The Nigerian National Petroleum Company Limited (NNPCL) has officially transferred ownership of all its petrol stations to OVH Energy Marketing Limited, a company owned by Wale Tinubu, nephew of President Bola Tinubu.
This transition follows a court approval that allows NNPCL to hand over its retail operations and assets to OVH, which is the primary importer of petrol in Nigeria.
In October 2022, NNPCL had announced the acquisition of OVH Energy Marketing, which operates Oando Petroleum’s downstream assets. This acquisition aimed to leverage OVH’s successful business model to enhance NNPCL’s retail presence across the country.
However, the recent transfer has raised significant concerns. A joint petition was filed by NNPCL, OVH, and Nueoil Energy Limited on June 24, 2023, seeking court approval for the dissolution of NNPC Retail and Nueoil without liquidation and the transfer of their assets to OVH. Justice C.J. Aneke granted these requests, making the merger effective from January 2024.
The manner in which this transaction was conducted has drawn criticism, with an NNPC Retail employee labeling it as “criminal.” Investigations have revealed discrepancies in OVH Energy’s reported number of filling stations, and the emergence of former OVH CEO Huub Stokman as the new Managing Director of NNPC Retail has complicated the situation further.
As Nigeria faces a fuel crisis, the implications of this ownership transfer and the operational changes within NNPC Retail have sparked outrage and disillusionment among employees and stakeholders alike.
