NNPC Retail made N18.4 billion in the first quarter of 2023, after acquiring OVH Energy in 2022, Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) has said.
Kyari, who said this on Friday when he addressed the House of Representatives Ad-Hoc Committee on the OVH Acquisition by the company, added that since the acquisition of the OVH, NNPCL’s profit margin has grown.
In October 2022, NNPC Limited acquired Oando retail brand, OVH Energy Marketing.
According to the NNPCL GCEO, the profit would not have been possible if the company had not acquired the retail company.
“NNPCL is a creation of the federation with over 200 million Nigerians as shareholders. The Petroleum Industry Act (PIA) also grants us the mandate to guarantee national energy security. On this basis, it is duty-bound on us to increase our market share.
“Allegations against the acquisition of OVH are painful because they are not true. We believe that the only way we can grow our market share is by expanding our business. Since the acquisition of OVH, the profit margin of NNPC Retail has jumped.
“In every merger and acquisition, there is a transition period. We are rising to those challenges brought about by the transition. We are also ensuring that none of our staff at NNPC Retail is victimized. Staff are placed where they are best fit towards optimum performance.”
