x

**NNPCL Reports N18.4 Billion Q1 Profit Following OVH Acquisition, Says Mele Kyari**

By Daniel Edu

The Nigerian National Petroleum Company Limited (NNPCL) has achieved a profit of N18.4 billion in the first quarter of 2023, less than a year after its acquisition of OVH Energy. Mele Kyari, the Group Managing Director of NNPCL, disclosed this during an investigative hearing of the House of Representatives ad-hoc committee in Abuja.

Kyari highlighted the remarkable financial growth, noting that the highest profit recorded by NNPC Retails Limited in the past five years was N6.59 billion in 2021. However, following the acquisition of OVH, the company’s Q1 2023 profit surged to N18.4 billion. He attributed this success to the company’s expansion, improved brand recognition, and increased market share.

He explained that NNPC Retail Limited was established in 2000 but struggled to grow organically until the acquisition of OVH. Before the acquisition, the company owned only 48 fuel stations and had several non-functional affiliates nationwide, which hindered its growth. Kyari emphasized the strategic importance of asset acquisition in achieving the company’s objectives and complying with the Petroleum Industry Act (PIA).

Kyari acknowledged that NNPC had been operating at a loss for many years but has now transformed into a profit-making company, declaring profits for its shareholders. He emphasized that the acquisition of OVH allowed the company to expand its portfolio and gain a 30% market share in the downstream sector, a significant achievement in the industry.

He concluded by noting that such acquisitions are rarely publicly announced by companies.

Hot this week

Pray for Peace, Development of Nigeria, Mahmoud Urges FCT Christian Pilgrims

By Joyce Remi-Babayeju FCT Minister of State, Dr. Mariya Mahmoud,...

Sokoto-Badagry Superhighway to Boost Trade, Regional Integration

By Muhammad Ibrahim, Sokoto The Sokoto-Badagry Superhighway project, a major...

NCPC, Israel Foreign Affairs Spark Talks On Strengthening Bilateral Relations

By Joyce Remi-Babayeju The Executive Secretary of the Nigerian Christian...

NUPENG Suspends Strike as Dangote Agrees to Unionisation Demands

The Nigeria Union of Petroleum and Natural Gas Workers...

Kano Gov Moves to Empower 44 LGAs with Full Autonomy

By Jabiru Hassan Kano State Governor, Alhaji Abba Kabir Yusuf,...

Pray for Peace, Development of Nigeria, Mahmoud Urges FCT Christian Pilgrims

By Joyce Remi-Babayeju FCT Minister of State, Dr. Mariya Mahmoud,...

Light Up Abuja Programme: Wike To Flag-Off Construction of New Roads, Light Projects

By Joyce Remi-Babayeju The Minister of Federal Capital Territory (FCT),...

Tinubu tasks Catholic Bishops on national peace and development

By Ogenyi Ogenyi, Uyo President Bola Tinubu has called on...

CSGGG Hails Rivers Sole Administrator’s Leadership

…Says Peace Brokered, Trust Restored…Lauds Transformative Governance, Credits Tinubu’s...

Tribune Abuja Bureau Chief, Dr. Leon Usigbe, Laid to Rest Amid Cries, Tributes

By Joyce Remi-Babayeju The late Tribune Abuja Bureau Chief, Chief...

Breaking: FG Set to Integrate Organ Transplant Services Into NHIA

… To End Unethical Local Organ Transplantation Practices By Joyce...

Atissa Youth Council Urges NDDC to Rescue Famgbe, Obogoro from Erosion

By Amgbare Ekaunkumo, Yenagoa Two historic communities in Bayelsa State,...

Sokoto-Badagry Superhighway to Boost Trade, Regional Integration

By Muhammad Ibrahim, Sokoto The Sokoto-Badagry Superhighway project, a major...

Related Articles

Popular Categories

spot_imgspot_img