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NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide - Business - Nairaland

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NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by tellsblinks(m): 6:51am On Oct 04, 2022
The Nigerian National Petroleum Company Limited (NNPCL) has acquired all 380 Oando retail outlets, aviation and gas brands nationwide from OVH Energy.

Speaking at the unveiling of one of the new NNPC Ltd stations formerly Oando in Abuja on Saturday, the Group Chief Executive Officer NNPC Limited, Mele Kyari, said, “The acquisition will bring over 380 additional filling stations under NNPC Retail brand in Nigeria and Togo, on our journey to attaining 1,500 stations. We will be the largest petroleum product retail network in Africa.”


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Kyari also noted that the acquisition was to strengthen the downstream business portfolio to enhance profitability and guarantee National Energy Security.

“NNPC has under an Accelerated Network Expansion (ANEX) Initiative completed the acquisition of OVH downstream assets including reception jetty (ASPM) with 240,000 metric tons monthly capacity, eight Liquefied Petroleum Gas (LPG) plants, three lubes blending plants, three aviation depots, and 12 warehouses,” he said.

He commended the board for the acquisition just as he lauded President Muhammadu Buhari who is also the Minister of Petroleum for laying the foundation for improving energy access.

“It is absolutely not about assets, we are building relationships. At this moment, we are the largest downstream company in Nigeria and by this merger, we are also likely going to be the largest downstream company in Africa.”

He also assured the 200 million shareholders and Nigerians that the firm will prudently manage the business noting that, “We will make money for NNPC because this is a very profitable business.”

Chairman of the NNPC Ltd Board, Sen. Margery Chuba-Okadigbo, lauded the acquisition deal, saying, “NNPC retail station is now in Togo and we are on our journey to attain 1,500 retail stations. OVH, you have given us so much and we promise that we will look after the investments.”

The Managing Director and CEO of OVH Energy, Huub Stokman, said the acquisition comes at a time when NNPC Ltd was accelerating energy transition in line with the Petroleum Industry Act 2021 (PIA).

He said, “With a combined entity, NNPC is well positioned to take the opportunities in a way that it will positively impact the Nigerian oil and gas downstream sector. As a company, OVH Energy always focuses on delivering value to customers.

“With this acquisition as a combined entity, we will get innovative offerings and infrastructure to transform the downstream energy sector not just in Nigeria but also in West Africa.”
https://dailytrust.com/just-in-nnpc-ltd-acquires-380-oando-stations-other-assets-nationwide

9 Likes 1 Share

Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by flejnr2(f): 7:03am On Oct 04, 2022
That’s the refinery you should repair bah

92 Likes 4 Shares

Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by orisa37: 7:13am On Oct 04, 2022
THIS IS NNPC PLC NOT LTD.
PLEASE CORRECT THE IN BALANCE NOW AND LET US KNOW WHO WE ARE DEALING WITH.
AND FOR NNPC LTD TO BUY 380 OANDO PLC FACILITIES ALL OVER NIGERIA UNSUNG IS A DISASTER KNOCKING.
PLEASE WHAT IS HAPPENING TO NIGERIA TOWARDS 2023?

OBJ IBB AA AND OBJ AGAIN PLEASE ABOVE FOR YOUR NECESSARY ACTIONS AND FOLLOW UP.

12 Likes 3 Shares

Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by saintjimos(m): 7:18am On Oct 04, 2022
If this will make their shares in the stock market to raise then it's a welcome development

2 Likes

Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by bigdammyj: 7:28am On Oct 04, 2022
Noted.
Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by FalseProphet1(m): 7:28am On Oct 04, 2022
Hang on fellas Peter Obi is coming to the rescue.

This I have seen.

29 Likes 5 Shares

Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by frenzzy2(m): 7:28am On Oct 04, 2022
D
Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by Owaincouncil: 7:29am On Oct 04, 2022
Acquire to loot.

4 Likes 1 Share

Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by FuckDModz: 7:29am On Oct 04, 2022
grin

I hope this will stop their lazy and rude staff from opening at 10 am and closing at 3 pm.

The only reason people still tolerate their nonsense is their prices.

13 Likes 1 Share

Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by kushma(m): 7:29am On Oct 04, 2022
After acquiring them hope on ado will continue to stand, because is looking like death of of. Nobody is talking about refineries again

1 Like

Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by Yankee101: 7:29am On Oct 04, 2022
To help tinubu come out of his failed investment?

16 Likes 2 Shares

Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by Akwamkpuruamu: 7:30am On Oct 04, 2022
Until they start Petroleum refining here, all these means nothing

18 Likes 2 Shares

Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by GloriousGbola: 7:31am On Oct 04, 2022
Was all about the aspm imho

After 20 years unipetrol is back with the government.

7 Likes 3 Shares

Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by realstars: 7:31am On Oct 04, 2022
Oando is gone.

1 Like 1 Share

Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by ManishSmith(m): 7:33am On Oct 04, 2022
And how is oando acquisition an achievement?

12 Likes 1 Share

Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by Winters23: 7:36am On Oct 04, 2022
lipsrsealed
Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by flexyrule(m): 7:37am On Oct 04, 2022
Thieves!!!

Redundant, irrelevant, profitless, corruption conduit, National cash cow.

A country blessed with crude oil that still imports petroleum products can be likened to a maize farmer who still buys maize upon harvest.

They should fix the refineries.... Oh, I forgot, fixing the refineries would mean no more subsidy fraud...

Oops, they won't!

22 Likes 3 Shares

Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by Agboriotejoye(m): 7:37am On Oct 04, 2022
tellsblinks:

https://dailytrust.com/just-in-nnpc-ltd-acquires-380-oando-stations-other-assets-nationwide
Lol. Aboki can never get anything right at all!!
Privatise NNPc, they started a jamboree. Same NNPc that claims to have totally spent all it's revenue in fuel subsidy is buying 380 comatose and mismanaged liabilities in the name of expansion. Same NNPc actually has the largest retail outlets nationwide majority of which are underutilized and is now adding 380 retail outlets. Did Nigerians complain of not having enough retail outlets or what exactly is the point behind this move?
It's obvious Buhari and his paddies are not ready to change NNPc. They're only playing to the gallery. Where's that dude that used to complain of subsidy? Come and explain how NNPc got money to buy 380 retail stations after it spent all its revenue on subsidy.

21 Likes 2 Shares

Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by jericco1(m): 7:38am On Oct 04, 2022
It is well
Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by WithFact: 7:41am On Oct 04, 2022
A commendable work. This is against those strategizing to sell off nnpc to his cronies... What we known to some certan group of people in past is selling off public asset at a give away price to themselves. This is unusual!!! A reverse case... Government business entity aquiring private business entity.
Upward/front-forward movement.
Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by princeade86(m): 7:42am On Oct 04, 2022
Do refinery and stop milking us dry due to useless subsidy

2 Likes 1 Share

Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by vincentjk(m): 7:42am On Oct 04, 2022
And yet we still don't have a refinery smh

2 Likes 1 Share

Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by BigDawsNet: 7:42am On Oct 04, 2022
Make dem just give me 3 to manage

1 Like

Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by obajoey(m): 7:43am On Oct 04, 2022
Something is happening

2 Likes 1 Share

Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by FreeStuffsNG: 7:43am On Oct 04, 2022
Nice one for Oando plc shareholders. NNPC has a brilliant thinking leadership.
God bless Nigeria for ever!
check my signature for free stuffs!
Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by jojothaiv(m): 7:43am On Oct 04, 2022
It was rumor before now its happening....

1 Like 1 Share

Re: NNPC Ltd Acquires 380 Oando Stations, Other Assets Nationwide by obi58: 7:44am On Oct 04, 2022
Is it not ironical that the same NNPC who is looking to privatise the 4 national refineries which should secure our domestic oil production is instead diverting funds to buying more downstream fuel stations which will be serviced by either imported fuel or fuel from Dangotes refinery.


Talk about misplaced priorities undecided

11 Likes 1 Share

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