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Business Finance Info & Updates

Former Mobil Oil now 11 Plc acquires Lagos hotel from AMCON

11 Plc, formerly Mobil Oil Nigeria Plc, on Monday said it had finalised discussions with the Asset Management Company of Nigeria (AMCON) to acquire the Lagos Continental Hotel.

The company said this in a letter signed by its Managing Director, Mr Adetunji Oyebanji, to shareholders, stakeholders and the general public, which was posted on the Nigerian Stock Exchange (NSE).

Oyebanji said that the acquisition, which would be done through its subsidiary, was subject to the terms and conditions agreed between the parties.

He said that the acquisition of the asset was consistent with its desire to diversify interests, given the current challenging environment in the downstream sector of the petroleum industry.

Oyebanji added that the company currently owns several prime properties in its real estate portfolio fully rented to blue chip tenants.

“Fuel margins in the industry have remained stagnant for several years in the highly competitive and regulated industry.

“We anticipate that this asset will contribute positively to earnings and underlines the faith of its stakeholders in the future of the Nigerian economy.

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