Financial Energy Review
L – R : Independent Non – Executive Director, Lawal Idirisu ; Chief Operating Officer , Ramesh Virwani ; Managing Director,Adetunji Oyebanji ; Non – Executive Director / Alternate Chairman ,Alhaji Abdulkadir Aminu Mamman ; Company Secretary ,Chris Olumayowa Meseko and Non- Executive Director, Paul Chukwuma Obi ,all of 11Plc ( formerly Mobil Oil Nigeria plc ) during the company’s Annual General Meeting held at Abuja Continental Hotel .
….. laud dividend payout over the years…..
…….by Ben Ndubuwa…….
Shareholders of 11Plc, a major player in the midstream and downstream oil sector, have expressed great joy over the ability of the firm to grow its revenue by 53 percent, as well as paying dividends consistentetly despite the harsh economic realities in Nigeria.
Speaking at the company’s 45th Annual General Meeting of the company held at the iconic Abuja Continental Hotel , the shareholders also observed that the investments of 11Plc in the Liquefied Petroleum Gas market, among others, were currently yielding positive results.
The Chairperson of Highly Favoured Shareholders Association (HFSA) Adetutu Siyanbola, said, “The financial highlight of the company for the year ended December 2022 is quite impressive.
“It is gladdening to investors even in the face of the harsh economic realities in the nation. Particularly interesting to shareholders is the meteoric rise in the revenue profile of the company, jumping from N243,457,406 to N371,899,701, a leap of 53 per cent.”
Siyanbola appreciated the firm for the annual dividend payout that was retained at N8.50k for the financial year ended December 31,2022 , but appealed to the board to raise it a bit to further put smiles on the faces of shareholders.
She also called for more youth empowerment, by way of creating jobs for the millions of unemployed youths across the country.
On his part, the Managing Director, Sani Yau Enterprises, Sani Babura, said the financial report, as presented by the 11Plc board chairman, had vindicated the rising profile of the company since 2017 when the new investors acquired 60 per cent majority stake of ExxonMobil shares in Mobil Oil Nigeria Plc.
He said the growth was not a fluke but a strategic action of the company’s management and board, through well-thought investments in both human and capital resources.
Babura said some of the investments that were gradually yielding fruits include the Liquefied Petroleum Gas plant, which was improving access to domestic cooking gas, and the re-entry into the aviation market.
He also expressed delight with the dividend offer for the year, and stated it showed the proactive nature of the board, especially when taking into consideration the urgency of saving for rainy day.
The President, Capital Shareholders Association of Nigeria, Augustine Ezechukwu, said the communication between the company’s management and shareholders had improved.
He said the dissemination of information with respect to the operations and management of the company to shareholders had been timely, accurate and continuous, as members of his association got the annual report for the year ended December 31, 2022, in good time.
Responding, the Managing Director, 11Plc, Adetunji Oyebanji, said the company would continually strive to improve the lot of it investors through regular payment of dividends and better returns on investment.
He noted that the dividend policy was that of saving for the rainy day, especially with the eventualities of subsidy removal on Premium Motor Spirit, popularly called petrol.
Oyebanji told the shareholders that the company would look into the suggestion on youth empowerment, and assured them that 11Plc had an inspiring, bright and fulfilling future in the midstream and downstream oil sector.
The 11Plc boss also stated that the oil firm would continue to work harder to improve on its revenue profile, so as to meet the yearnings of its shareholders.
