New chapter opens at 11 Plc as Osagie Ogedegbe makes maiden appearance

Osagie Ogedegbe

By Felicia Nwosu

A fresh leadership phase has begun at 11 Plc, formerly Mobil Oil Nigeria Plc, as the company unveiled renewed expansion plans, stronger profitability targets and sustained shareholder value delivery during its 48th Annual General Meeting held recently.

The meeting, which marked the first official public appearance of Acting Managing Director, Osagie Ogedegbe, gathered shareholders, board members and stakeholders at the Abuja Continental Hotel, where the company projected confidence about its future direction within Nigeria’s downstream oil and gas sector.

Addressing investors at the AGM, Ogedegbe reaffirmed management’s commitment to strengthening operational efficiency, widening market share and driving stronger commercial performance through innovation, diversification and improved service delivery across the business.

In addition, he assured stakeholders that Mobil lubricants manufactured locally by the company would continue to maintain international quality standards associated with ExxonMobil’s operational systems and technical expertise.

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Furthermore, the acting managing director disclosed that the company would intensify efforts toward revenue growth and profitability while also prioritising inclusion, workforce development and customer satisfaction across its fuel retail, lubricant and corporate service operations.

According to him, the renewed strategic direction is expected to deepen customer confidence, improve stakeholder relationships and position the company for stronger long term competitiveness within the industry.

Meanwhile, shareholders overwhelmingly approved a dividend payout of N9.50 per share for the financial year ended December 31, 2025, a development that attracted commendation from several investor groups present at the meeting.

Speaking on behalf of shareholders, Imam Mohammed Atanda and Moses Igbrude praised the board and management for sustaining consistent returns despite prevailing challenges within Nigeria’s energy sector.

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Similarly, investors expressed optimism about the company’s outlook, citing its growth strategy, operational resilience and renewed leadership direction as key factors capable of strengthening future performance.

Earlier, Chairman of the company, Ramesh Kansagra, represented by Non Executive Director, Abdulkadir Aminu, formally presented the proposed dividend for shareholder approval.

Other top officials present at the AGM included Group Executive Director, Finance, Ramesh Virwani; Company Secretary, Samuel Eme Ozeh; Non Executive Director, Paul Obi; and Independent Non Executive Director, Nurudeen Abubakar.