Connect with us

latest

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

Published

on

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.

latest

2027, ‘We Are More Prepared’ – APC Boasts Of Victory, Takes Aim At Atiku And Peter Obi.

Published

on

The All Progressives Congress (APC) has declared that it is better prepared than opposition parties for the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

The ruling party accused former Vice President Atiku Abubakar, the African Democratic Congress (ADC) presidential candidate, and Peter Obi, the presidential candidate of the Nigeria Democratic Congress (NDC), of focusing more on criticising President Bola Tinubu than presenting their own plans for Nigerians.

The APC National Publicity Secretary, Felix Morka, made the remarks during an appearance on Channels Television’s Politics Today on Wednesday.

Morka spoke shortly after the ruling party inaugurated its Presidential Campaign Council in Abuja, stating that the APC had begun putting its campaign plans and structures in place ahead of the elections.

He maintained that the party was taking the 2027 contest seriously and would leave nothing to chance.

According to him, the APC’s performance in bye-elections and other polls conducted since the 2023 general elections demonstrated the effectiveness of its political structures and preparation.

“Virtually all elections that has been called, bye-elections, whatever election, since the last general elections, we’ve won fantastically. There is a reason for that. It is because we prepare, we do not take anything or leave anything to chance,” Morka said.

He explained that the party was finalising its campaign strategies and preparing for a large-scale mobilisation exercise ahead of the polls.

“We prepare, we do our homework, we put together our systems and we trigger massive campaigns, which is what we are about to do,” he stated.

The APC spokesman also dismissed suggestions that the party’s early preparations were a sign of desperation, arguing that planning ahead was a normal responsibility for any serious political organisation.

Morka subsequently criticised Atiku and Obi, accusing them of concentrating on what they believe Tinubu has failed to accomplish rather than explaining what they would do differently if elected.

“So, look, I don’t think it’s a sign of desperation to prepare. As a matter of fact, I think we are more preparing than the people in the opposition,” he said.

He added, “The Atikus, The Peter Obis, who are simply shooting the breeze, doing nothing to speak for themselves rather than tell you what you think the president is not doing or should be doing.”

Morka insisted that the APC remained focused on its own agenda and was determined to contest and win the next general elections.

“We mind our business and we are in this to compete and win the next election,” he added.

During the interview, the APC spokesman was also asked whether Nigerians liked and trusted the ruling party.

Responding, Morka pointed to the party’s control of the federal government and several state governments as evidence of its electoral support.

“First of all, let me remind you that the APC is the governing party in this country, put in office by Nigerians. So, already, the answer to your question has been codified in an election of the APC, that is governing, not just at the centre but in so many states of our country. So, the answer is yes,” he said.

Continue Reading

latest

Adeleke Under Fire As Accord Leaders Raise Alarm Over Role In Tinubu’s 2027 Campaign.

Published

on

Two leaders of the Accord Party in Lagos State have called on Osun State Governor Ademola Adeleke to clarify his loyalty to the party following his reported appointment as coordinator of President Bola Tinubu’s 2027 presidential campaign in Osun.....KINDLY READ THE FULL STORY HERE▶

The leaders, Oke Sewedo, a party chieftain in Lagos West Senatorial District, and Oladeji Oluwatosin, the Lagos State chairman of the Accord Party, made the demand in an open letter addressed to Adeleke and the party’s national leadership.

They warned that Adeleke’s reported involvement in Tinubu’s re-election campaign could undermine the electoral prospects of Accord candidates in Osun and other parts of the country ahead of the 2027 general elections.

In the letter, the duo reminded the governor that he contested and won the Osun governorship election on the platform of the Accord Party.

“Your Excellency, Senator Ademola Jackson Nurudeen Adeleke, contested and won the Osun State governorship election on the platform of the Accord Party.

“That victory was not merely a personal achievement; it was also a significant moment for our party and its members, who believed that Accord could provide a fertile and credible platform for grooming great political minds and careers, good governance, exemplary leadership and political change that will birth the new Nigeria of our national dream.

“However, the recent announcement naming Your Excellency as the Osun State coordinator of President Bola Ahmed Tinubu’s 2027 presidential campaign has understandably raised serious questions among party faithful,” they stated.

The party leaders questioned how a governor elected under the Accord platform could lead the presidential campaign of a candidate from another political party while Accord was preparing to field its own candidates for the same elections.

They cautioned that the development could jeopardise the party’s chances, particularly in Osun, where its candidates would be contesting for seats in the Senate, House of Representatives and other legislative positions.

“The concern is straightforward: how can a sitting governor elected under Accord simultaneously coordinate the presidential campaign of a candidate belonging to another political party, while Accord itself is preparing its candidates and supporters for the same general election?

“This portends grave danger to the electoral aspiration and prospect of Accord candidates in Osun State and Nigeria at large,” the letter read.

Sewedo and Oluwatosin further argued that Adeleke’s reported role could deprive Accord candidates of the electoral advantage they might otherwise gain from the governor’s political influence and support.

They emphasised that their concerns were not driven by personal grievances or disrespect for the office of the governor. Instead, they said the matter raised questions about the obligations of elected officials to the political parties through which they secured their mandates.

“These concerns are not accusations of wrongdoing. They are legitimate political questions that deserve a clear response from both the governor and the party leadership,” the letter added.

The Lagos Accord leaders subsequently urged Adeleke to state his political position clearly and demonstrate his commitment to the party if he still considered himself a member.

Continue Reading

latest

Retirement Alert! Abia Orders Workers Approaching Retirement To Begin Three-Month Leave.

Published

on

The Abia State Government has directed permanent secretaries, heads of parastatals and non-ministerial departments to identify civil servants approaching retirement and ensure they commence the mandatory three-month pre-retirement leave.....KINDLY READ THE FULL STORY HERE▶

The directive was contained in an internal memorandum signed by the state Head of Service, Benson Ojeikere.

According to the memorandum, the affected officials are required to compile the names of eligible workers and ensure they comply with the pre-retirement leave policy.

The policy applies to civil servants who have attained the statutory retirement age of 60 or completed 35 years in service. It also covers directors affected by the eight-year tenure limit for the position.

The state government cited the existing Public Service Rules and circulars issued on June 6, 2017, and July 18, 2017, as the basis for enforcing the directive.

Consequently, heads of ministries, departments and agencies have been instructed to identify all workers due for retirement, including directors affected by the tenure limit, and ensure they begin their leave in line with the approved schedule.

They were also directed to expedite the processing of retirement and pension documents within the stipulated timeframe to prevent unnecessary delays for workers leaving the public service.

Ojeikere further instructed the heads of the relevant institutions to report any difficulties encountered in implementing the policy to his office for prompt intervention.

Speaking on the directive, the Head of Service confirmed that the government had issued the memorandum but noted that some workers expected to retire were reluctant to begin the process.

He explained that the three-month pre-retirement leave was designed to give civil servants sufficient time to prepare their retirement documentation while they continued to receive their salaries.

According to Ojeikere, the state government is working to ensure that retired workers begin receiving their pensions as quickly as possible, rather than waiting for months after their salaries have stopped.

He observed that pension payments had sometimes taken two, three or even four months to commence after workers retired, a delay he said could damage the reputation of the state public service.

Ojeikere said the government intended to tackle the problem by ensuring that retirement and pension arrangements were initiated before workers officially left their positions.

He added that civil servants covered by the directive would continue to receive their salaries throughout the three-month pre-retirement leave while the necessary pension arrangements were completed.

Continue Reading

Trending