- ‘NNPC Filling Stations Now Hold 14% Retail Business’
The Nigerian National Petroleum Corporation on Tuesday said its downstream subsidiary, the NNPC Retail Limited, now held 14 per cent of the market share of petroleum products retail business in the country.
The Group Managing Director, NNPC, Maikanti Baru, made this disclosure at the 1st to 5th Annual General Meeting of the NNPC Retail Limited in Abuja.
Baru said the company was poised to establish ultra large mega stations and was in the process of identifying the areas where such outlets would be economically viable.
He explained that the focus of the NNPC management in establishing retail outlets was to ensure that its stations were in every nook and cranny of the country.
Baru was quoted in a statement issued in Abuja by the corporation’s spokesperson, Ndu Ughamadu, as saying, “Today’s AGM is in line with our drive to sanitise 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.”
He said the AGM combined all the accounts of 2012 to 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.
Baru stated that the AGM provided the management the opportunity to review the performance of the NNPC Retail, stressing that the company was set up initially as an intervention to ensure that the corporation could intervene in the supply of petroleum products whenever the need arose.
On his part, the Chairman, Board of Directors, who is also the NNPC Chief Operating Officer, Gas and Power, Saidu Mohammed, expressed commitment to work with the management and staff of the company to enhance its non-fuel business through the incorporation of fast food outlets, Liquefied Petroleum Gas and supermarkets into some of the filling stations that had 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 said.
The Managing Director, NNPC Retail, Yemi Adetunji, stated that the impressive results were achieved largely through the support of the shareholders.
