Nigeria’s state-owned oil company, the Nigeria National Petroleum Corporation, NNPC is planning to deepen its operations in the retail segment of the oil and gas sector.

In a statement on Tuesday, Group Managing Director of the NNPC, Dr Maikanti Baru says the corporation’s downstream subsidiary, NNPC Retail Limited, now holds 14% of the share of petroleum products retail business in Nigeria.

As a result, the company will go ahead to establish more mega stations and is in the process of identifying the areas where such stations will be economically viable.

Baru explained that NNPC Retail would also continue to set up standard stations that would fit into the domains where they operate.

He disclosed that the focus of the management of NNPC, as owners of the company, was to ensure that its stations were in every nook and cranny of Nigeria.

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Speaking at the 1st to 5th Annual General Meeting of the NNPC Retail Limited, Baru said: “Today’s AGM is in line with our drive to sanitise all our books and bring them to currency.

“The management of the NNPC is committed to ensuring that the books of all the entities within the NNPC are up to date.”

According to him, the meeting combined all the accounts of 2012, 2013, 2014, 2015 and 2016, which have all been audited and the Board of Directors have recommended them to the shareholders at the meeting.

He urged the management of NNPC Retail to focus on its non-fuel products and services, particularly those with the potential to make lots of profit.

The statement also quoted the NNPC Chief Operating Officer, Gas and Power, Mr Saidu Mohammed, as saying that the management and staff of the company were committed to enhancing the NNPC Retail’s non-fuel businesses.

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