The Group Chief Executive Officer of the Nigeria National Petroleum Company Limited NNPCL Mr Mele Kyari, says the company retail has made a profit of 18.4 billion naira 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 percent 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.
The chairman of the committee Mr Hassan Nalaraba, stated that the committee would conduct an oversight visit to the OVH facilities to ascertain what is on ground.
The Speaker Dr Tajudeen Abbas, represented by the house leader Professor Julius Ihonbvere, said the tenth house would work with other arms of government to reposition the energy sector.
According to the Speaker, the Investigative hearing is not a conflict, but shared understand and exchange of ideas and mutual respect, saying there is nothing the NNPCL will do that would not attract public interest.