The downstream subsidiary of the Nigerian National Petroleum Corporation (NNPC) currently accounts for 14 percent of the total market share of petroleum products retail business in Nigeria, the corporation has said.
Maikanti Baru, group managing director (GMD), NNPC, made the revelation on Tuesday while speaking at the 1st to 5th Annual General Meeting (AGM) of NNPC Retail Limited, which held at the NNPC Towers, Abuja.
The GMD had in January charged its subsidiary to expand the company’s market share from 13 percent as at then to 30 per cent by 2019.
“By mid-2019, you should be having plans to go into the sub-region, this board should propel NNPC Retail into a new height,” Baru had said.
But according to a statement signed by Ndu Ughamadu, NNPC spokesman, the GMD said plans were in place to increase market share by building “ultra large mega stations and standard stations” in various parts of the country that have been identified to be “economically viable”.
While commending them for playing an important role during scarcity, Baru encouraged the subsidiary to pay attention to its non-fuel products and services to generate profit for the business.
Commenting on the transparency of the retail company, Baru said all accounts from 2012 to 2016 had been merged, audited and submitted to the board of directors for recommendation to the shareholders.
“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.
Saidu Mohammed, chairman of the board, and chief operating officer (COO), gas and power, said the company would expand its non-fuel business model to increase market share.
“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,” he said.