By Ediri Ejoh

FOLLOWING the successful sale of its 60 percent equity stake of ExxonMobil in Mobil Oil Nigeria Plc (MON) to Nipco PLC, shareholders has called on the later to toe the path of the former and better drive more investment.

These were the views of Nipco stakeholders at its 2016 Annual General Meeting, AGM which was set to formally declare the company’s changed name from Mobil Oil Nigeria Plc to Double One Plc (11plc) by order of the Board in Lagos.

According to them, “Mobile has maintained a standard over the years in its operations, as such, the momentum should be sustained and to be reflected on our dividends.”

They also commended the company for its performance by declaring reasonable dividends in spite the economic crunch and Foreign Exchange challenges during the 2016 financial year.

However, Mobil Oil declared a 67 percent increase in profit  to N8. 15billion with dividend of N8.00 per 50 kobo, against 2015 record of N4.9billion and dividend of N720.00 recorded in 2015.

Nipco Plc, vowed to expand the company’s portfolio of investment from current business module. According to Chairman, Ramesh Kansagra, “Within the space of six months, we intend going into AGO import business (otherwise known as diesel), which Mobil had exited for a long time.

“Also, we will ensure that Liquefied Petroleum Gas (LPG) is improved. It is no news that Liquified Petroleum Gas, LPG, is a very lucrative business and we intend to invest more on that to serve the country and further profit the shareholders in terms of dividend.’’

He also revealed that Mobil brand name for lubricants will be maintained and sustained for five to ten years.

 

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