Shareholders of 11 Plc, the downstream energy company formerly known as Mobil Oil Nigeria Plc, unanimously approved a dividend of N9.50 kobo per share at the company’s 48th Annual General Meeting held on Thursday at the Abuja Continental Hotel in the Federal Capital Territory, endorsing a payout that underscores management’s resolve to reward investors even as Nigeria’s downstream sector navigates persistent economic headwinds.
- +11 Plc shareholders back N9.50 dividend, pledge to help grow investor base
- +…Acting MD vows market share push
The dividend, covering the operating year ended December 31, 2024, was proposed by Chairman Ramesh Kansagra through Abdulkadir Amin, non-executive director and met no resistance on the floor.
…Acting MD vows market share push
The dividend, covering the operating year ended December 31, 2024, was proposed by Chairman Ramesh Kansagra through Abdulkadir Amin, non-executive director and met no resistance on the floor. Shareholders praised the board for maintaining an unbroken record of distributions, a feat they described as evidence of disciplined financial stewardship and a sincere commitment to value creation.
“The company’s regular dividend payout shows its commitment to delivering value to shareholders and responsible business etiquette,” said Imam Mohammed Atanda, who addressed the meeting on behalf of the Confluence Shareholders Association.
Moses Igbrude of the Independent Shareholders Association echoed that sentiment, commending management for sustaining payouts despite a challenging operating environment marked by foreign-exchange volatility and elevated energy costs.
Both shareholder groups went further, pledging to actively support the company’s drive to widen its investor base, a commitment they said was merited by the company’s growth ambitions and demonstrated resilience.
The meeting also marked the maiden public appearance of Osagie Ogedegbe, acting managing director, a veteran of the company’s senior management ranks who used the occasion to lay out a forward-looking agenda centred on market-share expansion, revenue growth, and profitable diversification.
Ogedegbe expressed appreciation for the confidence shareholders had placed in his leadership and made clear that service excellence would define the company’s direction. “Better days are ahead,” he told the gathering, a declaration that drew visible approval from shareholders in attendance.
On product quality, the Acting MD assured stakeholders that Mobil lubricants manufactured by 11 Plc in Nigeria would continue to meet global standards, a benchmark he attributed to the rigorous technical framework inherited from ExxonMobil’s training programs.
He positioned quality assurance as a competitive differentiator in a market where consumer trust remains hard-won.
Ogedegbe also signalled that aggressive commercial strategies would drive topline growth across the company’s core segments, fuel retailing, lubricant production, and corporate client solutions, while continuous diversification would serve as a buffer against sector-specific risks.
On the human capital front, he said management would prioritise inclusion and diversity as a deliberate corporate strategy, with the goal of positioning 11 Plc as an employer and partner of choice across the industry.
Shareholders responded to the address with measured optimism, expressing confidence that the company’s combination of innovation, operational efficiency, and expansion planning would translate into stronger earnings over the medium term. They reaffirmed their intention to work alongside management as active partners rather than passive investors.
