… To open more outlets
Uche Usim, Abuja
The Nigerian National Petroleum Corporation (NNPC) on Tuesday, said its downstream subsidiary, the NNPC Retail Limited, now controls 14 per cent of the market share of petroleum products retail business in Nigeria.
Group Managing Director of NNPC, Dr. Maikanti Baru, made the disclosure at the 1st to 5th Annual General Meeting (AGM) of the NNPC Retail Limited, which held at NNPC Towers, Abuja.
Baru said despite being the market leader in the sector, the company was poised to establish 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 NNPC Retail would also continue to set up standard stations that would fit into the domains where they operate, disclosing 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.
Baru described the 1st to 5th AGM of NNPC Retail Limited as a landmark event, saying it was the first since the company was established. He said, “today’s AGM is in line with our drive to sanitise all our books and bring them to currency. The management of NNPC is committed to ensuring that all the books of all the entities within 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 enjoined 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.
Baru stated that the AGM provided the management the opportunity to review the performance of NNPC Retail, stressing that the company was set up initially as an intervention force to ensure that NNPC could intervene in the supply of petroleum products whenever the need arises.
He said the company had since inception lived up to its billing and played a major role in intervening during periods of supply shortfalls.