• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, August 8, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

11 Plc outlines progress on business investment, long-term growth strategy

11 Plc

The Matters Press by The Matters Press
April 3, 2023
Reading Time: 2 mins read
0
11 Plc outlines progress on business investment, long-term growth strategy

Mr Tunji Oyebanji, the Chief Executive Officer of 11 Plc, says the company is poised to make progress on its long-term growth plans by investing through the commodity price cycle to capture high-value opportunities, grow earnings and cash flow potential.

RELATED POSTS

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

National Single Window initiative, a major step for efficient cross-border trade – TMSG

‎Group celebrates 45% increase in federal revenue in just one month

Oyebanji gave the assurance while addressing newsmen after a tour to the company’s upgraded facility in Lagos on Sunday.

He said that the management of company had invested huge amount, in local and foreign currencies, to upgrade the facility, increase domestic demands and operational efficiency.

According to him, 11Plc is assiduously executing its growth strategy that will lead to sustained improvement in shareholder value.

He noted that the strength of the company’s investment was in its main lines of business which remained a key element of its growth trajectory.

This, he said, include lubricants, Liquefied Petroleum Gas (LPG), Aviation Fuel (ATK) and Petroleum Motor Spirit (PMS).

“The strength of our portfolio and our financial capacity enable us to continuously evaluate our priorities and the pace of investments.

“Barely six years after acquiring the majority stake of ExxonMobil in Mobil Oil Nigeria Plc, 11Plc has invested massively in the facilities and human capital to improve productivity and meet market demands.

“The company has invested heavily in both human and material resources, a feat that has brought tremendous improvement in all areas of its business.

“The new owner is very bullish about Nigeria, we have therefore invested significantly in raising the profile of the company.

“So, we expect it to continue to perform very strongly in years to come.

“With the investments, we are well poised for whatever developments that may come along with the incoming government.

“Of course, you know, there may be policy changes, but we believe that with the investments that we have made, we are well positioned to take advantage of whatever changes that may come with the new government or changes in the economic environment,” he added.

The 11 Plc helmsman said the company had the biggest storage tanks for aviation fuel (ATK) with over 21 million liters capacity and had replaced some loading gantry that were operational before the acquisition.

According to him, the gantry has the capacity to load 70 trucks per day, with four loading arms at full capacity, but currently can load about 35 trucks, per day

He added that the company parades huge four storage tanks for white products.

“Three of the tanks are for petrol with 45 million liters capacity, while one is for aviation fuel with 21 million liters capacity.

On lubricants manufacturing plant, Oyebanji said that the company had done a massive turnaround and currently with a market share of about 20 per cent in the country

On expansion, in terms of LPG, he said the company had increased its investment as part of the efforts to deepen the use of the product, popularly called cooking gas.

He said that the company had embarked on expanding its LPG filling plants across the country, while it had already expanded its storage to 8,000 metric tonnes capacity.

He also said that the company had already started exploring Compressed Natural Gas (CNG) market with the construction of facilities in Ibadan and Lagos.

Oyebanji said, “we continue to see improvements and all the investment that has been made in the last few years has contributed meaningfully to the rising profile of 11Plc in the hydrocarbon industry.”

ExxonMobil sold its 60 per cent majority stake in former Mobil Oil Nigeria Plc to NIPCO Plc, following which the company’s name was changed to 11 Plc.

Tags: 11 Plc
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Next Post
Nigeria gets petroleum law to edge out 50 years archaic laws

Buhari approves amendment to 2022/2023 deep offshore oil block bid round

DRC is ripe for business

DRC is ripe for business

Recommended Stories

Customs generates N1.3trn three months

Customs generates N1.3trn three months

April 3, 2024
Trading in Nigerian stock market dips further N83bn

Profit-taking pushes market capitalisation down by 0.06%

August 4, 2022
Strike puts Nigeria in darkness

Delta power holding signs supply agreement with Abuja community

April 11, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎
  • National Single Window initiative, a major step for efficient cross-border trade – TMSG
  • ‎Group celebrates 45% increase in federal revenue in just one month

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us