NNPC to make subsidiaries profit centre – GMD

ABUJA – The Nigerian National Petroleum Corporation (NNPC) on Thursday said it had stepped up measures to make many more of its subsidiaries profit centres. This is contained in a statement issued by Mr Ohi Alegbe, NNPC Group General Manager, Group Public Affairs Division, in Abuja. According to the statement, the Group Managing Director (GMD) of NNPC, Mr Andrew Yakubu, stated this at a town hall meeting held at the Port Harcourt Refining Company (PHRC), Port Harcourt. Yakubu said the subsidiaries would be commercially focused and profit-oriented in preparation for the post-Petroleum Industry Bill era. He said efforts by the corporation had begun to yield positive results with more of the Strategic Business Units (SBUs) of the corporation transiting from cost centres to profit centres.

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[eap_ad_1] The GMD said that more subsidiaries of the corporation were also beginning to make profit in their day-to-day operations He attributed the feat to some initiatives he introduced upon assumption of office two years ago. Yakubu said the Nigerian Petroleum Development Company, the Nigerian Gas Company and NNPC Retail Ltd., were the only SBUs running at a profit in the past. He said more subsidiaries, including the three refineries, had joined the train of profit centres as a result of the introduction of a scheme to supply crude oil to them by marine vessels. Yakubu explained that the scheme was developed as a result of the constant attacks on the crude supply pipelines which created crude supply challenges for the refineries over several years. The GMD said that for NNPC to live up to its full potential and fulfil its glorious destiny, it must adopt a radical change in its operational attitude. He said the NNPC was willing to support any SBU with innovative ideas on how to operate more efficiently and grow profit. (NAN)


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