11 Plc has reaffirmed its commitment to long-term growth and stability in Nigeria’s downstream oil sector, showcasing strong business performance and announcing a dividend distribution of ₦3.33 billion during its 47th Annual General Meeting.
The meeting, chaired by Ramesh Kansagra and represented by Non-Executive Director Abdulkadir Aminu, served as a platform to express gratitude to the company’s key supporters—shareholders, employees, partners, and regulatory bodies—for their consistent backing.
Steering Through Industry Challenges
Throughout 2024, 11 Plc operated within a dynamic and often unpredictable energy market in Nigeria. The chairman highlighted the government’s role in laying the groundwork for growth through reforms introduced under the Petroleum Industry Act (PIA). These policy shifts are fostering a more attractive environment for investors.
While acknowledging global disruptions such as the volatility in crude oil prices and the ongoing geopolitical conflict between Russia and Ukraine, the chairman pointed to a notable development—the Nigerian National Petroleum Company Limited’s (NNPCL) recent $17 billion foreign investment announcement. This inflow is expected to uplift oil output, increase national revenue, and bolster investor trust in Nigeria’s oil and gas reforms.
Expanding Reach and Embracing Cleaner Energy
11 Plc has continued to reinforce its position as a major producer of Mobil-branded lubricants, investing in innovation and broadening its offerings to remain ahead of market trends. In line with this, the company expanded into cleaner fuel alternatives, increasing its presence in both the Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG) sectors in 2024.
New state-of-the-art CNG filling stations were opened in Lagos and Oyo, supporting the federal government’s push for sustainable energy under the “Renewed Hope” initiative led by President Bola Tinubu.
“These facilities offer greener options to traditional fuels, reflecting our ongoing efforts to support environmental sustainability,” the chairman noted.
Additionally, 11 Plc enhanced its LPG supply infrastructure, enabling wider access to clean cooking fuel and helping reduce carbon emissions across the country.
Diversification of its product lineup, coupled with improvements in logistics and distribution, contributed to the company’s revenue growth over the past year.
Dividends and Board Transitions
The company’s board recommended a dividend payout of ₦3.34 billion—equivalent to 925 kobo per 50 kobo ordinary share—pending approval from shareholders. The chairman reaffirmed the company’s focus on delivering value to investors alongside sustained business development.
On the governance front, Lawal Idirisu’s retirement as a non-executive director was officially announced, with Nuru Mohammed stepping into the role. The board recognized Idirisu’s contributions and expressed confidence in Mohammed’s ability to navigate the company through its next phase.
Positioned for the Future
11 Plc remains positive about its growth trajectory. Upcoming investments in facility upgrades and broader distribution capabilities are expected to enhance service delivery and efficiency. The company also emphasized its ongoing commitment to advancing its environmental, social, and governance (ESG) practices.
“Our goal is to provide outstanding service while reducing our ecological impact,” the chairman concluded. “By focusing on innovation, sustainability, and talent development, we are building a foundation for long-term success.”
