11 Plc, formerly known as Mobil Oil Nigeria Plc, has announced plans to acquire Lagos Continental Hotel through its subsidiary company.
The oil firm made the announcement in a disclosure made available to the Nigerian Stock Exchange after finalising discussion on the property with the Asset Management Company of Nigeria (AMCON).
The disclosure was signed by the company’s Managing Director and Chief Executive Officer, Adetunji Oyebanji. Mr Oyebanji said the acquisition is, however, subject to the terms and conditions of agreed between the parties.
According to the statement, the hotel asset would drive the growth of the company’s revenue against the fuel margins, which it said had remained stagnant in the market for several years.
“Fuel margins in the industry have remained stagnant for several years in the highly competitive and regulated industry,” the disclosure said. “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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