[BREAKING NEWS] : NNPC Transfers Ownership of Petrol Stations to Tinubu’s Nephew
[BREAKING NEWS] : NNPC Transfers Ownership of Petrol Stations to Tinubu’s Nephew
The
Nigerian National Petroleum Company Limited (NNPCL) has reportedly
handed over ownership of its retail assets to OVH Energy Marketing
Limited, a company connected to Wale Tinubu, the nephew of President
Bola Tinubu. This transfer was authorized following a Federal High Court
ruling in Lagos, according to reports from People's Gazette.
This transition has its roots in October 2022, when NNPCL acquired OVH Energy Marketing from Nueoil Energy Limited. The acquisition allowed NNPCL to extend its reach by utilizing OVH’s extensive network of service outlets across Nigeria.
Before the transfer, NNPCL, OVH, and Nueoil collectively sought the dissolution of NNPC Retail and Nueoil without liquidation from the Federal High Court. The request was approved by Justice C.J. Aneke, and the merger became effective in January 2024.
Despite the court's approval, the transaction has raised concerns. Some employees of NNPCL Retail have voiced dissatisfaction with the process, while investigative reports have highlighted discrepancies in the number of filling stations reported by OVH Energy during the merger discussions. The appointment of Huub Stokman, OVH’s former CEO, as the new Managing Director of NNPC Retail, has added to the complexity of the situation.
Post a Comment