NIPCo to focus on expanding retail outlets under Mobil brand

Following successful takeover of the Mobil Oil Nigeria (MON) Plc by the Management of NIPCo Plc, the new owners said the new focus will now be on expanding the Mobil Retail Outlets.

The company said MON will now be trading and transacting under a new name that will be called 11Plc (double 1Plc).

According to the GMD, NIPCo Plc, Mr Venkataraman Venkatapathy, said NIPCo Plc will review the two existing business models with an intent to synchronise and harmonise their operations.

“Each of the entitles 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, whilst ensuring that it continues to retain its pivotal position as the premium lubricant brand in Nigeria,” he said.

He said NIPCo will strive to justify this implicit confidence reposed in it by ensuring strict adherence to the Mobil brand, while complying with ExxonMobil’s global standards.

The company will rigorously sustain and follow ExxonMobil’s code of conduct, ethos and drive for operational excellence.

“NIPCo is delighted to be part of the 41,000 shareholders of MON. To all stakeholders, the company makes a promise that this acquisition shall usher in stability, prosperity, sustainability and growth. In due course, Nipco shall, in furtherance of its agreement with ExxonMobil, change the name of MON to 11Plc while retaining the Mobil Brand,” he said.