NNPC To Close Down 500 Retail Outlets Due To Fraud, Says GMD

The Nigerian National Petroleum Corporation (NNPC) has stated that it will scrap over 500 retail outlets due to inherent fraud along its value chain....



The Group Managing Director (GMD) of NNPC, Dr. Ibe Kachikwu, stated this in Lagos State at the weekend
while addressing journalists on his agenda for the corporation.


According to him, "we started our retail business with about 23 filling stations of our own. But right now, we
have affiliates of about 500 filling stations.


"How do you grow from 20 to 500 in two years without institutional supports? What has happened is that there
is a lot of fraud nherent in that cycle and lots of products disappear along the
value chain. So we will
revoke the retail licenses to our affiliates and focus on our retail outlets."


He also said that "until a scenario came in, the amount of money that was being put into the retail business was
affected and nobody was collecting it.