The Nigerian National Petroleum Company Limited (NNPCL) has officially transferred all its retained assets to OVH Energy Marketing Limited, the operator of Oando Petroleum, a company owned by Wale Tinubu, a nephew of President Bola Tinubu, MUK TV has learned.
This move follows a court approval that allows NNPCL to hand over its retail ownership and assets to OVH.
NNPCL Retail, which serves as the primary importer of petrol in Nigeria, is now under the management of OVH Energy Marketing, according to Peoples Gazette.
Back in October 2022, NNPCL announced the acquisition of OVH Energy Marketing, which owns and operates Oando’s downstream assets.
This came just a month after Nueoil Energy Limited had acquired OVH.
The transaction allowed NNPCL to leverage OVH’s success and expand its presence across Nigeria using the Oando service outlets.
In June 2024, NNPCL, OVH, and Nueoil jointly petitioned the Federal High Court in Lagos, presided over by Justice C.J. Aneke, requesting the dissolution of NNPC Retail and Nueoil without winding them up.
They also sought approval to transfer all assets to OVH Energy Marketing. Justice Aneke granted the eight orders, effectively making the merger official as of January 2024.
However, the manner in which this transaction was executed has raised significant concerns.
An NNPC Retail employee criticized the deal as “criminal.”
Further investigation by Premium Times revealed discrepancies in the number of filling stations claimed by OVH Energy during merger discussions.
More so, the discovery that OVH Energy’s former CEO, Huub Stokman, has now become NNPC Retail’s new Managing Director has added another layer of complexity to the already controversial deal.
