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NNPC Retail Ceases Operations: Ownership Transferred to OVH Energy Marketing Limited
NNPC Retail Ceases Operations: Ownership Transferred to OVH Energy Marketing Limited
NNPC Retail, the downstream segment of the Nigerian National Petroleum Company Limited (NNPCL), has officially dissolved following a court-approved transfer of its assets and ownership to OVH Energy Marketing Limited. This significant move marks the end of NNPC Retail’s role as the primary importer of petrol in Nigeria.....KINDLY READ THE FULL STORY HERE▶
Court Ruling Finalizes Transfer
The recent court ruling, which took effect on January 1, 2024, effectively hands over control of NNPC Retail to OVH Energy Marketing Limited. This transfer follows a controversial acquisition that raised eyebrows within the industry. An insider at NNPC described the deal as “the most ridiculous business acquisition in the world.”
In October 2022, NNPC had announced the acquisition of OVH Energy Marketing, the owner of Oando’s downstream assets. This strategic move was aimed at expanding NNPC’s operations and enhancing its service outlets. However, the dynamics have shifted dramatically, leading to OVH Energy’s full managerial control of NNPC Retail.
Background of the Acquisition
The acquisition process has been fraught with complications. NNPCL purchased OVH from Nueoil Energy Limited just a month after Nueoil acquired it in September 2022. A joint petition filed by NNPC Retail, OVH, and Nueoil at the Federal High Court sought to dissolve NNPC Retail and transfer its assets to OVH Energy. Justice C.J. Aneke granted all eight orders requested, making the merger effective.
The acquisition encompasses a range of assets from OVH Energy, including a reception jetty with a monthly capacity of 240,000 metric tonnes, eight liquefied petroleum gas (LPG) plants, three aviation depots, and twelve warehouses.
Concerns and Controversies
An investigation by PREMIUM TIMES revealed several concerning aspects surrounding the acquisition. Discrepancies in OVH Energy’s claimed number of filling stations surfaced during merger negotiations, and the appointment of Huub Stokman, OVH Energy’s former CEO, as NNPC Retail’s new Managing Director added complexity to the situation.
The transition has led to a tense work environment, with reports of OVH Energy officials dominating NNPC Retail’s management. Employees voiced their discontent, describing the takeover as “criminal” and expressing frustration over a lack of official communication regarding the changes. One staff member questioned how NNPC Retail, previously profitable, ended up subservient to OVH, stating, “We bought them because we were making profits and needed expansion.”
Ongoing Investigations
In light of these developments, the House of Representatives has initiated an investigation into the acquisition, labeling a report presented on the matter as “suspicious and shabby.” The House Committee on Petroleum Resources (Downstream) is currently conducting this inquiry.
The Nigeria Transparency Council (NTC) also filed a petition demanding an investigation into the NNPCL’s payment of N140 billion for the acquisition of OVH Energy’s downstream assets. Allegations of inflated asset valuations and a lack of transparency in the deal have raised concerns among lawmakers and civic groups.
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