Nation
Firm Outlines Progress On Investment, Growth strategy
The Chief Executive Officer of 11 Plc, Mr Tunji Oyebanji, 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.
Oyebanji gave the assurance while addressing newsmen after a tour to the company’s upgraded facility in Lagos on Sunday.
He said 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 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 the company had already started exploring Compressed Natural Gas (CNG) market with the construction of facilities in Ibadan and Lagos.
“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”, Oyebanji said.
The source reports that on April 1, 2017, 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.
The Chairman of Malumfashi Local Government Council of Katsina State, Maharazu Dayi, has been impeached.
Maharazu Dayi was impeached yesterday by 11 out of 12 councillors, barely two days before the local government elections in the State.
The councillors reportedly took action following allegations of misconduct and poor governance against the chairman after a dispute over the distribution of the council’s Paris Club funds.
The development has sent shock waves across the local government area, especially as the impeached chairman is among those who failed to secure the ticket of the All Progressives Congress (APC) to contest in the forthcoming election.
The Rumuwoji Ultra Modern Market Traders Association, Mile 1, Port Harcourt, has urged the state government to utilise the available spaces within the area to build phase 3 of the Rumuwoji Market in order to solve the ever increasing needs of traders.
The association, which said this at a media briefing in Port Harcourt, also described as a welcomed development the decision by the state Governor to open the phase 2 of the market for business.
According to the association, “We consider it as an answer to the various cries of the people, because he is a man on a mission who is out to place the interest of Rivers people first. It is a dream come true for the first time for the market to be dully allocated and open for business”
Chairman of the association, Hon Godspower Wobo, who briefed the press shortly after a meeting of the association in Port Harcourt, also urged the public to disregard the activities of some persons whose stock in trade is to cause disaffection in the market.
He said the attention of the association was drawn to the activities of some strange fellows who went about misforming the people about situation in the market, stressing that apart from his association, no other group exists in the market except subdiary unions.
Wobo also tasked the reallocation committee to tread with caution so as to avoid being deceived by any group.
According to him, time has come for the state government to engage in robust discussion with aggrieved shop owners who went to court and those who paid monies to the state coffers and issued with allocation certificates for the overall interest of peace.
He also advised the public to deal directly with his association, stressing that the meeting was to review activities for the last year as well as unveil their new Constitution.
Also speaking, former Chairman of the association, Deacon Kenneth Eze urged the Rivers State Governor, Sir Siminalayi Fubara to open the phase 2 of the market, as it is long overdue.
Eze who is the Chairman of the Board of Trustees of the association also urged the public to do business with only the Rumuwoji Ultra Modern Market Traders Association as it is the only union recognised by the traders.
The President of the African Development Bank (AfDB), Akinwunmi Adesina, has debunked reports linking him with the race for Nigeria’s presidency in 2027.
Reacting to the report on his X handle yesterday, following a recent interview with Arise TV, the AfDB boss said his quotes were misrepresented and misinterpreted in several Nigerian media reports.
However, the AfDB president denied the media reports, stating that he never said that he wanted to contest for President.
“A segment of my recent interview on @Arise TV has been both misinterpreted and misrepresented in several Nigerian media outlets. What I said was, “I will be available to serve in any capacity, globally, in Africa, anywhere, including my own country.”
“A listen to the substantive and robust interview, which is available online, will show this to be the case. For clarity and for the record, I did not say that I am running for the office of President of Nigeria,” Adesina said.