Dr Maikanti Baru, Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), says the corporation’s downstream subsidiary, NNPC Retail Limited, now holds 14 per cent of the share of petroleum products retail business in Nigeria.
Baru said this in a statement signed by the NNPC Spokesman, Mr Ndu Ughamadu in Abuja on Tuesday.
According to Baru, despite being the market leader in the sector, the company will establish more mega stations and is in the process of identifying the areas where such stations will be economically viable.
Baru explained that NNPC Retail would also continue to set up standard stations that would fit into the domains where they operate.
He disclosed 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 of the NNPC Retail Limited, Baru said, ”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 the books of all the entities within the NNPC are up to date.”
According to him, the meeting combined all the accounts of 2012, 2013, 2014, 2015 and 2016, which have all been audited and the Board of Directors have recommended them to the shareholders at the meeting.
He urged the management of NNPC Retail to focus on its non-fuel products and services, particularly those with the potential to make lots of profit.
The statement also quoted the NNPC Chief Operating Officer, Gas and Power, Mr Saidu Mohammed, as saying that the management and staff of the company were committed to enhancing the NNPC Retail’s non-fuel businesses.
He said it would incorporate fast food outlets, Liquefied Petroleum Gas and super markets into some of the 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 said.
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 commenced operations in August 2002 when the first Retail outlet was commissioned in Lagos to market petroleum products to the public.
However, the News Agency of Nigeria (NAN) reports that some of its stations, such as the mega stations on the Kubwa expressway and along the Airport road, both in Abuja, have been shut down for months now.
Sources at the Department of Petroleum Resources told NAN that the mega station along the Kubwa expressway is embroiled in a court case hence they could not comment on the issue.
NNPC’s foray into products retailing was initially a strategic move intended to provide the corporation with a vehicle for intervention in the market during periods of emergency and avoidable supply disruptions.
It was also to serve as benchmark for key players in the distribution chain and ensure safe, orderly and profitable retailing of products in the country.
It also aims to integrate its upstream and downstream businesses in line with international best practices.