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NNPCL records N18.4bn Q1 profit after OVH acquisition

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The NNPCL’s Group Managing Director, Mele Kyari, stated this in Abuja, at the resumed investigative hearing of the ad-hoc committee of the House of Representatives on Friday.

According to him, “Five years backward, the NNPC Retails Limited’s highest profit came in 2021 at N6.59bn. But in the first quarter of 2023, after the acquisition of OVH, we made a profit of N18.4bn. It is nothing because we have expanded. We have more footprint, better brand and greater capacity in terms of our market share.

“We started NNPC Retail Limited in the year 2000 and until the period of acquiring the OVH chain, we were not able to grow organically. We only had 48 stations that we owned and a mirage of companies that are affiliates all over the country, some of which were not functional fuel stations. They could not serve the purpose because there were dealers who could not pay for the cost of the products and we had locations where we could not guarantee either the quantity or quality of the products sold.

 

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