NNPC now controls 14% of retail market, plans massive rollout of mega-stations
Having observed that the current control of only 14 per cent of the nation’s petroleum products retail outlets is not enough, the Nigerian National Petroleum Corporation (NNPC), has indicated readiness to deepen the visibility of its downstream subsidiary, the NNPC Retail Limited in more sates.
Group Managing Director of the Corporation, Dr. Maikanti Baru, gave the hint of retail moutlet expansion during the ongoing 1st to 5th Annual General Meeting (AGM) of the NNPC Retail Limited, at NNPC Towers, Abuja.
According to Baru, NNPC Retail Limited is already in the process of identifying the areas where such large mega stations would be economically viable.
Beside, the managment 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.
Earlier in his opening remarks, Baru noted that the 1st to 5th AGM of NNPC Retail Limited remains a landmark event as it was the first since the company was established, saying “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.
Baru recalled that NNPC Retail platform was initially set up as an intervention force to ensure that NNPC could intervene in the supply of petroleum products whenever the need arises especially when artificial scarcity is hobbling the economy.
