Photo: L-R: Group Executive Director ,Finance ,11Plc ( Formerly Mobil Oil Nigeria plc) ,Ramesh Virwani ; Acting Managing Director , Osagie Ogedegbe ; Non- Executive Director, Alhaji Abdulkadir Aminu ; Company Secretary ,Emeh Samuel Ozeh ; Non – Executive Director, Chief Paul Obi ,SAN and Independent Non – Executive Director ,Nurudeen Abubakar during the company’s 48th Annual General Meeting held at Abuja Continental Hotels ,FCT ,Abuja .
11 Plc, formerly known as Mobil Oil Nigeria Plc, has reported a resilient financial performance for the 2025 financial year, underscoring the company’s operational efficiency despite persistent volatility in Nigeria’s downstream oil and gas sector.
Speaking at the company’s 48th Annual General Meeting held at the Abuja Continental Hotel, Chairman Ramesh Kansagra said the company maintained strong revenue generation during the year ended December 31, 2025, supported by improved product availability, network optimisation and continued expansion of its non-fuel business segments.
Kansagra’s address was delivered by Non-Executive Director Abdulkadir Aminu, who presided over the meeting on his behalf.
According to the company, profitability came under pressure due to significant losses linked to Premium Motor Spirit (PMS) price volatility and the revaluation of imported inventory, reflecting broader challenges facing fuel marketers in Nigeria’s deregulated downstream market.
Despite these headwinds, the chairman said the company preserved liquidity and maintained balance sheet strength through disciplined financial management and operational resilience.
“Our people are the cornerstone upon which our long-term success is built,” Kansagra said, noting that the company continued to prioritise talent development, workplace inclusion and a culture of mutual respect.
Shareholders at the AGM unanimously approved a dividend payout of N9.50 per share, following the board’s recommendation. The company said the dividend reflects a balanced strategy aimed at rewarding investors while retaining capacity for strategic expansion and long-term growth.
11 Plc noted that its performance demonstrated its ability to adapt to difficult market conditions while remaining focused on operational efficiency and value creation.
The company also signalled plans to deepen its position in Nigeria’s evolving downstream energy market through stronger partnerships with domestic refiners, expansion into alternative fuel solutions and further improvements in operational efficiency.
Management expressed optimism about the outlook for the sector, citing increasing local refining capacity and ongoing government reforms aimed at improving the business environment.
“We are confident that our strategic initiatives will drive sustainable growth and long-term value creation,” the chairman stated.
Beyond its energy operations, the company highlighted the strong performance of its hospitality subsidiary, Lagos Continental Hotel, which it said continues to set benchmarks for service excellence in Nigeria’s hospitality industry.
According to the company, the hotel’s sustained growth reflects its broader commitment to diversification, customer satisfaction and shareholder value creation.