NNPC Buys Oando Filling Stations, Others Assets, Promises Move Is to Help Company Make Money for Nigerians
- National Petroleum Company Limited (NNPCL) completed its first significant acquisitions after becoming a public limited company
- Oando filling stations are one of the popular assets it has purchased on its way to becoming Africa's leading oil and gas firm
- NNPC promises that the new purchases would help generate lots of cash for shareholders
The Nigerian National Petroleum Company Limited (NNPCL) has acquired all 380 Oando retail outlets, aviation and gas brands nationwide from OVH Energy
Group Chief Executive Officer NNPC Limited, Mele Kyari, disclosed this while unveiling one of the new NNPC Ltd stations, formerly Oando in Abuja.
Leadership reports that Kyari said the acquisition of Oando will strengthen its operations in the downstream business portfolio, enhancing profitability and guaranteeing National Energy Security.
Source: Twitter
Kyari's speech during the unveiling of filling stations
Explaining in detail some of the acquisitions, Kyari lauded President Muhammadu Buhari, the Minister of Petroleum, for laying the foundation for improving energy access.
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He said:
“NNPC has under an Accelerated Network Expansion (ANEX) Initiative completed the acquisition of OVH downstream assets including reception jetty (ASPM) with 240,000 metric tons monthly capacity, eight Liquefied Petroleum Gas (LPG) plants, three lubes blending plants, three aviation depots, and 12 warehouses,” he said.
“The acquisition is absolutely not about assets, we are building relationships. At this moment, we are the largest downstream company in Nigeria and by this merger, we are also likely going to be the largest downstream company in Africa.”
“With the new assets we are poised to becoming the largest petroleum products Retail network on the African continent.
He also assured the 200 million shareholders and Nigerians that the firm will prudently manage the business, noting, “We will make money for NNPC because this is a very profitable business.
NNPC Is now Nigeria’s biggest company by shares Capital As It Enters a New Era After 44 Years
Legit.ng reported that President Muhammdu Buhari on Tuesday, 19 July 2022, officially change the status of the Nigerian National Petroleum Company Limited (NNPC) to become a fully Limited Liability Company.
NNPC's operations will now be fully compliant with the terms of the Companies and Allied Matters Act (CAMA) of 20.
NNPC, on the other hand, established an initial share capital of N200 billion when it was incorporated with the Corporate Affairs Commission.
Source: Legit.ng
