The Nigerian National Petroleum Company Limited (NNPCL) has concluded the process of transferring its retained assets, including petrol stations, to OVH Energy Marketing Limited; a firm owned by President Bola Tinubu’s nephew, Wale Tinubu.
In Lagos, Justice C.J. Aneke of the Federal High Court gave the consent for NNPCL to divest its retail ownership and assets in favour of OVH Energy Marketing.
NNPCL acquired OVH Energy Marketing, operator of Oando Petroleum, from Nueoil Energy Limited in October 2022. As such, this enabled NNPC to use its cornered success in its downstream operations across the nation.
On the ground for this were their joint petitions made on behalf of NNPCL, OVH, and Nueoil, seeking approval from the court to transfer assets, dissolve NNPC Retail and Nueoil without winding them up, and grant orders that are incidental thereto.
The decision that made this possible was made by Justice Aneke, effective January 2024.
However, questions have arisen about the deal, whereby an NNPC Retail worker termed it ‘criminal’. Such findings about inconsistency between OVH Energy’s stated number of stations, with other allegations of conflict of interests, have been made through investigations by Premium Times Newspaper.
NNPCL petrol stations are now owned by OVH Energy Marketing, making it a strong player in Nigeria’s downstream petroleum industry.
