11Plc formerly Mobil Oil Plc has said it is considering huge investments in its operations in 2023 to shore up its performance in the downstream sector.
The Managing Director of 11Plc, Adetunji Oyebanji, disclosed this during a facility tour of the company.
He said the integrated oil company also aimed at increasing profitability from the business inherited from the firm it acquired, as well as the new ones with a view to competing favourably in the economic environment.
According to Oyebanji, the company is prepared to boost the distribution of petroleum products in the country and launch solar systems in some of its retail outlets this year.
He said the company had launched two compressed natural gas plants in the western part of Nigeria, and that it was also considering additional plants in the region before the end of the year.
According to him, the company’s current market share in the lubricant sector was about 20 per cent, placing it among the top five in the market.
He said that it would not rest on its oars to occupy first position in rating in no distant future.
“The company is consciously and aggressively investing in the packaging of its lubricant to achieve the desired distinct identity in the market as well as shield it from counterfeiting of the product,” he said.
Oyebanji said the company was working with the Standards Organisation of Nigeria, and other regulatory agencies to prevent adulteration of the products.
He told newsmen that the company’s performance in 2022 was encouraging in terms of high yields, quality product and patronage in spite of the country’s challenging economic environment.
He attributed the development to his company’s high level of efficiency and readiness to withstand inherent challenges in its match to meet its set goals.
The 11Plc’s boss also said the company had invested in human capital development through regular training and retraining of its workforce to enable them adapt to the changes in the company’s operations.
