Business

NNPC now owns 14% market share of petroleum products retail business- Baru

Baru dissociates Buhari’s Chief of Staff Kyari from N50bn NNPC kept away from TSA

Dr. Maikanti Baru, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), has disclosed that the downstream subsidiary of the corporation, the NNPC Retail Limited, now holds 14 per cent market share of petroleum products retail business in Nigeria.

Baru, in a statement signed by the NNPC spokesman, Mr. Ndu Ughamadu, in Abuja on Tuesday, pointed out that, “despite being the market leader in the sector, the company was poised to establishing even ultra large mega stations and was in the process of identifying the areas where such large mega stations would be economically viable.”

The NNPC helmsman explained that the NNPC Retail would continue to set up standard stations that would fit into the domains where they operate, he added that the focus of the management of NNPC, as owners of the company, was to ensure that its stations were in every nook and cranny of Nigeria.

Speaking at the 1st to 5th Annual General Meeting (AGM) of the NNPC Retail Limited, Baru, who described the event as unprecedented, said “Today’s AGM is in line with our drive to sanitize all our books and bring them to currency, the management of the NNPC is committed to ensuring that all the books of all the entities within the NNPC are up to date.”

According to him, the AGM combined all the accounts of 2012, 2013, 2014, 2015 and 2016 which had all been audited by external auditors and submitted to the Board of Directors, who in turn had recommended them to the shareholders at the AGM.

He also charged the management of NNPC Retail to focus on its non-fuel products and services, particularly those with the potential to make a lot of profit.

Read also: World Bank delegation to meet Osinbajo, Adeosun, others in Nigeria

Meanwhile, the Chairman of the Board of Directors, who is also NNPC Chief Operating Officer (COO), Gas and Power, Engr. Saidu Mohammed, on his part noted that the management and staff of the company are committed to enhancing NNPC Retail’s non-fuel business through the incorporation of fast food outlets, Liquefied Petroleum Gas (LPG) and super markets into some of NNPC filling stations that have adequate space.

“We are committed to growing the NNPC Retail business particularly to drive the market share much higher and by expanding the reach through filling stations directly owned or through affiliate stations,” Mohammed added.

In his opening remarks, the Managing Director of the Company, Mr. Yemi Adetunji, said the impressive results were achieved largely through the support of the shareholders.

“We have all come together with a pledge to deliver value to the citizens of Nigeria and also give value back to our shareholders,” Adetunji assured.

NNPC Retail Limited operations commenced in August 2002, when the first retail outlet was commissioned in Lagos to market petroleum products to the public.

 

RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest updates.

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com

Join the conversation

Opinions

About the author

Ripples Nigeria

We are an online newspaper, very passionate about Nigerian politics, business and their leaders. We dig deeper, without borders and without fears.
www.ripplesnigeria.com