In a surprising turn of events, NNPC Retail, the downstream arm of the Nigerian National Petroleum Company Limited (NNPCL), has transferred its assets and ownership to OVH Energy Marketing Limited, a company it had previously claimed to have acquired. The move has sparked controversy and drawn sharp criticism from former Vice President Atiku Abubakar.
Wale Tinubu, who owns Oando, holds a 49% stake in OVH, which in turn operates Oando’s downstream assets. The intricate ties between these entities have raised concerns about transparency and accountability in the management of Nigeria’s state-owned oil resources.
Atiku, in a statement released through his media adviser Paul Ibe on Wednesday, expressed disbelief at the deal, accusing the Tinubu administration of enabling a powerful cabal to seize control of NNPC. He described the transaction as a “criminal hijack” of the state-owned oil company, likening it to previous business maneuvers by President Tinubu during his time in Lagos. Atiku also highlighted the lack of transparency surrounding NNPCL’s acquisition of OVH’s 94 filling stations in October 2022.
“In October 2022, just five months before the elections, NNPC Retail controversially announced it had acquired OVH and all its filling stations,” Atiku said. “NNPCL already had about 550 filling stations across the country but claimed it was enhancing its capacity by acquiring OVH, which had only 94 stations and 100 others leased. The NNPC did not disclose the purchase price of OVH or the terms of the acquisition.”
Adding to the controversy, the former CEO of OVH, Huub Stokman, was appointed managing director of NNPC Retail following the acquisition, further blurring the lines between the two companies.
In October 2022, NNPC announced the acquisition of OVH Energy Marketing from Nueoil Energy Limited, just a month after Nueoil had itself acquired OVH. However, on June 24, NNPCL, OVH, and Nueoil filed a joint petition at the Federal High Court in Lagos, seeking eight orders, including the dissolution of NNPC Retail and Nueoil without liquidation. Justice Aneke granted all eight orders, finalizing the merger and allowing the transfer of assets to OVH Energy Marketing.
Reacting to the court ruling, Atiku stated, “In a move that defies economic logic, OVH, previously owned by NNPC Retail, has now acquired NNPC Retail. This absurd situation means that Wale Tinubu’s Oando now owns 49% of NNPC Retail.”
Atiku further alleged that the Nigerian government paid Wale Tinubu a significant sum to facilitate the Tinubu family’s acquisition of the national oil company, describing it as an “illogical business transaction” and an “abuse of office” by President Tinubu. He also criticized the administration for preventing NNPC from becoming a public liability company, as stipulated by the Petroleum Industry Act (PIA).
The controversial deal has led to calls for a thorough investigation into NNPCL’s operations, though there are concerns about the credibility of such probes. The situation remains a focal point of national debate as questions about the transparency and integrity of Nigeria’s oil sector continue to surface.
By Ebubedike Ochu
