CEO/GMD of NNPCL, Mele Kyari and President Bola Ahmed Tinubu of Nigeria
The Nigerian National Petroleum Company Limited (NNPCL) has officially transferred ownership of all its petrol stations and other retained assets to OVH Energy Marketing Limited, a company owned by Wale Tinubu, the nephew of President Bola Tinubu. OVH Energy, which operates under the brand name Oando Petroleum, now holds the assets following a court-approved transaction.
The transfer follows a legal process that began with a joint petition filed by NNPCL, OVH Energy, and Nueoil Energy Limited. On June 24, 2024, the companies approached Justice C.J. Aneke of the Federal High Court in Lagos, seeking eight specific orders, including the dissolution of NNPC Retail and Nueoil without liquidation. Justice Aneke granted these orders, effectively finalizing the merger and transfer of assets to OVH Energy from January 2024.
The NNPCL first announced its acquisition of OVH Energy Marketing in October 2022, taking over the company’s downstream assets from Nueoil Energy Limited, which had acquired OVH just a month earlier. This move was seen as a strategic decision by the state-owned NNPCL to leverage OVH’s established business model and service outlets across Nigeria.
However, the manner in which the transaction was conducted has sparked significant concerns. An employee of NNPC Retail, who requested anonymity, described the transaction as “criminal,” highlighting the controversial nature of the deal.
Further investigation by Premium Times uncovered inconsistencies in OVH Energy’s claimed number of filling stations during the merger talks. Additionally, the former CEO of OVH Energy, Huub Stokman, has been appointed as the new Managing Director of NNPC Retail, raising further questions about the transparency of the deal.
This development has led to widespread criticism, with many questioning the fairness and legality of transferring state-owned assets to a company linked to the President’s family. The deal, now under intense scrutiny, has brought attention to issues of potential conflicts of interest and the need for greater oversight in the management of national resources.