NNPC moves to acquire 30% market shares in petrol retailing.
The Nigerian National Petroleum Corporation (NNPC) is working on increasing penetration in the downstream sector to enable it to capture 30 percent of the retail market in the country.
The Group Managing Director of the corporation, Dr. Maikanti Baru, yesterday in Abuja said the state oil firm would reach the mark by 2020 from the current level of 14 percent.
Baru, who spoke at the first triennial delegates conference of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), NNPC Retail Branch, said the company was acquiring land across the country to ensure the plan becomes a reality through its subsidiaries, NNPC Retail Limited.
Baru stated that NNPC was determined to ensure that the prevailing availability of petroleum products across the country is sustained as arrangements have reached the advanced stage to acquire more landed property in Abuja and across the states to build more NNPC retail outlets.
Former Group Managing Director of NNPC, who chaired the occasion, Dr. Jackson Gaius-Obaseki, said the corporation deserved commendation for public accountability, following its periodic and prompt reporting of the company’s operations and financial transactions.
Gaius-Obaseki, who is also the Chairman of Brass LNG, said: “The current NNPC top management led by Baru, must be commended for updating the books of NNPC business units. This is reflective of what used to be. This must be sustained as NNPC business performance should be reported as stipulated in the enabling laws.”
Gaius-Obaseki stated that the decision to establish the NNPC Retail in 2002 had yielded the desired result, with the mega stations across the country servicing the petroleum needs of the people. He noted that unlike the situation in the past, Nigerians now enjoy fuel availability through the effort of the NNPC Retail Limited.
He charged the union to be focused in their relationship with management to enable both parties to work efficiently for the benefit of Nigerians.
“Unionism must move away from strikes and protest to developmental focus. We must move away from being a combative group as a union but be forward-looking and join management in the development of business,” he stated.
In his presentation titled: NNPC Retail Limited: Yesterday, Today and Tomorrow, Managing Director of NNPC Retail Limited, Adeyemi Adetunji, said the company was moving from a cost center to profit-making entity.
Adetunji assured Baru that the company would hit the 30 percent market share target set by corporation’s helmsman.
President of PENGASSAN, Francis Johnson said the union members would be encouraged to assist the NNPC Retail management in achieving its target.