NNPC Retail, a subsidiary of the National Petroleum Company Limited (NNPCL) made N18.4 billion in the first quarter of 2023, after acquiring OVH Energy in 2022.
Group Chief Executive Officer, Mele Kyari, disclosed this while addressing the House of Representatives Ad-Hoc Committee on the OVH Acquisition by the NNPCL on Friday.
In a post on its X handle on Friday, the company said while addressing the House, Kyari said: “We are happy with the acquisition of OVH. For instance, in 2021 before the acquisition, NNPC Retail made N6.93bn profit. But in one quarter after the acquisition (1st Qtr 2023), we made a profit of N18.4bn. This is all as a result of the acquisition.
“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.”
Kyari decried allegations against the acquisition of OVH, describing it as 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,” Kyari added.
Earlier in his opening remarks, the House Majority Leader, Hon. Prof Julius Ihoenvbere, who represented the Speaker, said the NNPCL is not a government agency anymore. But whatever the company does attracts public attention.