The Management of 11plc (formerly Mobil Oil Nigeria Plc) has made some changes in its manpower sourcing in a bid to improve service delivery to stakeholders.
In the renewed move, employees engaged by the former manpower firm would be absorbed by the new vendor despite the ongoing changes.
The firm said the old vendor would settle any entitlement due to the affected employees in accordance with the terms and conditions of their employment.
The company reaffirmed that all its valued service providers and employees would be competitively compensated.
Management remains committed to ensuring that all service providers are supported to boost productivity levels in the company.
11 PLC, formerly known as Mobil Oil Nigeria Plc, resulted from NIPCO’s acquisition of ExxonMobil’s stake in Mobil Oil Nigeria.
This N90 billion deal saw NIPCO acquire a 60 per cent equity stake in Mobil Oil Nigeria, leading to the company’s rebranding as 11 PLC.
According to a statement from 11 PLC, the name change was formalised after a board resolution and approval from shareholders at the Annual General Meeting.
The Nigerian Stock Exchange (NSE) also effected the change, with the company now trading under the new name.
The NIPCO, an indigenous Nigerian downstream oil and gas company, acquired ExxonMobil’s 60 per cent stake in Mobil Oil Nigeria.
As part of the acquisition, Mobil Oil Nigeria was renamed 11 PLC (pronounced “Double One Plc”). While the company name changed, the Mobil brand, including its products like lubricants, will be retained.
