NNPC records N18.4 billion profit in Q1 2023

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NNPC records N18.4 billion profit in Q1 2023
NNPC records N18.4 billion profit in Q1 2023

Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), revealed that NNPC Retail recorded a profit of N18.4 billion in the first quarter of 2023 after the acquisition of OVH Energy in 2022.

Kyari made this statement during his address to the House of Representatives Ad-Hoc Committee on the OVH Acquisition by the NNPCL in Abuja.

The House Majority Leader, Hon. Prof Julius Ihoenvbere, representing the Speaker, acknowledged that NNPCL is no longer a government agency but emphasized that its activities still draw significant public attention.

Mele Kyari pleased With OVH acquisition

Kyari expressed satisfaction with the acquisition of OVH, highlighting the substantial increase in NNPC Retail’s profit margin.

He stressed that NNPCL, with over 200 million Nigerians as shareholders and a mandate to ensure national energy security, is obligated to expand its market share.

He refuted allegations against the OVH acquisition, stating that the company is addressing challenges arising from the transition and ensuring that no NNPC Retail staff face victimization.