The Group Managing Director of Nigerian National Petroleum Corporation (NNPC) Dr. Maikanti Baru disclosed on Monday in Abuja while inaugurating the board of one of its downstream
Companies, NNPC Retail limited, said the addition to the corporation’s
existing 23 depots nationwide would ease products supply and
distribution in the country.
Dr. Baru who charged the members of the board to expand the
company’s market share from 13 to 30 percent said building more depots
by the corporation was more feasible than acquiring dormant ones.
He lauded NNPC Retail for its strong intervention to wet the market
at a time when other downstream players were playing underhand games to
create artificial scarcity.
The GMD tasked the board to aggressively see to the expansion of the NNPC Retail beyond the shores of Nigeria, adding: “By mid-2019, you should be having plans to go into the sub-region, this board should propel NNPC Retail into a new height’’.
On diversification and backward integration, the GMD directed the
company to venture into lubricants production, marine, and industrial
services to boost its revenue profile as it was a line with our quest as
an integrated oil company
Responding, Chairman of the board and Chief Operating Officer
(COO), Gas and Power, Engr. Saidu Mohammed said as an NNPC-owned
company, the watchword for NNPC Retail should be “efficiency and profitability, especially in a downstream system like ours that is highly competitive”.
He pledged the commitment of the board and management of the company to the attainment of the goals of the corporation.
Managing Director of the Company, Mr. Yemi Adetunji, expressed
delight that the GMD had reinforced the vision of the company to expand
beyond the shores of Nigeria, adding that the targets were achievable
especially with the support of the board and management of the company.
Other members of the board include Engineer Henry Ikem Obih, Chief
Operating Officer (COO), Downstream, as alternate Chairman; COO,
Refineries, Engr. Anibo Kragha; GGM, Shipping, Hajia Aisha Ahmadu
Katagun; Mr. Yemi Adetunji and some other top Management Staff.
Mrs. Obioma Agbambo, Company Secretary and Legal Adviser, NNPC Retail, will serve as Secretary to the board.