NIPCO Plc has bagged an Oil and Gas industry award at the maiden edition of the Nigeria International Petroleum Summit (NIPS) which ended in Abuja last week.
The award was sequel to the acquisition of ExxonMobil stake in Mobil Oil Nigeria Plc, which recently got its name changed to 11 Plc.
The award, which was in recognition of the company’s huge financial investments in the nation’s downstream sector of the hydrocarbon industry, was one of the highlight of NIPS event.
Presenting the award to the company at the event witnessed by key stakeholders in the industry, the Permanent Secretary, Federal Ministry of Petroleum Resources, Dr. Folasade Yemi-Ojo, said it was part of Federal Government’s efforts at encouraging 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 the Federal Government as a significant effort by 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 team of assessors, 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 its Lagos corporate office.
Managing Director of NIPCO Plc, Mr.Sanjay Teotia, said the recognition to NIPCO remained a welcome development as the company’s continuous interest in the downstream sector is an affirmation of its belief in the Nigerian economy.