 47th Annual General Meeting on behalf of Board Chairman Ramesh Kansagra, made the disclosure during the meeting held on Friday in Abuja.

That growth, according to the Board Chairman, was driven by our expanded product portfolio and enhanced distribution network across all company lines of business.

Speaking on the business operating environment in the 2024 FY, the Board Chairman said, industry in Nigeria observed significant developments in the past year, driven by the Federal Government’s initiatives to enhance sector growth, address challenges, and leverage natural gas potential.

“Despite the challenges, the sector shows promise with new refineries, gas utilization opportunities, and investments expected to drive growth.

“We have made significant advancements in the LPG and CNG sectors. In 2024, we introduced several prime stations in Lagos and Oyo state as compressed natural gas outlets.

“This initiative supports President Bola Tinubu’s Renewed Hope for viable alternatives to traditional fuels (petrol and diesel) for powering vehicles. It also underscores our commitment to sustainability and reducing our environmental footprint in the country.

“Furthermore, we have increased our LPG marketing skid presence nationwide to provide meaningful access to cooking gas-a clean fuel for domestic cooking.

“This initiative has not only enhanced the lives of our customers but also contributed to the reduction of greenhouse gas emissions, “Kansagra said.

He assured that in the coming years; 11 Plc aims to make clean energy sources available to an even greater part of the country.

The Chairman further explained that as a leading producer of lubricants under the Mobil brand, 11 Plc has continually innovated and expanded our product offerings to meet the evolving needs of our customers.

“Our dedication to quality and excellence has established us as a trusted and dependable partner in the industry,” he said.

The 11Plc Board Chairman further confirmed that the Board during the 2024 AGM ratified the retirement of Alhaji Lawal ldirisu as Non-Executive Director of 11 Plc, effective from 26 October 2023.

He stated that Alhaji Nuru Mohammed was appointed to replace the retiring director at the statutory meeting.

The Board Chairman also expressed appreciation to the shareholders, employees, and board members for their trust, steadfastness, and valuable contributions, which he noted have enabled 11 Plc to craft and implement effective strategies, navigate challenges, and seize emerging opportunities.