MRS OIL NIGERIA PLC Company Profile

MRS OIL NIGERIA PLC

MRS Oil PLC commenced its petroleum product marketing operations in Nigeria in 1913, operating under the Texaco brand name. Initially, the distribution of these products was exclusively managed by CFAO, a French multinational retail company. In 1964, Texaco Africa Limited initiated direct marketing efforts, selling Texaco products through service stations and kiosks acquired from CFAO on lease terms. The company also ventured into the aviation and bunkering business.

On August 12, 1969, Texaco Nigeria Limited was incorporated as a wholly owned subsidiary of Texaco Africa Limited, inheriting the business activities previously conducted in Nigeria by Texaco Africa Limited. The Nigeria Indigenization decree of 1978 prompted the sale of 40% of Texaco Nigeria Limited to Nigerian individuals and organizations by Texas Petroleum Company.

In 1990, the Companies and Allied Matters Decree came into effect, leading to the change of the company's corporate name from 'Limited' to the prescribed 'Public Limited Liability Company' (PLC) with shares quoted on the Nigerian Stock Exchange.

In 2001, Chevron Texaco emerged from the merger between Chevron Corporation and former Texaco Inc., making Texaco Nigeria Plc an integral part of the new corporation. With Chevron Texaco's consideration of acquiring former UNOCAL, the board decided to drop 'Texaco' and retain only Chevron as the new name for the enlarged corporation.

Effective September 1, 2006, Texaco Nigeria Plc's name changed to Chevron Oil Nigeria Plc following a directive from Chevron Corporation's headquarters, aiming to present a clear, strong, and unified presence of Chevron Corporation globally.

In early 2009, as part of its growth and expansion strategy, MRS successfully acquired Chevron Downstream assets in Nigeria, thereby adopting the Texaco brand. This strategic acquisition brought a robust brand foundation with over 50 years of presence in the Nigerian market and a workforce of over 200 dedicated, experienced, and well-trained employees committed to the future growth of MRS Oil Nigeria Plc.

BOARD OF DIRECTORS
Mr Patrice Alberti - Chairman    
Mr Marco Storari – Managing Director    
Ms. Amiro Maina – non-executive director    
Mr. Matthew Akinlade – independent director    
Sir Sunday N. Nwosu – non-executive director    
Sir Amobi Nwokafor – non-executive director    
Mrs Priscilla Ogwemoh – non-executive director