– NNPC GMD, Maikanti Baru, has said the corporation is to build more depots across the country
– According to him, this would ease products supply and distribution in the country
– He said building more depots by the corporation was more feasible than acquiring dormant ones
The Nigerian National Petroleum Corporation (NNPC) is to build more depots across the country.
This was disclosed by the NNPC group managing director, Maikanti Baru, on Monday, January 22, in Abuja while inaugurating the board of one of its downstream companies, NNPC Retail limited.
Baru stated that the addition to the NNPC’s existing 23 depots nationwide would ease products supply and distribution in the country.
He charged the members of the board to expand the company’s market share from 13 to 30 per cent, adding that building more depots by the corporation was more feasible than acquiring dormant ones.
He lauded NNPC Retail for its strong intervention to wet the market at a time when other downstream players were playing underhand games to create artificial scarcity.
He also tasked the board to aggressively see to the expansion of the NNPC Retail beyond the shores of Nigeria, adding that “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.
Responding, chairman of the board and chief operating officer, Gas and Power, Engineer Saidu Mohammed, said as an NNPC-owned company, the watch word 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, 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, downstream, as alternate chairman; chief operating officer, refineries, Engineer Anibo Kragha; GGM, shipping, Hajia Aisha Ahmadu Katagun; Yemi Adetunji and some other top management staff.
Obioma Agbambo, company secretary and legal adviser, NNPC Retail, will serve as secretary to the board.
Meanwhile, the NNPC on Sunday, January 21, released 250 trucks of petrol to the Lagos metropolis for effective dispensing at filling stations to forestall any scarcity.
Ndu Ughamadu, the corporation’s Group General Manager, Group Public Affairs Division, disclosed this in an interview with News Agency of Nigeria.
According to him, there has been a slight change in the distribution network in Lagos, as the state is currently being supplied by members of the Major Oil Marketers Association of Nigeria.
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