
11 Plc declares N3.33bn dividend, expands gas infrastructure in push for long-term growth
11 Plc, a leading force in Nigeria’s downstream oil sector, has restated its long-term growth ambitions and operational resilience at its 47th Annual General Meeting, where it announced a dividend of N3.33 billion for shareholders and shared key achievements across its business portfolio.
The chairman of 11 Plc, Ramesh Kansagr, whose remarks were delivered by non-executive director Abdulkadir Aminu, expressed appreciation for the ongoing support of the company’s shareholders, customers, staff, and regulatory partners. He described their backing as vital to the company’s sustained progress.
He noted that 2024 had brought both obstacles and opportunities for the Nigerian hydrocarbon industry. In his address, the chairman commended the federal government’s regulatory interventions and pro-investment stance through the Petroleum Industry Act (PIA), which have helped foster a more enabling business climate.
Reflecting on the broader global environment, he acknowledged the negative effects of fluctuating international crude oil prices and the continuing repercussions of the Russia-Ukraine conflict.
However, he pointed to the Nigerian National Petroleum Company Ltd’s (NNPCL) recent announcement of $17 billion in foreign direct investment as a noteworthy development, describing it as a sign of growing global confidence in Nigeria’s restructured oil and gas sector.
Reinforcing its market strength, 11 Plc maintained its leadership as a producer of Mobil-branded lubricants while continuing to diversify its offerings through innovation. In 2024, the company extended its reach into the Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG) markets.
New CNG filling stations were commissioned in Lagos and Oyo States, aligning with the federal government’s clean energy objectives under President Bola Tinubu’s Renewed Hope agenda.
“These CNG stations provide sustainable alternatives to petrol and diesel, and reflect our firm commitment to environmental responsibility,” said the chairman.
In tandem, the company significantly expanded its LPG marketing infrastructure nationwide, making clean cooking fuel more accessible to households and playing a part in efforts to cut greenhouse gas emissions.
The company reported modest revenue growth during the financial year, driven by an expanded product mix and a strengthened distribution system that cuts across all operational areas.
The Board proposed a dividend of N3,335,506,164.25, amounting to 925 kobo per ordinary share of 50 kobo, pending shareholder ratification. The chairman reaffirmed the company’s promise to continue rewarding its investors while remaining focused on delivering sustained value.
As part of changes to the Board, the retirement of Lawal Idirisu as a non-executive director was confirmed. He will be succeeded by Nuru Mohammed. The chairman thanked Idirisu for his service and welcomed Mohammed, expressing confidence in his ability to provide strategic direction in the coming years.
Looking ahead, 11 Plc is optimistic. Ongoing investments in infrastructure, such as the upgrade of storage facilities and expansion of its nationwide distribution network, are expected to improve efficiency and enhance customer experience.
The company also reaffirmed its pledge to advance its environmental, social, and governance (ESG) priorities.
“We remain focused on delivering excellent service while reducing our environmental impact,” the chairman concluded.
“Our strategic priorities, centred on innovation, sustainability, and the development of human capital, will continue to guide our journey forward.”