Following acquisition by NIPCO, Mobil Oil Nigeria will start trading as 11 Plc. NIPCO acquired 60% of the company’s shares from ExxonMobil and will maintain the Mobil brands and products.

After 60% of its shares were last year acquired by the Nigerian Independent Petroleum Company (NIPCO), Mobil Oil Nigeria will change its name to 11 Plc (read “double-one”). The change in name had been announced last April as part of the agreement between ExxonMobil and NIPCO.

The ₦90 billion ($244.4 million) deal, which just recently received the final approval from the Nigerian Stock Exchange – where Mobil Oil Nigeria is listed -, enables NIPCO to retain Mobil’s brand and products, while operating under a different name. According to NIPCO’s Managing Director Venkataraman Venkatapathy the agreement creates the circumstances for the transition to be as smooth as possible to consumers in Nigeria. Detailing the terms of the acquisition, Mr. Venkatapathy stated that “Mobil Oil will continue to maintain the Mobil brand at its retail outlets as well as blending and selling Mobil brand of lubricants under branding licenses from ExxonMobil.”

Last October, NIPCO acquired 60% of Mobil Oil Nigeria from ExxonMobil Corp, after the U.S. giant decided to leave the downstream fuel retail in the country. This made NIPCO owner of 66.7% of shares in Mobil Oil. Last June, in order to comply with take-over regulations in Nigeria, NIPCO made a public offer of $16 million for the remaining shares.

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