The Nigerian National Petroleum Company Limited (NNPC) has increased its petrol retail outlets to 1,500. This is following the acquisition of the downstream assets of OVH-Oando.
In a statement cited by BizWatch Nigeria, the corporation said the acquisition of Oando’s downstream assets would position it as the largest petroleum products retail network in Africa.
“The acquisition will bring over 380 additional filling stations under NNPC Retail brand in Nigeria and Togo, on our journey to attaining 1,500 stations. We will be the largest petroleum product retail network in Africa,” the statement quoted Margary Okadigbo, the Board Chairman of NNPC, as saying at the unveiling ceremony that was held on Saturday, October 1, 2022.
Revealing why the Oando downstream assets were acquired, Okadigbo explained that the corporation sought to strengthen its business portfolio, especially as it relates to profit-making.
“In order to strengthen our downstream business portfolio to enhance profitability and guarantee National Energy Security, NNPC has under an Accelerated Network Expansion (ANEX) Initiative completed the acquisition of OVH downstream assets including reception jetty (ASPM) with 240,000MT monthly capacity, eight LPG Plants, three Lubes blending plants, three Aviation Depots, and 12 warehouses,” she added.
Mele Kyari, the Group Managing Director of the state-owned oil and gas company, on his part, spoke about the modules of operations since the acquisition had been concluded.
The corporation’s chief revealed that Oando filling stations would be merged with NNPC Retail Limited.
According to Kyari, the acquisition would see NNPC Retail Limited building on the existing success of OVH and operating model service outlets leveraging OVH’s extensive asset base and commercial capabilities.
“Our acquisition of OVH.brings more NNPC branded fuel stations under the NNPC Retail Limited umbrella, providing wider access for our customers, an enriched supply chain, and product availability across our different locations,” Kyari stated.
