The Nigerian National Petroleum Company Limited (NNPCL) has reportedly transferred its retail assets to OVH Energy Marketing Limited, owners of Oando Petroleum and a company affiliated with President Bola Tinubu’s nephew, Wale Tinubu.
According to exclusive reports from People’s Gazette, this move follows a court ruling that authorized the transfer, enabling OVH Energy Marketing to take over NNPCL’s petrol stations.
The NNPCL Retail is primary importer of petrol in Nigeria.
The origins of this transfer can be traced back to October 2022, when NNPCL announced the acquisition of OVH Energy Marketing from Nueoil Energy Limited.
This acquisition allowed NNPCL to expand its reach by leveraging OVH’s established network of service outlets across Nigeria.
Prior to the transfer, NNPCL, OVH, and Nueoil jointly approached the Federal High Court in Lagos, requesting the dissolution of NNPC Retail and Nueoil without liquidation.
They also sought approval for the transfer of assets to OVH Energy Marketing, which was subsequently granted by Justice C.J. Aneke, making the merger effective from January 2024.
The transaction has, however, sparked concerns.
Some NNPCL Retail employees have expressed dissatisfaction with the process, and investigative reports have revealed inconsistencies in OVH Energy’s reported number of filling stations during merger negotiations.
The appointment of Huub Stokman, OVH’s former CEO, as the new Managing Director of NNPC Retail, has further complicated the situation.
