Mobil Oil, now known as Double 11, and Nipco Plc, are fostering a relationship that would lead to the expansion of the businesses of the two players and further improve the operation of the downstream sub-sector of the industry, its Managing Director, Mr Tunji Oyebanji, has said.
He said the decision by Nipco Plc to buy 60 per cent shares in Mobil was good, adding that it would lead to increased profitability as well as make the company to compete favourably. Speaking on the sideline of a promo organised for its customers in Ibadan, the Oyo State capital, he said it was difficult to describe the relationship between the two firms as a synergy, since they are operating independently.
Known as Mobil Peel and Win Promo, the event was organised to reward customers in the south region. Prizes, such as tools boxes, gas cookers, motorcycle, generator, tricycles, as well as cash, were given to customers in Ibadan, Ondo, Port Harcourt, Benin, Osogbo. Oyebanji said: “I do not know whether to describe the relationship between Nipco Plc and Mobil Oil as a merger or partnership, as they are still operating separately.
But what I know and convinced of is that the two companies would help in consolidating activities in the downstream sub-sector, when they eventually come together to produce a bigger role in the industry.
Though the process of taking over the business of the company took place over a year ago, we still believe that the firms would produce a greater efficiency in the sub-sector. He said more rewards were coming for customers of the firm, adding that there was the need to reward customers who remained loyal to a brand.
Also, its Manager, Lubricant Sales and Marketing of 11 Plc, Steve Ezendiokwere, said the promo was a part of the company’s efforts to appreciate their loyal customers as well as an opportunity to interface with them. He said the firm would continue to engage in marketing promos, adding that draws would be held in the six geopolitical zones of the country.