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.
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.
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