NNPCL gets N18.4 billion profit in 4 months

The Group Chief Executive Officer of the Nigeria National Petroleum Company Limited (NNPCL) Mele Kyari, says the company has made a profit of N18.4 billion in the first quarter of 2023.

Mr Kyari disclosed this at the resumed investigative hearing of the house of Representatives Ad-hoc Committee on the Acquisition of OVH Energy by the NNPCL.

This he said was as a result of acquisition of the company OVH energy, which has also resulted in the corporation controlling 30% of the downstream sector.

According to him, the corporation has been operating at a loss for a long time.

“We were struggling to reach fifteen percent of market share in the past, but with this acquisition, we are now hitting up to thirty percent in less than a year.

“This is the dramatic that has happened to the NNPCL as a result of this acquisition and nothing wrong was done in the process as due process was followed. He said.

The chairman of the committee, Hassan Nalaraba, stated that the committee would conduct an oversight visit to the OVH facilities to ascertain what is on ground.

The Leader of the House, Professor Julius Ihonbvere, who represented the Speaker, Dr Tajudeen Abbas said the 10th assembly would work with other arms of government to reposition the energy sector.

Leave a Reply

Your email address will not be published. Required fields are marked *