11Plc shareholders approve N3.06bn dividend payment

Shareholders of 11Plc, a downstream oil and gas company, have approved the dividend payment of N3.06bn for the 2020 financial year.

The approval was given at the 43rd Annual General Meeting of the company in Abuja, the company said in a statement on Friday.

11Plc, formerly Mobil Oil Nigeria Plc, assured the shareholders of its commitment to continually improve the return on their investments.

The company said each shareholder would receive a final dividend of 850 kobo at an ordinary share of 50k.

In his goodwill message to the shareholders, the Chairman of the company, Mr Ramesh Kansagra, said the business sustainability and diversification strategy being pursued by downstream major provided a solid base for the company to continue to grow and thrive amid challenging business environments.

The Managing Director, Mr Tunji Oyebanji, assured the shareholders of the management’s determination to continually improve the company’s fortunes, drawing from its investment in Liquefied Natural Gas plant and the hospitality industry.

The Company Secretary, Mr Chris-Olumayowa Meseko, expressed optimism about the company’s growth despite its voluntary delisting from the Nigerian Exchange Limited, drawing from the experience of NIPCO Plc, the parent company of 11Plc.

According to him, the company’s shares are tradable on the platform of NASD Plc through stockbrokers registered with the Securities and Exchange Commission.


Source: ThePunch, May 24, 2021