ARINZE NWAFOR
The Managing Director and Chief Executive Officer (CEO) of 11Plc, Adetunji Oyebanji has said the energy company sees a bright future as its profit after tax grew by 200 per cent, rising to N18 billion in the 2022 financial year.
Oyebanji said 11Plc made progress, including raising profit from N6.08 billion in 2021 to N18 billion in 2022, despite the year’s harsh operating environment.
“We are exhilarated with our performance in the year under review, even though there is still room for improvement,” Oyebanji noted.
The CEO made his remarks as he addressed company shareholders at the 45th Annual General Meeting of 11Plc.
Oyebanji reminded shareholders that the economy was impacted by the Russia- Ukraine war as “oil prices climbed above $120 a barrel, worsening (Nigeria’s) inflation outlook.”
He pointed out that the importation of adulterated petrol in 2022 and the leakages recorded from oil theft had contributed to the challenging environment in which 11Plc operated.
Oyebanji, however, thanked ExxonMobil, who it said has continued to trade under the name Mobil trademark based on the agreement with its majority stake buyer, NIPCO Investment.
“The new core investor is very bullish about Nigeria and has since stepped up its investment, subsequently raising the profile of our company as the gold standard in the hydrocarbon industry,” the 11Plc CEO stated.
Oyebanji said 11Plc has made lots of investments in its packaging, in order to eliminate counterfeiting, especially in the company’s lubricants, as well as work with the Standard Organisation of Nigeria on the issue of counterfeiting.
The 11Plc CEO praised the Lagos Continental Hotel, which is the energy company’s hospitality firm, for offering excellent services to its customers and competing favourably in the industry.
Oyebanji promised shareholders that the management of 11Plc would train its staff at various levels and take advantage of the human capacity development facilities available in Nigeria.
Oyebanji said that 11Plc recognised that the incoming administration might initiate a policy change, but requested to have a free market and that regulation should not apply to the pricing and sourcing of products.
The CEO, however, maintained that “11Plc is well poised to take advantage of whatever policy directives of the incoming administration, especially at the federal level.”
Oyebanji thanked 11Plc shareholders for attending the physical AGM and the customers for having stood with the company’s brands over the years.
He also thanked the company’s management team and the entire staff who he noted has continued to deliver industry-leading performance.
