11Plc MD Signals Aggressive Expansion; Shareholders Approve ₦9.50 Dividend

11Plc is entering a high-growth phase defined by “aggressive market penetration” and business diversification, Acting Managing Director Osagie Ogedegbe announced during the company’s 48th Annual General Meeting at the Abuja Continental Hotel.

In his first public address since taking the helm, Ogedegbe, a veteran of the downstream sector, pledged to leverage his ExxonMobil-rooted training to maintain global standards while scaling the company’s local footprint.

Strategic Roadmap: Growth and Diversification

Ogedegbe outlined a multi-pronged strategy designed to elevate 11Plc (formerly Mobil Oil Nigeria Plc) as the premier benchmark for the Nigerian downstream industry. Key pillars of the new leadership’s agenda include:

Market Dominance: Focused expansion of market share through “aggressive commercial strategies.”

Operational Excellence: Maintaining the global quality of Mobil-branded lubricants produced locally.

Talent & Inclusion: Prioritizing diversity and inclusion to position the company as a top-tier employer.

Customer-Centricity: Enhancing service delivery across fuel retailing and corporate client solutions to drive brand loyalty.

“Better days are ahead,” Ogedegbe told stakeholders. “We are building momentum toward a future defined by stronger earnings, broader opportunities, and an enduring legacy of leadership.”

Shareholder Returns and Confidence

Investors at the AGM expressed strong support for the leadership transition, unanimously approving a dividend of ₦9.50 per share for the 2026 fiscal year.

The proposal, presented by Non-Executive Director Alhaji Abdulkadir Aminu on behalf of Chairman Ramesh Kansagra, was met with praise from various shareholder groups who noted the company’s resilience despite sector-wide headwinds.

Voices from the Floor:

Imam Mohammed Atanda (Confluence Shareholders Association) and Moses Igbrude (Independent Shareholders Association) commended the board for consistent payouts and responsible corporate governance.

Shareholders pledged to support the company’s drive to expand its base, citing 11Plc’s “appetite for growth” as a primary motivator for investor partnership.

The Bottom Line

With a clear mandate from shareholders and a roadmap focused on innovation and efficiency, 11Plc is positioning itself to capitalize on new opportunities in Nigeria’s evolving energy landscape. The leadership’s pivot toward aggressive expansion signals a move beyond traditional fuel retailing into a more diversified and profitable corporate structure.