Maiden NIPS Oil and Gas award received by NIPCO

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Due to its unprecedented acquisition of ExxonMobil's stake in Mobil Oil Nigeria Plc; NIPCO Plc won an award from the oil and gas industry. This award, which rewards the company's huge financial investments in the downstream sector of the hydrocarbon industry, was the culmination of the maiden Nigeria International Petroleum summit in Abuja.
Presenting the award to the company at the NIPS, the Permanent Secretary of the Federal Ministry of Petroleum Resources, Dr. Folasade Yemi-Ojo, said that this was part of the federal government's efforts to encourage operators who showed considerable interest in the growth of the oil and gas industry.
The acquisition of an ExxonMobil stake in MON by a local company, she said, was rated by FG ​​as a significant effort, hence the award to NIPCO.
At the presentation of the award in the presence of the Minister of Petroleum Resources, Ibe Kachikwu, the Permanent Secretary stated that the agreement to acquire ExxonMobil's stake in MON was judged by a team of evaluators, KPMG offering the deal in the downstream sector in 2017
 According to her, KPMG should be entrusted with the work to ensure extreme fairness, diligence and acceptability locally and globally.
She stated that FG had no part in the selection process and the final determination of potential winners noting that KPMG only brought back the award recipients a few hours to the award from their head office in Lagos. Earlier, during the presentation of the list to KPMG's Associate Director, Tokunbo Osinowo, stated that the award process was very transparent with parameters for all price categories adding that there was no interference from whatever it is.
According to her, because of her pedigree in management consulting, KPMG was very fair to all categories of operators and had in mind international best practices in her selection process. She noted that after defining all the parameters for selection, none of the potential candidates and winners was aware of their assignment to avoid any interference that could affect the entire process in the oil and gas sector.
The event's NIPCO team included general manager Sanjay Teotia and general affairs director Lawal Taofeek, who received the award on behalf of the company.
Speaking after the award, the MD said laurel was a welcome development since continuing company interest in the downstream sector is an affirmation of his belief in the Nigerian economy.
The MD noted that with the feat, NIPCO and 11plc, formerly MON Nigeria Plc, the two companies now have about 500 retail outlets across the country.
The acquisition of a controlling stake in MON - now about 74% of the total stake, Lawal said, is to expand its holdings in the oil and gas sector.


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