11 Plc (formerly Mobil Oil Nigeria Plc) said it has finalised discussions with Asset Management Company of Nigeria (AMCON) to acquire Lagos Continental Hotel through its subsidiary company.
The acquisition is still subject to the terms and conditions agreed between the parties.
11 Plc which currently owns several prime properties in its real estate portfolio fully rented to blue chip tenants said the acquisition of this asset is consistent with its desire to diversify its interest “given the current challenging environment in the downstream sector of the petroleum industry.”
Fuel margins have remained stagnant for several years in the highly competitive and regulated industry.
11 Plc anticipates that the asset will contribute positively to earnings and underlines the faith of its stakeholders in the future of the Nigerian economy.
Iheanyi Nwachukwu
Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos.
Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).
Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.
