Nipco Gets Recognition for Mobil Oil Acquisition

• Nipco Gets Recognition for Mobil Oil Acquisition

Nipco Plc, a major player in the downstream oil and gas sector, has received an award for its recent acquisition of ExxonMobil’s stake in Mobil Oil Nigeria Plc.

The award, in recognition of the company’s huge financial investments in the nation’s downstream sector of the hydrocarbon industry, was presented during the Nigeria International Petroleum Summit in Abuja.

Presenting the award to the company at the event, the Permanent Secretary, Federal Ministry of Petroleum Resources, Dr. Folasade Yemi-Ojo, said it was part of the Federal Government’s efforts to encourage operators who had shown considerable interest in the growth of the industry.

The acquisition of ExxonMobil’s stake in MON by an indigenous company, she said, was regarded by the government as a significant milestone.

The permanent secretary while presenting the award in the presence of the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said the deal was adjudged by team of assessors, with KPMG offering consultancy support, as the largest 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, the KPMG Associate Director, Tokunbo Osinowo, said that the award process was very transparent with set parameters for all categories, adding that there was no interference of any sort from anywhere.