The Nigerian National Petroleum Company Limited (NNPCL) has transferred its remaining assets to OVH Energy Marketing Limited, the operator of Oando Petroleum, which is associated with President Bola Ahmed Tinubu’s nephew, Wale Tinubu.
Recall that in October 2022, NNPCL announced the acquisition of OVH Energy Marketing, which owned and operated Oando’s downstream assets. This followed Nueoil Energy Limited’s acquisition of OVH a month earlier.
This transaction allowed NNPCL to leverage OVH’s existing success, creating an opportunity for the state-owned company to utilize Oando service outlets across the nation.
However, NNPCL, OVH, and Nueoil filed a joint petition before Justice C.J. Aneke of the Federal High Court in Lagos on June 24, asking the court to grant eight orders, including the dissolution of NNPC Retail and Nueoil without the need for winding up.
The acquired assets, which include Oando filling stations, also encompass a reception jetty with a 240,000 metric tonnes monthly capacity, eight liquefied petroleum gas plants, three lube blending plants, three aviation depots, and 12 warehouses.
Justice Aneke granted all the petitioners’ requests, ordering that the merger be effective from January 1. The court also mandated that all necessary incidental, consequential, and supplemental orders be made to ensure the full implementation of the merger.
The court further ordered that all assets, including tax attributes, unutilized capital allowances, tax losses, withholding tax credits, and other refunds available, but excluding Nueoil’s shares in OVH, liabilities, and business undertakings, be transferred to OVH, subject to the terms and conditions set out in the scheme without any further act or deed.
Additionally, the entire share capital of NNPC Retail and Nueoil was ordered to be canceled. All legal proceedings, claims, and litigations pending or contemplated by or against NNPC Retail and Nueoil were to be continued by or against OVH after the scheme became effective.
The ruling indicates that NNPC Retail, which was responsible for importing nearly all of Nigeria’s petrol, no longer exists as a separate entity and is now wholly owned by OVH Energy Marketing Limited.
NNPC’s Response
Olufemi Soneye, the chief corporate communications officer of NNPC Ltd, confirmed the court order.
He stated that the mandate of NNPC Retail and the working conditions of its staff remain unchanged.
“The working conditions of NNPC Retail staff remain unchanged following the court order. The mandate of NNPC Retail also remains consistent, ensuring energy security across its retail outlets nationwide and continuing to serve its customers effectively,” Soneye told **PREMIUM TIMES**.
Workers at NNPC Retail also confirmed their awareness of the court order and the gazette but mentioned they have not been officially informed.
“I am aware of the gazette, and it’s concerning,” one staff member told the newspaper. “We have not been officially informed about it. It seems to be part of their plan to take over the company.”
“Nothing has changed in the working conditions of NNPC Retail. It’s a gradual process for them to take over NNPC Retail; that’s their plan,” another aggrieved staff member said, requesting anonymity due to fear of victimization.
Atiku Abubakar’s Allegations
Meanwhile, former Vice President Atiku Abubakar accused President Tinubu of mortgaging the oil industry to his family and associates, citing the alleged control of OVH by Oando Plc, led by Wale Tinubu.
Atiku stated that even after Tinubu leaves office, it would be difficult to break these ties, comparing Tinubu’s alleged integration of his business interests into Lagos’ public enterprises to his current actions at the federal level.
In a statement by his media aide, Paul Ibe, Atiku claimed, “Just as Alpha Beta, Primero, and others act as Tinubu’s proxies in Lagos, managing critical sectors and generating revenue for him and his family, he has begun replicating this at the federal level.”
He expressed astonishment at how the NNPC, a government-owned oil company, allegedly placed its retail arm under the control of OVH, in which Oando, led by Wale Tinubu, owns 49 percent.
Atiku lamented that his plan to privatize the NNPC and increase its transparency has been overshadowed by what he described as a hijack of the NNPC by corporate entities close to the current president.
“In October 2022, just five months before the elections, NNPC Retail controversially announced it had acquired OVH and all its filling stations. NNPC 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. A Freedom of Information (FOI) request by Premium Times was also rejected by the NNPC, which claimed to be a private company despite still being government-owned.
“Following this deal, Mele Kyari was controversially retained as NNPC Group Chief Executive Officer despite his incompetence. Tinubu then appointed his former boss at Mobil, now an ally, Pius Akinyelure, as NNPC Chairman, while he himself took on the role of Minister of Petroleum.
“In a move that defies economic logic, OVH, previously owned by NNPC Retail, has now acquired NNPC Retail. This situation means that Wale Tinubu’s Oando now owns 49 percent of NNPC Retail.
“Moreover, Nigeria paid Wale Tinubu a substantial sum to facilitate the Tinubu family’s acquisition of the national oil company. This represents a case of questionable business transactions and abuse of office by President Tinubu, who has prevented NNPC from becoming a public liability company as stipulated by the Petroleum Industry Act (PIA),” Atiku alleged.
Atiku acknowledged that the NNPC and its leadership are under legislative investigation but expressed doubt about the credibility of the process due to the interests involved.
“Senator Opeyemi Bamidele, who is heading the National Assembly panel, is a known supporter of Tinubu. He served as a commissioner under Tinubu in Lagos State and publicly refers to him as his godfather.
“Given that Tinubu is the petroleum minister, he should be held responsible for the sector’s issues. I doubt Bamidele will conduct a thorough investigation that might implicate his patron,” Atiku concluded.
Source : Intelregion.com
