… Declares N3.3bn dividend at AGM
11 Plc, one of the major players in Nigeria’s downstream sector, has reaffirmed its resilience and long-term growth strategy during its 47th Annual General Meeting, highlighting robust achievements across its business lines and announcing a dividend payout of N3.33 billion to shareholders.
In a statement delivered by Ramesh Kansagr, the chairman of the 11plc, who was represented by Abdulkadir Aminu, the non-executive director, the company praised the unwavering support of its stakeholders, including shareholders, customers, employees, and regulatory bodies.
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Navigating complex environment
11 Plc’s operations in 2024 unfolded amid a challenging yet promising business climate in Nigeria’s hydrocarbon sector. The chairman acknowledged the federal government’s efforts to stimulate growth, particularly through regulatory reforms and investment-friendly policies under the Petroleum Industry Act (PIA).
While acknowledging the strain from global crude oil price volatility and the lingering impact of the Russia-Ukraine conflict, the chairman cited the Nigerian National Petroleum Company Ltd’s (NNPCL) announcement of $17 billion in foreign direct investment into the sector as a significant milestone.
He emphasised that such inflows would enhance oil production, boost federal revenue, and signal investor confidence in Nigeria’s reformed oil and gas industry.
Strategic growth & diversification
11 Plc continues to solidify its reputation as a leading producer of Mobil-branded lubricants, leveraging innovation and product diversification to stay competitive. In 2024, the company expanded its footprint in the Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG) markets. New prime stations were launched in Lagos and Oyo states, supporting the government’s clean energy agenda under President Bola Tinubu’s Renewed Hope initiative.
“These CNG stations provide sustainable alternatives to petrol and diesel, underscoring our commitment to environmental stewardship,” the chairman said.
Additionally, the company ramped up its LPG marketing infrastructure across Nigeria, enabling broader access to clean cooking gas and contributing to the reduction of greenhouse gas emissions.
The company reported that modest revenue growth for the year was driven by a broadened product portfolio and an upgraded distribution network that spanned all business lines.
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Dividend & governance
The Board proposed a dividend of N3,335,506,164.25, representing 925 kobo per ordinary share of 50 kobo, pending shareholder approval. The chairman reiterated the company’s commitment to rewarding investors while pursuing long-term value creation.
In terms of board changes, the retirement of Lawal Idirisu as a non-executive director was confirmed, with Nuru Mohammed appointed in his stead. The chairman appreciated Idirisu’s contributions and welcomed Mohammed, expressing confidence in his ability to guide the company through future challenges.
Looking Ahead
11 Pie’s outlook remains optimistic. Continued investments in infrastructure—including storage facility upgrades and a wider distribution network—are expected to drive operational efficiency and customer satisfaction. The company also pledged to keep advancing its environmental, social, and governance (ESG) objectives.
“We remain steadfast in our commitment to delivering exceptional customer service while minimising our environmental footprint,” the Chairman stated. “Our strategic focus on innovation, sustainability, and human capital development will guide us through the next phase of growth.”
