What Happened to 11 Plc (Mobil Oil Nigeria) Shares?
11 Plc, formerly Mobil Oil Nigeria Plc, voluntarily delisted from the Nigerian Exchange in May 2021 and its shares were later admitted to the NASD OTC market. Here is what that means for people holding old Mobil certificates.
11 Plc, the company formerly known as Mobil Oil Nigeria Plc, is no longer listed on the Nigerian Exchange (NGX). It delisted voluntarily in May 2021, and its shares were afterwards admitted to trading on the NASD OTC Securities Exchange, the separate market for unlisted public companies. Shareholders who did not take the exit offered at the time remained shareholders: their shares still exist, but they are not NGX shares any more.
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From Mobil Oil Nigeria to 11 Plc
Mobil Oil Nigeria Plc was one of the long-listed petroleum marketers on the Nigerian market. After a change in its majority ownership the company was renamed 11 Plc. A change of name does not alter anyone's holding. A certificate or dividend warrant that says Mobil Oil Nigeria Plc refers to the same company and the same register that now carries the name 11 Plc.
In 2021 the company proposed a voluntary delisting, which shareholders approved. In its communications the company said that leaving the Exchange would help it pursue its strategic plans. As the NGX rules on voluntary delisting require, shareholders who dissented were offered an exit consideration for their shares. The shares were removed from the official list in May 2021, and the company later announced that they had been admitted to NASD, where the first trade took place in July 2021.
What This Means for a Holder
This case differs from a scheme of arrangement in which every minority share is acquired. Here, holders who did not exit continued to own their shares in what is now an unlisted public company.
- There is no NGX price and no NGX liquidity. A broker cannot place an NGX order in the shares.
- Trading on NASD works through brokers who are NASD participants. Not every NGX broker is one, prices are formed on fewer trades, and a buyer has to exist at the time. Whether the shares are currently admitted is shown on the NASD list of admitted securities.
- Rights under company law continue: a shareholder on the register is still entitled to any dividend the company declares, to notices and to vote at general meetings.
- Dividends on Nigerian shares carry 10% withholding tax, and they are paid through the company's registrar to the bank account on the e-dividend mandate, exactly as before the delisting.
- Paper certificates remain on the registrar's register until dematerialised. NASD trades settle through the CSCS, so a certificated holding has to be moved into a CSCS account before it can be traded there.
Holders who dissented and accepted the exit consideration in 2021 ceased to be shareholders and were due a payment instead. If you are unsure which group an old holding falls into, the registrar's record will show it.
How to Check the Status
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- Confirm on the NGX website that the company is not on the official list, and read the 2021 delisting notices.
- Check the NASD website's list of admitted securities for 11 Plc.
- Read the company's own announcements and its latest annual report, which names the current registrar.
- Ask your broker for a CSCS statement to see whether the holding sits under your Clearing House Number (CHN).
- Write to the registrar to confirm the number of shares registered, whether any exit consideration was payable, and whether any dividends are unclaimed.
Tracing an Old Mobil Holding
Mobil shares were widely held, and many were bought by staff, dealers and ordinary savers in the certificate era. If you have found a Mobil Oil Nigeria certificate among a relative's papers, note the exact registered name, the certificate number and the number of shares, then send copies to the current registrar with a valid ID. Ask about bonus issues as well, because bonus shares issued after the certificate date will not appear on it.
Where the holder has died, the registrar will act only for the executor or administrator named in a grant of probate or letters of administration. Our articles on inherited shares and on transferring shares after death cover that route.
An old Mobil certificate is often one of several forgotten holdings in the same name. A Find My Shares search checks brokers, registrars and the CSCS to establish what is registered.
Start a Find My Shares SearchFrequently Asked Questions
Is 11 Plc the same company as Mobil Oil Nigeria?
It is the same company under a new name. The register of members continued without a break, so a holding recorded under Mobil Oil Nigeria Plc is a holding in 11 Plc.
Is 11 Plc listed on the NGX or on NASD?
It left the NGX in May 2021 and its shares were subsequently admitted to the NASD OTC Securities Exchange. Admission can change, so confirm the present position on the NASD website.
Are my old Mobil shares still valid?
If you were on the register and did not exit in 2021, the shares remain registered in your name. Delisting removed the NGX market for them, not the ownership. The registrar can confirm the current balance.
Can my usual stockbroker sell them?
Only a broker that is a NASD participating institution can trade on that market. Ask your broker whether it is one. This article does not suggest whether to keep or dispose of any holding; that is a personal decision on which independent regulated advice is available.
Will I still receive dividends?
A shareholder on the register is entitled to any dividend the company declares, whether or not the company is listed. Payment depends on a valid e-dividend mandate with the registrar, so an out-of-date mandate is the usual reason for non-receipt.
Is a NASD holding kept in the same CSCS account?
NASD trades are settled through the CSCS, and our guide to the NASD OTC market explains how holdings are kept and what a broker needs from you.
Important disclaimer. This article is for general information and educational purposes only. It does not constitute financial advice, investment advice, or any recommendation to buy, sell, or hold any security. The value of investments can fall as well as rise. You should seek independent regulated financial advice before making any investment decision. Shares Saver does not provide financial advice.
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