23 January 2017, Sweetcrude, Abuja – In the face of a seemingly intractable petrol shortage across the country, the Nigerian National Petroleum Corporation (NNPC) has announced its plans to build more depots, and to expand its market share in the downstream sector.
NNPC Group Managing Director, Dr. Maikanti Baru who disclosed this 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 charged the members of the board to expand the company’s market share from 13 to 30 percent, adding that building more depots by the corporation was more feasible than acquiring dormant ones.
He lauded NNPC Retail Limited 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 in 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, thewatchwordd 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.