NewStats: 3,262,605 , 8,177,668 topics. Date: Tuesday, 03 June 2025 at 12:30 AM o5z6m

Nigerian State-Owned Oil Company NNPC Retail Surrenders Control To OVH Energy, Operator Of Oando Assets, Which It Acquired

NNPC Retail, the downstream arm of the Nigerian National Petroleum Company Limited, has ceased to exist after a court-approved transfer of its ownership and assets to OVH Energy Marketing Limited, a company it claimed to have acquired.

The court ruling effectively dissolves NNPC Retail, the primary importer of petrol in Nigeria, and transfers its ownership and operations to OVH Energy Marketing Limited, which now assumes full control of the entity.

This development follows a contentious purchase, as reported by TIMES, where OVH Energy effectively took control of NNPC Retail's management, prompting an NNPC insider to describe the deal as 'the most ridiculous business acquisition in the world'.

In October 2022, NNPC announced that it had acquired OVH Energy Marketing, owner and operator of the Oando downstream assets.

Through this acquisition, NNPC Retail Limited will build on the existing success of OVH and operate model service outlets leveraging OVH’s extensive asset base and commercial capabilities, it said.

NNPCL bought OVH from Nueoil Energy Limited a month after Nueoil Energy acquired OVH in September 2022.

Two months ago, NNPC Retail, OVH, and Nueoil tly filed a petition at the Federal High Court in Lagos, seeking eight orders, including the dissolution of NNPC Retail and Nueoil without being wound up and the transfer of their assets to OVH Energy Marketing Limited. Justice C.J. Aneke granted all eight orders, making the merger effective from 1 January 2024.

The court ruling was based on a petition filed on 24 June by the three companies, with the affidavit of suit No: FHC/L/CS/921/2024 deposed by Valentina Ine Kodjo-Soroh. The court's decision was published in the official gazette of the Nigerian government and in PUNCH Newspaper on July 18.

The acquisition includes a range of assets from OVH Energy, operator of Oando filling stations, comprising a reception jetty with a monthly capacity of 240,000 metric tonnes, eight liquefied petroleum gas (LPG) plants, three lube blending plants, three aviation depots and 12 warehouses.

The group said, “The NNPC announced in October 2022 that it had acquired OVH Energy Marketing, owner and operator of the Oando downstream assets, but did not disclose the price at which it bought it and the company that sold it.

“The House of Representatives last year set up an Ad-hoc Committee to investigate the alleged fraudulent acquisition of OVH by the National oil coy.

“But Mele Kyari, Group Chief Executive Officer of the NNPCL, appearing before the committee of the House before its dissolution in September, 2023 for an investigative hearing on the allegation, said the acquisition of OVH Energy was properly done, adding that it gave the NNPC over 30 percent control of the downstream sector with a profit of N18.4 billion in the first quarter of 2023, a position which have been disputed by industry players as not backed by any documentary evidence.

“Recently, it was disclosed that the National oil coy paid cash amounting to over $325.09 million (N140.559 billion) for the acquisition of Oando-branded retail stations and a reception jetty in Apapa, among other facilities with allegation trailing the acquisition that some of the acquired assets are alleged not to have belonged fully to OVH or licensed.”

https://saharareporters.com/2024/08/21/nigerian-state-owned-oil-company-nnpc-retail-surrenders-control-ovh-energy-operator

Tinubu owns Nigeria is official

Question is who acquired who cos this write up is confusing.

Babangidapikin:
Question is who acquired who cos this write up is confusing.

NNPCL claims it acquired OANDO but it turns out to be the other way round
https://www.timesng.com/news/top-news/606922-exclusive-nnpcls-secret-deal-with-ovh-leaves-workers-angry-disillusioned.html

weyreypey:


NNPCL claims it acquired OANDO but it turns out to be the other way round

Don't they have legal adviser at NNPCL to understand a single clause can create challenges...I shall hope NNPCL letting go is not an after thought.

Tinibucomics. Now Paying subsidy to himself and family.

Babangidapikin:

Don't they have legal adviser at NNPCL to understand a single clause can create challenges...I shall hope NNPCL letting go is not an after thought.

My brother if dem explain Nigeria give you and you understand.... Dem no explain am well.

We need a reset. Simple!


https://www.timesng.com/news/top-news/606922-exclusive-nnpcls-secret-deal-with-ovh-leaves-workers-angry-disillusioned.html

LMAOO

weyreypey:

My brother if dem explain Nigeria give you and you understand.... Dem no explain am well.

We need a reset. Simple!

You are right, I was also asking myself why would Oando sell it's retail outlet to NNPCL to pursue an untested Electric Vehicle Market.. it is obvious that Kyari will sleep with the Devil to stay in his position...Shey Uncle Bola never tire for money ....sadly na lawyers go still hide his assets and chop his money.

O and O which is proudly owned by Bulabalu.

If you know, You know..

Babangidapikin:

You are right, I was also asking myself why would Oando sell it's retail outlet to NNPCL to pursue an untested Electric Vehicle Market.. it is obvious that Kyari will sleep with the Devil to stay in his position...Shey Uncle Bola never tire for money ....sadly na lawyers and still hide and chop his money.

lol by the time tinubu is done with Nigeria ehhh

Seem this is the main reason why Tinubu kept Kyari as NN GM after taking over from Buhari.... Every Nigerian should be concerned.... it is safe to say that Tinubu has captured Nigeria.... Seem a nationwide protest to end this evil government is now inevitable....

This us State capture by Bala blue and family.

They have taken over NAOC (Agip) now NNPCL.........

Oando sold its downstream business to nnpc, then files a lawsuit challenging the sale now nnpc has given back the entire business back to oando. Unbelievable

nedu666:
Oando sold its downstream business to nnpc, then files a lawsuit challenging the sale now nnpc has given back the entire business back to oando. Unbelievable

All so confusing! How can small OVH swallow NNPC retail just like that.

Maybe there's something I'm missing...🚶‍♀️🚶‍♀️🚶‍♀️🚶‍♀️

delpee:
All so confusing! How can small OVH swallow NNPC retail just like that.

Maybe there's something I'm missing...🚶‍♀️🚶‍♀️🚶‍♀️🚶‍♀️

Here
https://www.timesng.com/news/top-news/606922-exclusive-nnpcls-secret-deal-with-ovh-leaves-workers-angry-disillusioned.html

delpee:
All so confusing! How can small OVH swallow NNPC retail just like that.

Maybe there's something I'm missing...🚶‍♀️🚶‍♀️🚶‍♀️🚶‍♀️

.

the frog-eyed thief. No time to waste. Keep grabbing cash ,I think he plans to live for 400 years.. black monkeys, ladies and gentlemen, Abacha's foolishness killed our chance at expanding railway infrastructure and more importantly 24/7 electricity. Money still being recovered till date after servicing the economies of the more intellectually sound white race.

Tinubu's avarice and gluttony will cement our position as the bottom race. What you are seeing is Abacha reloaded..

delpee:
All so confusing! How can small OVH swallow NNPC retail just like that.

Maybe there's something I'm missing...🚶‍♀️🚶‍♀️🚶‍♀️🚶‍♀️

nothing is missing

Comedy central.

In simple language Tinubu used NNPCL money to buy OANDO from himself then left open a loophole in the deal to be used by OANDO to retake what they sold to NNPCL at a give away.
We warned Nigerians about this criminal empire but tribalism and religious sentiments clouded their sense of reasoning

weyreypey:


https://saharareporters.com/2024/08/21/nigerian-state-owned-oil-company-nnpc-retail-surrenders-control-ovh-energy-operator

NNPC hands over to OVH... OVH is part of Oando...who runs Oando? Mr Something Tinubu...is God not wonderful?

NNPC is now Tinubu PC.

The landlord of Lagos is officially the landlord of Nigeria.

Nigeria matter go tire you
Na tinubu handwork from the onset even before he got into power
The man get fraudulent vision no be small

The drama in this country ehh. .

By the time Tinubu govt finished his term in office, the kind of money people like Wale Tinubu, Cardoso, Seyi Tinubu will gather in their pockets will make Emefiele be like Saint Angel Michael.

Since Tinubu is kuku the petroleum minister, nobody can audit that NNPCL.

He has already cornered Lagos resources into his pocket, he wants to expand his coverage to national.

Hahhaha

Wonderful...

They handed what is left of the contraption to a known criminal....

What a lifetime mistake.

This is akin to a football club buying a player and handing ownership to the player to run its affairs.

Omalicious1:


NNPC hands over to OVH... OVH is part of Oando...who runs Oando? Mr Something Tinubu...is God not wonderful?

https://www.timesng.com/news/top-news/606922-exclusive-nnpcls-secret-deal-with-ovh-leaves-workers-angry-disillusioned.html
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