The Nigeria National Petroleum Company (NNPC) Ltd has debunked speculation that it plans to relocate its headquarters from Abuja to Lagos State.
The Group Chief Executive Officer, Mr Mele Kyari, made the rebuttal on Friday when he appeared before an ad hoc committee of the House of Representatives for an investigative hearing on the allegation of corrupt acquisition of OVH Energy by NNPC.
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According to Mr Kyari, the acquisition of OVH Energy was properly done and has given the NNPC over 30 percent control of the downstream sector with a profit of N18.4 billion in the first quarter of 2023 alone.
Mr Kyari said due process was followed in the acquisition of OVH Energy.
“We are happy with the acquisition of OVH. For instance, in 2021 before the acquisition, NNPC Retail made N6.93bn profit. But in one quarter after the acquisition (1st Qtr 2023), we made a profit of N18.4bn. This is all as a result of the acquisition.
“NNPCL is a creation of the federation with over 200 million Nigerians as shareholders. The Petroleum Industry Act (PIA) also grants us the mandate to guarantee national energy security. On this basis, it is duty-bound on us to increase our market share,” Kyari said.
