NIPCO boosts investors’ confidence by board members’ appointment

A leading indigenous company, NIPCO Plc has increased investors’ confidence by approving new appointments of the Board members following the acquisition of Mobil Oil Nigeria (MON). This has also resulted in the elevation of the former Managing Director, Mr Venkataraman Venkatapathy to the position of Group Managing Director (GMD).

Mr Sanjay Teotia is now the Managing Director of the company while the former Executive Director, Corporate Services, Alhaji Abdulkadir Aminu, is now Group Executive Director [GED], Corporate Services.

The successful acquisition of ExxonMobil 60 per cent equity stake makes NIPCO Plc, the majority shareholder.

The news of the acquisition of the 60 per cent shares of ExxonMobil Corporation’s stake in Mobil Oil Nigeria Plc by NIPCO Plc came to some capital market stakeholders as a surprise. The surprise was not that ExxonMobil divested its stake in Mobil Oil but what beats the imagination of some investors and stock market operators was the choice of NIPCO Plc. Although NIPCO is one of the leading integrated oil and gas firms in Nigeria, it is not very popular among investors and petroleum products consumers because of its limited spread.

Besides, the company is not listed on the Nigerian Stock Exchange (NSE) as such very little is known about its financial operations and capacity. However, the company was chosen by ExxonMobil to take over its stake in Mobil Oil. NIPCO had executed a Sales and Purchase Agreement with ExxonMobil on Monday 17th October, 2016 for the acquisition of the 216,357,157 shares.

Mr Venkatapathy who joined NIPCO in 2009 as Head LPG was elevated to the position of Managing Director in January 2011before the recent elevation would be overseeing the entire NIPCO group consisting of NIPCO and  MobilOil Nigeria Plc.

His exposure in the hydrocarbon industry covered various areas ranging from refinery operations, LPG operations & market development, strategic management and business development etc.

A shrewd personality with numerous awards for innovations in LPG operations and marketing is currently an ex-officio member of the council of the Nigerian Gas Association (NGA), a non-profit organisation promoting the progress of the gas industry.

Mr Sanjay with over 28years cognate experience in the oil and gas industry across Asia & African region with core competencies in project management, downstream /midstream/upstream operations, human resource management etc.

A graduate of Birla Institute of Technology, Bihar, India where he obtained Bachelor of Engineering (Mechanical) with first class honors, Sanjay prior to joining NIPCO was the DGM Origination, Trading &Marketing H-Energy Mumbai, India, a world class company in LNG and heavy crude business;

Head Downstream Operations, Lake Oil Limited, Tanzania; Vice President, Liquid Terminals, Adani Ports & Sez Limited etc.

Alhaji Aminu who is a civil engineer of repute and one time Chief Engineer of Adamawa State had chaired the Adamawa Task Force on petroleum products distribution through which he ensured product availability and stoppage of sharp practices at filling stations across the state.

He also served on the boards of several regulatory agencies in the petroleum sector including Petroleum Products Pricing & Regulatory Agency (PPRRA) and petroleum Equalization Fund (PEF) Alhaji Aminu who is the Chairman of A A Mbamba Ltd, a fuel marketing company with scores of service stations in the country holds the revered chieftaincy title of Sarkin Hurmi, Adamawa in the state emirate council.