HighlightOil & Gas

Baru Led NNPC to Build More Depots, Expand Market Share

247

NNPC Group Managing Director, Dr. Maikanti Baru said Monday that the corporation is set to build more depots across the Country to ease products supply and distribution.

Baru, made the disclosure while inaugurating the board of one of its downstream Companies, NNPC Retail limited, said it will be addition to the corporation’s existing 23 depots nationwide.

Dr. Baru 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.

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.

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 an 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, 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, 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.

Leave a comment

Related Articles

Breaking: FAAN shuts down KFC outlet at Lagos Airport over discrimination against ex-Gov Daniel’s son

Barely 24 hours after Debola Daniel, son of former Ogun State Governor...

Atiku’s campaign DG switches loyalty, drums support for Tinubu, Fubara

A chieftain of the People’s Democratic Party (PDP) in Rivers State, who...

Just in: FCT court discharges, acquits ex-AGF Adoke in OPL 245 fraud charge

The FCT High Court in Jabi, Abuja, on Thursday dismissed the charges...

63-year-old woman, teenage girl, two others killed in U.S. stabbing spree

A man armed with a knife went on a stabbing spree in...

FG to collect only nine types of taxes, says FIRS chairman

The Federal Inland Revenue Service (FIRS) says in line with the presidential...

After 14 days in detention, First News editor, Segun Olatunji, breathes air of freedom

The Editor of FirstNews, a digital newspaper, Segun Olatunji, on Thursday regained...

N3trn budget padding: Sen. Ningi threatens legal action if suspension is not lifted in seven days

Abdul Ningi, the senator representing Bauchi Central, has given Senate President Godswill...

Reduction of petrol pump price: It’s bush telegraph, says NNPCL’s spokesman, Soneye

The Nigerian National Petroleum Company Limited (NNPCL) has denied reports making the...

Eniola Ajao apologizes over “AJAKAJU” movie premiere controversy

Actress Eniola Ajao has issued an apology to the public in the...

Ex-Presidential media aide, Akande criticises LP’s leadership, urges party’s alignment with national interest

Mr. Laolu Akande, a former presidential assistant, has expressed dissatisfaction with the...

Economic hardship: Ogun Govt. begins sale of rice at 50 percent price reduction to workers, public

Ogun Governor, Dapo Abiodun, has announced that his administration will start selling...

FG committed to steel industry revitalization to drive infrastructural development, says Industry Minister, Dr Uzoka-Anite

The Federal Government is committed to industry rehabilitation, with a focus on...

Easter: FG declares Friday, March 29, Monday, April 1 public holidays

The Federal Government has declared Friday, March 29, and Monday, April 1,...

Fake, unwholesome products: NAFDAC seals 10 bakeries, 8 table water factories in Rivers

The National Agency for Food and Drug Control (NAFDAC) has shut down...

Climate change, food security: AfDB approves $50 million for Yobe State

The African Development Bank Group (AfDB) has granted a $50 million loan...

Ex Guinea-Bissau President’s Son Jailed in U.S. for Drug Trafficking

Malam Bacai Sanha Jr, the son of a former president of Guinea-Bissau,...

Few weeks to party primary, leading Ondo APC governorship aspirant, Dr. Paul Akintelure, passes away

Dr. Paul Akintelure, a prominent candidate for governorship in Ondo State who...

IPOB, bandits using betting sites, crowdsourcing to finance terrorism – NFIU

The Indigenous People of Biafra (IPOB), bandits, and other terror organizations are...

EU launches €9m energy projects in Nigeria

The European Union (EU) has unveiled two new initiatives worth €9 million...

Don’t sell dollar above N1,269, CBN orders Bureau de Change

As part of measures to strengthen the naira against the dollar, the...