The Nigerian National Petroleum Corporation (NNPC) said its downstream subsidiary, the NNPC Retail Limited, now holds 14 per cent of the market share of petroleum products retail business in Nigeria.
Group Managing Director of the NNPC, Dr. Maikanti Baru, made this disclosure at the 1st to 5th Annual General Meeting (AGM) of the NNPC Retail Limited in Abuja Tuesday.
Dr. Baru said despite being the market leader in the sector, the company was poised to establishing even ultra large mega stations and was in the process of identifying the areas where such large mega stations would be economically viable.
According to a statement by NNPC’s spokesman Ndu Ughamadu, the GMD 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.
He said: “Today’s AGM is in line with our drive to sanitize 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.”
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
NNPC Retail Limited operations commenced in August 2002, when the first Retail outlet was commissioned in Lagos to market petroleum products to the public.