OVH Energy, previously owned and operated the downstream assets of Oando, was acquired by NNPCL from Nueoil Energy Limited, which had taken control of OVH just a month earlier.
The Nigerian National Petroleum Company Limited (NNPCL) has officially transferred all its retained assets to OVH Energy Marketing Limited, a company owned by Wale Tinubu, nephew of President Bola Tinubu, and the operator of Oando Petroleum. This transfer follows court approval, allowing NNPCL to move its retail ownership and assets to OVH.
According to Peoples Gazette, NNPCL Retail, the primary importer of petrol in Nigeria, had announced its acquisition of OVH Energy Marketing in October 2022. OVH Energy, previously owned and operated the downstream assets of Oando, was acquired by NNPCL from Nueoil Energy Limited, which had taken control of OVH just a month earlier. The acquisition aimed to leverage OVH’s established success and expand NNPCL’s footprint by utilizing Oando’s service outlets across the nation.
On June 24, NNPCL, OVH, and Nueoil jointly petitioned Justice C.J. Aneke of the Federal High Court in Lagos, seeking eight orders, including the dissolution of NNPC Retail and Nueoil without winding up. They also requested approval for the transfer of their assets to OVH Energy Marketing. Justice Aneke granted all eight orders, making the merger effective from January 2024.
However, the manner in which the transaction was conducted has sparked controversy. An NNPC Retail employee has described the deal as “criminal,” and an investigation by Premium Times revealed discrepancies in OVH Energy’s reported number of filling stations during merger discussions. Further complicating matters, Huub Stokman, the former CEO of OVH Energy, was appointed as the new Managing Director of NNPC Retail, raising additional concerns about the merger process.
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