11Plc finalizes plan to acquire Lagos Continental Hotel From AMCON

11Plc have finalized plans with the Asset Management Company of Nigeria to acquire Lagos Continental Hotel through its subsidiary company.

The company made this announcement in a statement signed by the Managing Director of the firm, Adetunji Oyebanji.

According to the statement, the firm noted that the acquisition is still subject to terms and conditions between both parties.

The firm, which specializes in selling petroleum products highlighted diversification as the motive behind the acquisition.

"11Plc currently owns several prime properties in its real estate portfolio fully rented to blue chip tenants and the acquisition of this asset is consistent with our desire to diversify our interests given the current challenging environment in the downstream sector of the petroleum industry.

"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," the statement read.

11Plc also hinted at a partnership with an international brand in the works. According to the statement, the essence of the partnership is to provide world class service in tandem with the firm operations.

"11Plc plans to partner with a major international brand to provide world class service synonymous with all our operations. The company notes that the asset will require significant investment to raise its standard from the current state to the levels consistent with similar facilities in major cities around the world," the statement said.

It also assured employees of the newly acquire hotel that they will be treated with dignity and respect during the duration of the transition.

11 Plc is the sole authorized distributor of Exxon Mobil fuel and lubricant brands in Nigeria. Formerly known as Mobil Oil Nigeria Plc, 11Plc produces and markets a range of petrochemicals which includes gasoline, motor oils, lubricants, marine fuel and jet fuel.