NNPCL Retail Records N18.4bn Profit

NNPC Retail made N18.4 billion in the first quarter of 2023, after acquiring OVH Energy in 2022, Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) has said.   Kyari, who said this on Friday when he addressed the House of Representatives Ad-Hoc Committee on the OVH Acquisition by the company, added that since the acquisition of the OVH, NNPCL’s profit margin has grown.   In October 2022, NNPC Limited acquired Oando retail brand, OVH Energy Marketing. According to the NNPCL GCEO, the profit would not have been possible if the company had not acquired the retail company. “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. “Allegations against the acquisition of OVH are painful because they are not true. We believe that the only way we can grow our market share is by expanding our business. Since the acquisition of OVH, the profit margin of NNPC Retail has jumped. “In every merger and acquisition, there is a transition period. We are rising to those challenges brought about by the transition. We are also ensuring that none of our staff at NNPC Retail is victimized. Staff are placed where they are best fit towards optimum performance.”

Consumer shopping, hospitality, boost UK economy

The UK economy bounced back in April after it was boosted by stronger consumer spending in shopping and hospitality. UK gross domestic product (GDP) increased by 0.2 percent for the month after a 0.3 percent fall in March, the Office for National Statistics (ONS) revealed. The latest figure was in line with forecasts for the month from economists. ONS director of economic statistics Darren Morgan said: “GDP bounced back after a weak March. “Bars and pubs had a comparatively strong April, while car sales rebounded and education partially recovered from the effect of the previous month’s strikes. “These were partially offset by falls in health, which was affected by the junior doctors’ strikes, along with falls in computer manufacturing and the often-erratic pharmaceuticals industry. “House-builders and estate agents also had a poor month.”