NNPC Retail inaugurates new board of directors

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…To build new depots

Nigerian National Petroleum Corporation (NNPC) has constituted a new Board of Directors for its retail subsidiary, NNPC Retail.

According to a statement by the spokesman of the corporation, Mr. Ndu Ughamadu, the new board has the Chief Operating Officer (COO), Gas and Power at the corporation, Engr. Saidu Mohammed, as Chairman; while the Chief Operating Officer (COO), Downstream, Engineer Henry IkemObih, is alternate Chairman.

Mr. Yemi Adetunji is Managing Director of the Company, Company Secretary and Legal Adviser, NNPC Retail, Mrs. Obioma Agbambo, who serves as Secretary to the board.

Other members of the board, according to the statement are: COO in charge of Refineries, Engr. Anibo Kragha; Group General Manager (GGM) in charge of Shipping, Hajia Aisha Ahmadu Katagun; and Mr. Yemi Adetunji.
Other members of the company’s management staff complete the number, MrUgahamadu stated.

The statement has it that new team has responsibility to develop new faciltities to enhance products handling capacity of the company which operates a chain of filling stations across key urban centers in the country. more specifically, the company is required to build more depots across the country.

NNPC Group Managing Director, Dr. Maikanti Baru who inaugurated new board in Abuja challenged NNPC Retail limited to build more storage facilities in the country in addition to the corporation’s existing 23 depots nationwide in order to ease products supply and distribution in the country.

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.

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