Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) Dr. Maikanti Baru has charged the board of one of its downstream companies, NNPC Retail limited to aggressively see to the expansion of NNPC retail business beyond the shores of Nigeria by 2019.
Dr. Baru who gave the directive on Monday in Abuja while inaugurating the board of company also revealed the corporation’s plans is to build more depots across the country.
He said that the new depots in addition to the corporation’s existing 23 depots nationwide would ease products supply and distribution in the country.
The GMD who charged the members of the board to expand the company’s market share from 13 to 30 per cent said building more depots by the corporation was more feasible than acquiring dormant ones.
“By mid-2019, you should be having plans to go into the sub-region, this board should propel NNPC Retail into a new height,’’ he said.
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 NNPC’s quest to be an integrated oil company.
Responding, Chairman of the board and Chief Operating Officer (COO), Gas and Power, Engr. Saidu Mohammed 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.