The Nigerian National Petroleum Company Limited (NNPCL) has transferred ownership of its retained petrol stations and assets to OVH Energy Marketing Limited, a company owned by Chief Bola Tinubu’s nephew, Wale Tinubu.
OVH Energy, the operator of Oando Petroleum, officially took control of these assets following a court ruling that approved the transfer.
The transaction was sanctioned by Justice C.J. Aneke of the Federal High Court in Lagos on June 24, 2024, after NNPCL, OVH, and Nueoil Energy Limited jointly petitioned the court.
The ruling also led to the dissolution of NNPC Retail and Nueoil Energy without the companies being wound up.
NNPCL’s acquisition of OVH Energy Marketing in October 2022 allowed the state-owned company to leverage OVH’s existing business model and expand its reach through Oando service outlets nationwide.
However, the transfer has sparked controversy, with an NNPC Retail employee describing the process as “criminal.”
Additionally, an investigation by Premium Times uncovered discrepancies in the number of filling stations claimed by OVH Energy during merger discussions. The appointment of OVH’s former CEO, Huub Stokman, as the new Managing Director of NNPC Retail has further complicated the transaction.
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Peoples Gazette
