NNPC to build more depots, expand market share

The Nigerian National Petroleum Corporation (NNPC) plans to build more petroleum product depots across the country, Group Managing Director of the corporation, Dr Maikanti Baru said.

He disclosed this on Monday in Abuja while inaugurating the board of NNPC Retail Limited, one of NNPC’s downstream companies.

Baru said the addition to the corporation’s existing 23 depots nationwide would ease products supply and distribution.

The GMD who charged 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.

According to a statement by NNPC spokesman, Ndu Ughamadu, Baru tasked the board to aggressively see to the expansion of the NNPC Retail beyond the shores of Nigeria, adding, “By mid2019, you should be having plans to go into the subregion, 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 in line with the corporation’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, Yemi Adetunji, said the targets were achievable especially with the support of the board and management of the company.

Other members of the board include: Henry Ikem Obih, Chief Operating Officer (COO), Downstream, as alternate chairman; COO, Refineries, Anibo Kragha; GGM, Shipping, Hajia Aisha Ahmadu Katagun; 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.