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Sunday, March 4, 2018
During Nigeria’s maiden Nigeria International Petroleum Summit (NIPS),indigenous downstream firm NIPCO won and oil and gas industry award for its acquisition of ExxonMobil’s stake in Mobil Oil Nigeria (MON).
The award, which was presented by Permanent Secretary, Federal Ministry of Petroleum Resources, Dr. Folasade Yemi-Ojo, was in recognition of the company’s huge financial investments in the nation’s downstream petroleum industry. It was also a highlight of the first gathering at NIPS in Abuja.
In presenting the award Yemi-Ojo said the acquisition of ExxonMobil stake in MON by an indigenous companywas assessed 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 State for Petroleum Resources, Dr. Emmanuel IbeKachikwu, said the deal to acquire the ExxonMobil stake in MON, with KPMG offering consultancy support, was adjudged by a team of assessors as the largest deal in the downstream sector in 2017.
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