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NNPC Retail Ceases Operations: Ownership Transferred to OVH Energy Marketing Limited

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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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Security Breach: Osun Accord Party Chairman Critically Injured After Vicious Late-Night Attack

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Asimiyu Ajibola, the Accord Party (AP) Chairman for Osogbo Local Government Area in Osun State, is fighting for his life following a targeted shooting on Wednesday night in Osogbo.....KINDLY READ THE FULL STORY HERE▶

Ajibola, widely known as Baba Isila, was ambushed along with his associates around 9:50 pm near the Community Bank in the MDS area. Eyewitnesses reported that suspected gunmen opened fire on a blue Toyota Corolla carrying Ajibola and his friends.

One occupant of the vehicle described the terrifying ordeal, stating that the attackers chased their car while firing repeatedly. They managed to drive to the Dugbe Divisional Police Headquarters for refuge, after which the assailants fled the scene.

Ajibola sustained severe injuries in the attack and was immediately rushed to the UNIOSUN Teaching Hospital, Osogbo, where he remains in critical condition.

The Osun State Commissioner for Information and Public Enlightenment, Kolapo Alimi, strongly condemned the violence and demanded a swift, thorough investigation. He stressed that the attack appeared to have political undertones and urged the police to act professionally and impartially to bring the perpetrators to justice.

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“Your Anger Is Misplaced!”: Oby Ezekwesili Exposes The Danger Of Shifting Accountability.to Pastor Adeboye

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Former Minister of Education, Obiageli Ezekwesili, has called on Nigerians to stop targeting the general overseer of the Redeemed Christian Church of God (RCCG), Enoch Adeboye, with their frustrations regarding the state of the nation. She contends that the clergyman is being incorrectly singled out and is not to blame for Nigeria’s current difficulties.....KINDLY READ THE FULL STORY HERE▶

Ezekwesili emphasized the following points in her statement:

  • She characterized Adeboye as a humble servant of God who has spent his life advocating for peace and national development.

  • While acknowledging that many Nigerians want religious leaders to be more vocal in demanding government accountability, she maintained that Adeboye has consistently offered prayers and spoken up for the nation.

  • She explained that long-standing issues—such as systemic corruption, economic hardship, and insecurity—have left Nigerians exhausted and deeply distrustful of politicians, institutions, and influential figures.

  • She warned that the country has a tendency to prioritize less significant issues rather than addressing urgent national crises.

  • Ezekwesili noted that while Adeboye typically responds to criticism with “dignified silence,” she felt compelled to speak publicly to refocus attention on the “urgency of this moment” and the core issue: the need for religious leaders to help rescue the nation from “ineffectual, corrupt, and selfish politicians”.

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Power And Protest: Aso Villa Under Guard As Nation Demands Answers For Captive Pupils And Teachers.

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Early Thursday morning, heightened security measures were implemented around the Presidential Villa in Abuja in anticipation of a protest regarding the continued abduction of students and teachers by terrorists. A wide array of security forces—including the military, police, the Department of State Services (DSS), the Nigeria Security and Civil Defence Corps (NSCDC), the Nigeria Immigration Service (NIS), and the Vigilante Group of Nigeria—were stationed at key locations.....KINDLY READ THE FULL STORY HERE▶

The security operation led to significant disruptions, including:

  • Checkpoints and barricades were established on major roads leading to the Villa, restricting both vehicular and pedestrian traffic.

  • Many employees were unable to reach their workplaces due to these movement restrictions.

  • Heavy traffic congestion occurred along the corridors of the Supreme Court, the National Assembly, and the Federal Secretariat, leaving many commuters stranded and forcing others to find alternative routes.

The demonstration, organized by human rights activist and African Action Congress presidential candidate Omoyele Sowore alongside the Take It Back Movement, was planned to begin at Eagle Square before moving toward the Presidential Villa. The primary goal of the protest is to demand the immediate release of all victims kidnapped nationwide. Furthermore, organizers have called for President Bola Tinubu to either ensure the safety and release of the captives or resign, citing a perceived failure of the government to protect citizens. This protest reflects growing public outcry regarding the frequency of school attacks and kidnappings, as well as a broader demand for increased accountability and improved security across Nigeria.

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