25 February 2018, Sweetcrude, Abuja — NIPCO Plc has bagged an oil and gas Industry Award over the acquisition of ExxonMobil stake in Mobil Oil Nigeria Plc.
The award presented at the maiden edition of the Nigeria International Petroleum Summit held in Abuja was in recognition of the company’s huge financial investments in the nation’s downstream sector of the hydrocarbon industry.
Presenting the award to the company at an impressive event witnessed by key stakeholders in the industry, the Permanent Secretary, Federal Ministry of Petroleum Resources, Dr. Folasade Yemi – Ojo, said that it was part of Federal Government’s efforts to encourage operators who have shown considerable interest in the growth of the industry.
The acquisition of ExxonMobil stake in MON by an indigenous company, she said, was accessed by FG as a significant effort by an indigenous operator, hence the award to NIPCO.
The permanent secretary while presenting the award in the presence of the minister of petroleum resources, Dr. Emmanuel Ibe Kachikwu, said that the deal to acquire ExxonMobil stake in MON was adjudged by a team of accessors, with KPMG offering consultancy support, as the largest deal in the downstream sector in 2017.
According to her KPMG had to be given the job to ensure extreme fairness, diligence, and acceptability locally and globally.
She said the federal government had no hand in the selection process and final determination of eventual winners stressing that KPMG only brought the award recipients list few hours to the award from their Lagos corporate office.
Earlier while presenting the list to the gathering KPMG Associate Director, Tokunbo Osinowo, said that the award process was very transparent with set parameters for all categories of award adding that there was no interference of any sort from anywhere.
According to her, KPMG in view of its pedigree in management consulting was very fair to all categories operators and had at its mind, international best practices in its selection processes.
According to her, after setting all parameters for selection, none of the nominees and eventual winners had a pre-knowledge of their assignment to ward off any interference that could affect the entire process.
NIPCO team at the event included the Managing Director, Sanjay Teotia, and the Chief Corporate Affairs Manager, Lawal Taofeek, who received the award on behalf of the company.
Speaking after the award, the Managing Director said that the laurel was a welcome development as the company continuous interest in the downstream sector is an affirmation of its belief in the Nigerian economy.
The acquisition of majority shareholding in MON – now put at about 74% of the entire shareholding, Lawal said, is to extend its stakes in the sector. He added that with the feat, NIPCO & 11plc, formerly MON Nigeria Plc, both companies now have about 500 retail outlets across the country.
He dedicated the award to the entire workforce and the promoters of the company and assure that the meteoric rise of the organization would be pursued vigorously.
It would be recalled that NIPCO Investment Ltd after a competitive bid in 2016 won the bid to acquire ExxonMobil stake in MON Nigeria Plc, which is the downstream arm of the company.
The final takeover of MON took place in April 2017 and the company name changed to 11Plc but both companies are running separately with each having its own management.