Chief Executive Officer of the Nigeria National Petroleum Company Limited, (NNPCL), Mele Kyari, has revealed that the organization through its retails aubaidiary made a profit of N18.4 billion in the first quarter of 2023.
Kyari who spoke at the resumed investigative hearing of the House of Representatives’ Ad-hoc Committee investigating the acquisition of OVH Energy by NNPCL, on Friday said the organisation did nothing wrong in the acquisition as it was purely a business decision that has begun to yield result in less than a year after.
According to him, the company at the moment, have over 900 fuel stations spread across the country, while controlling about 30 percent of market in the downstream sector, saying that “this company came into existence as a result of the passage of the Petroleum Industry Act which included the creation of a commercial oil company that will work for all”.
Hear continued that “You also decides that the shareholders of this company will be the federation meaning that the overall 200 million Nigerians are shareholders in this company. The PIA also mandate this company to be the energy guarabtor for this country. So, it is not an option for this company to do otherwise.
“It is part of the law that we should protect national interest in a way to guarantee energy security. It is very clear that there is huge relationship between energy security and national security anywhere in the world. Countries go to war to ensure energy security.
“It is on the basis of this and to discharge our responsibility as proscribed by the law, we do need to have capacity to have control over the down stream sector of the economy”.
Chairman of the Committee, Hon. Hassan Nalarabal commended the NNPCL, boss, Kyari for clearing the air on the petition before the committee on the matter, noting that the committee will conduct an oversight visit to the OVH facilities to ascertain what is on ground.l
“To whom much is given , much is expected. Let me talk like the president, I don’t envy you , I don’t envy you at all, you requested for the job and so we expect much from you”, he said.