₦airaland Forum

OVH renamed NNPC Retail Limited

The rename was done via a special resolution dated 11 June 2024 by the board of the company.

The Corporate Affairs Commission (CAC) has renamed OVH Energy Marketing Limited as NNPC Retail Limited on its database, a check by PREMIUM TIMES has shown.

The rename was done via a special resolution dated 11 June 2024, by the board of the company.

Last month, PREMIUM TIMES reported how a court ruling had effectively dissolved the downstream arm of the Nigerian National Petroleum Company Limited (NNPC Retail) and transferred its ownership to OVH Energy Marketing Limited.

The NNPC Retail officially no longer exists after it asked a court to transfer its ownership and properties to a firm it claimed to have bought.


This newspaper also reported that the NNPC Retail, with registration number 826223, incorporated on 21 June 2009, and Nueoil Energy with registration number 1902885, incorporated on 8 March 2022, have been dissolved by CAC, while the OVH Energy Marketing Limited with registration number 655791, incorporated on 5 June 2006 remained active.

However, an official search by this newspaper shows that the OVH Energy Marketing Limited with registration number 655791, incorporated on 5 June 2006 has been renamed as NNPC Retail Limited.

The renaming took effect from 2 September 2024 and a certificate signed by Hussaini Magaji, a Senior Advocate of Nigeria (SAN) and the Registrar General of the Corporate Affairs Commission has been issued to that effect.

PREMIUM TIMES reported NNPC Ltd’s controversial purchase of OVH Energy Marketing Limited and how the purchased company essentially took over the management of the buyer, which an NNPC insider described as “the most ridiculous business acquisition in the world.”

NNPC Ltd bought OVH from Nueoil Energy Limited a month after Nueoil Energy acquired OVH in September 2022.

However, in June, the three firms – NNPC Retail, OVH and Nueoil – jointly filed a petition at the Federal High Court in Lagos. In it, they asked the court to grant eight orders, including an order that NNPC Retail “be dissolved without being wound up” and that “the resultant company from the scheme shall be” OVH.

The petitioners further asked that all tax attributes, unutilised capital allowances, tax losses, withholding tax credits and other refunds available, but excluding the Nueoil Energy shares in the OVH Energy Marketing Limited, liabilities and business undertakings, including real property and intellectual property rights of the NNPC Retail and Nueoil Energy Limited be transferred to the OVH Energy Marketing Limited subject to the terms and conditions set out in the scheme without any further act or deed.

The court granted all eight orders, ordering that the merger be effective from 1 January. The court also mandated that all necessary incidental, consequential, and supplemental orders be made to ensure the full and effective implementation of the merger.

In his reaction to PREMIUM TIMES report, the presidential candidate of the Peoples Democratic Party (PDP) in the last election and former vice president of Nigeria, Atiku Abubakar, expressed astonishment at the operations of the NNPC Ltd and how the government-owned oil company had put its retail arm under the control of OVH, which he claimed was owned by Wale Tinubu, a relative of President Bola Tinubu.

Atiku regretted that his intention to privatise the NNPC and increase its transparency has been overshadowed by what he describes as the “criminal hijack of the NNPC by corporate cabals around the current president,” according to the statement signed by his Media Adviser, Paul Ibe, said.

However, the NNPC, in its response to Atiku, said at the time it acquired OVH in 2022, Oando (in which Wale Tinubu has equity interest) had fully divested its equity in OVH to the two other partners, Vitol and Helios.

The NNPC explained that Oando began its divestment in 2016, with Vitol and Helios coming in as equity partners, leading to the change of name from Oando to OVH.

In 2019, according to NNPC Ltd, Oando fully divested its equity interest in OVH resulting in Vitol and Helios holding 50 per cent equity interests respectively.

PREMIUM TIMES reported the divestment by Vitol and Helios from OVH which they sold to Nueoil in 2022. NNPC then bought OVH from Nueoil.

Background
NNPC Ltd. announced in October 2022 the acquisition of OVH Energy Marketing Limited’s downstream assets. This acquisition would merge OVH Energy with NNPC Retail, a subsidiary of NNPC Ltd.

The assets acquired from the company, which operated Oando filling stations, also include a reception jetty with 240,000 metric tonnes monthly capacity and eight liquefied petroleum gas plants, three lube blending plants, three aviation depots, and 12 warehouses.

But in June 2023, PREMIUM TIMES’ investigation on the acquisition exposed the secret deals and the complicated ownership structure that left managerial control of NNPC Retail in the hands of OVH Energy Marketing.

The report also exposed that OVH Energy Marketing may not have owned as many filling stations as it claimed during the merger talks.

In addition, the report highlighted how Huub Stokman, an expatriate and former Chief Executive Officer of OVH Energy, emerged as the new Managing Director of NNPC Retail, a development that further compounded the structure of NNPC Retail.

This newspaper also found out that the acquisition of OVH Energy had turned NNPC Retail into a toxic workspace, with officials of the former taking over the latter’s running.

“Did we acquire them, or did they acquire us? How come they are now the ones in the management,” one NNPC Retail staffer told this newspaper.

In July 2023, the House of Representatives, following the adoption of a motion move by Miriam Onuoha (APC, Imo), directed NNPC Ltd to suspend the acquisition pending an investigation by its committee.

Consequently, the House set up an ad-hoc committee with Hassan Nalabraba (APC, Nasarawa) as the chairman and commenced an investigation into the controversial deal in September 2023.

The ad-hoc committee requested the NNPC Ltd to furnish it with information about “registration documents/history from CAC for OVH, Nueoil, and NNPC Retail Limited (NRL), Board Resolution of NNPC Ltd on purchase of OVH, Audited Financial Statement and Management Accounts from 2015 to Date OVH, Nueoil, NRL and NNPC Ltd” and the “payroll from 2015 to date for NRL and OVH, Board Resolution of NRL/CHQ for movement of head office to Lagos and evidence of Tax Payments for NRL and OVH from 2015 to date.”


The committee also requested documents on all financial transactions associated with the acquisition, including payment records and fund transfers.

In September 2023, the Group Chief Executive Officer of NNPC Ltd, Mele Kyari, while appearing before the committee investigating the acquisition, said NNPC Ltd operated like a private limited liability company and entered the commercial relationship with OVH to take over market shares in the downstream petroleum market shares. He said NNPC Ltd did nothing wrong in the acquisition.

Meanwhile, some NNPC Retail ‘concerned staff’, in a letter dated 25 September 2023, addressed to the chairman of the House Committee, and signed on their behalf by Mohammed Muazuo, noted that the request by the committee was not met.

In October 2023, Mr Nalabraba presented a report on the investigation.

In February, the House of Representatives dissolved the committee investigating the controversial acquisition after the panel presented a report many lawmakers described as “suspicious and shabby.” The task was subsequently transferred to the House Committee on Petroleum Resources (Downstream) for a fresh investigation.

In January, NNPC Ltd announced that it was unable to complete the OVH acquisition. It said it intended to apply for operating licences for the facilities under OVH Energy Marketing Limited.

https://www.premiumtimesng.com/news/top-news/733824-ovh-renamed-nnpc-retail-limited.html

The renaming took effect from 2 September 2024 and a certificate signed by Hussaini Magaji, a Senior Advocate of Nigeria (SAN) and the Registrar General of the Corporate Affairs Commission has been issued to that effect.
I thought the criminal defamers and unpatriotic elements were lying before that Wale Tinubu has bought over NNPC Retail? Smh.

Finally, the truth is now being forced out by force after Oando Plc threatened to compile the list of alleged criminal defamers/media platforms and commence litigation against all those peddling criminal defamation against their organization for political mischief and because President Bola Tinubu defeated their mediocre principals during the last Presidential election.

This is why it's good to set the records straight. Oando Plc is not even owned by Wale Tinubu but by every Dick, Tom and Harry Nigerian and foreigner owning its shares traded on both Nigerian Stock Exchange and the Johannesburg Stock Exchange.

NNPC merged all the companies into OVH and now renamed it as NNPC Retail Limited. This business decision has nothing to do with Oando Plc that had since divested from OVH since 2019 and all the information were in the public domain. Premium Times fall our hand too.

May God bless Nigeria for ever! Check my signature for free stuffs!

Only if the new name would make the difference

It looks all set to take have them use our commonwealth to attempt to revive any of the moribund refineries for themselves and also to strangulate the Dangote Refinery. Or better still, continue to subsidize OVH disguising as NNPC limited's petroleum imports from our commonwealth to sell at a price Dangote can't compete with.

Nigerian media eh.

So Premium Times rushed out last month to report what it has now confirmed to be untrue.

Instead of admitting and apologising for its error, it is now claiming it just found out the correct position of things.

So why did you rush to report what you did not understand or ascertain.

Very unprofessional.

DeLaRue:
Nigerian media eh.

So Premium Times rushed out last month to report what it has now confirmed to be untrue.

Instead of admitting and apologising for its error, it is now claiming it just found out the correct position of things.

So why did you rush to report what you did understand.

Very unprofessional.

💯

hmmn

So.. NNPC retail no longer exists right, as it was bought out by OVH. Now that OVH has rebranded to an entity that doesn't exist anymore, is that not a parasitic move by a private entity latching unto government purse?

To think someone up there even sees this as a great news. Very weird.

Is it the OVH which belonged to Bul@ba’s family that NNPC acquired and renamed to NNPC Retail, then Bul@ba made NNPC to hand over the same NNPC Retail to the same OVH company they already acquired and renamed?

Then public outcry made them reverse the fraud again?

Make it make sense!

gaby:
It looks all set to take have them use our commonwealth to attempt to revive any of the moribund refineries for themselves and also to strangulate the Dangote Refinery. Or better still, continue to subsidize OVH disguising as NNPC limited's petroleum imports from our commonwealth to sell at a price Dangote can't compete with.

You should be specially ashamed of yourself and your anarchy mindset.

NNPC came out with the facts to clarify their actual ownership of OVH that no longer had Oando as an interested party of the OVH it previously identified as the O.

Yet you were spewing rubbish days ago on this forum.

Now that NNPC has fully taken over OVH and effected a rename as was clarified, you remain stuck in your deliberate ignorance.

givedemwotowoto:
Is it the OVH which belonged to Bul@ba’s family that NNPC acquired and renamed to NNPC Retail, then Bul@ba made NNPC to hand over the same NNPC Retail to the same OVH company they already acquired and renamed?

Then public outcry made them reverse the fraud again?

Make it make sense!

They already clarified the misinformation many of you were fed with by those who know how to keep you ignorant and misinformed.

Your particular problem is that nothing can make sense to you.

gaby:
Dunderhead..

Exactly what you are.

Throwback:
You should be specially ashamed of yourself and your anarchy mindset.

NNPC came out with the facts to clarify their actual ownership of OVH that no longer had Oando as an interested party of the OVH it previously identified as the O.

Yet you were spewing rubbish days ago on this forum.

Now that NNPC has fully taken over OVH and effected a rename as was clarified, you remain stuck in your deliberate ignorance.

They can continually feed and satisfy your gullibility, not me...

Ekpa

FreeStuffsNG:
The renaming took effect from 2 September 2024 and a certificate signed by Hussaini Magaji, a Senior Advocate of Nigeria (SAN) and the Registrar General of the Corporate Affairs Commission has been issued to that effect.
I thought the criminal defamers and unpatriotic elements were lying before that Wale Tinubu has bought over NNPC Retail? Smh.

Finally, the truth is now being forced out by force after Oando Plc threatened to compile the list of alleged criminal defamers/media platforms and commence litigation against all those peddling criminal defamation against their organization for political mischief and because President Bola Tinubu defeated their mediocre principals during the last Presidential election.

This is why it's good to set the records straight. Oando Plc is not even owned by Wale Tinubu but by every Dick, Tom and Harry Nigerian and foreigner owning its shares traded on both Nigerian Stock Exchange and the Johannesburg Stock Exchange.

NNPC merged all the companies into OVH and now renamed it as NNPC Retail Limited. This business decision has nothing to do with Oando Plc that had since divested from OVH since 2019 and all the information were in the public domain. Premium Times fall our hand too.

May God bless Nigeria for ever! Check my signature for free stuffs!

Now that you lots have said Tinubu doesn't own OVH, stick to your words. All these abracadabra merger and renaming upandan let it not be that tomorrow Tinubu will appear from no where to claim ownership of NNPC.

Tinubu is paying himself left right and center

Noted

Ok

Nigerians and their love for negative news, lies and propaganda. Did they not say Oando is owned by Tinubu and his brother? Balderdash.

Same way a thread made the NL frontage yesterday about how Medical students pay to pass. Bro, I was completely gobsmacked and wanted to write a post to counter the post with all evidence and points about how the medical school is structured, especially from the POV of a school like Unilorin–where it's completely impossible for you to pay your way out.

I was like bro, no amount of connection(know all current and past leaders of Nigeria and the world) or money can solely make you scale through (Unilorin) Medical school. How people who haven't seen the walls of a medical school were endorsing the post, I was shocked. I just tired out and mulled it's not worth my energy.

I just blamed NL and its mods. No research or anything, someone just wrote a post and termed it what he saw and NL made the public to swallow it immediately! What's the evidence it's the truth and he didn't make it up due to some beef? Such complete disregard for ethics.

FreeStuffsNG:
The renaming took effect from 2 September 2024 and a certificate signed by Hussaini Magaji, a Senior Advocate of Nigeria (SAN) and the Registrar General of the Corporate Affairs Commission has been issued to that effect.
I thought the criminal defamers and unpatriotic elements were lying before that Wale Tinubu has bought over NNPC Retail? Smh.

Finally, the truth is now being forced out by force after Oando Plc threatened to compile the list of alleged criminal defamers/media platforms and commence litigation against all those peddling criminal defamation against their organization for political mischief and because President Bola Tinubu defeated their mediocre principals during the last Presidential election.

This is why it's good to set the records straight. Oando Plc is not even owned by Wale Tinubu but by every Dick, Tom and Harry Nigerian and foreigner owning its shares traded on both Nigerian Stock Exchange and the Johannesburg Stock Exchange.

NNPC merged all the companies into OVH and now renamed it as NNPC Retail Limited. This business decision has nothing to do with Oando Plc that had since divested from OVH since 2019 and all the information were in the public domain. Premium Times fall our hand too.

May God bless Nigeria for ever! Check my signature for free stuffs!

if I were you just keep quiet. Minister of petroleum controlled nnpc, his office is in nnpc towers Abuja, the current minister of petroleum is Tinubu. Did you read the other details before u talked of renaming? Tinubu used court and nnpc to transfer the ownership to OVH and legally effect same changes in cac, same method in lagos.

Same ppl that fought Abacha have now turned out to a nightmare to nigerians, looting the national treasure with abandon that have never been thought of , let there be a day of reckoning in our life time , I wonder why the world can’t see that Nigeria as presently constituted is an epidemic that is worse than HIV/AIDs , all patriotic black shud work towards the collapse of the current contraption called Nigeria if the so called democrats of the 90s are just mere tribal power nationalist

Academia2:
State capture

As it is in Lagos since 1999.

Tinubu is the most corrupt rogue in our political system. The most corrupt rogue.

gaby:
It looks all set to take have them use our commonwealth to attempt to revive any of the moribund refineries for themselves and also to strangulate the Dangote Refinery. Or better still, continue to subsidize OVH disguising as NNPC limited's petroleum imports from our commonwealth to sell at a price Dangote can't compete with.

Na air just dey inside your skull, no brain
Just air,and your case is no different from the average obidient, na so una just dey.
Zero knowledge loudest voices

God must surely punish all those deceiving Nigerians through all these dubious NNPC, OVH and DANGOTE REFINERY transactions.

They will never live to enjoy on the suffering of the masses.

The evil they planted must surely hunt them. Amen.

Nothing good is going to come of this tinubu government. God forgive me for thinking this man was going to make positive changes. He is just after enriching himself further. What does he need all these for. How many years does he have left to live on this earth.

gaby:
They can continually feed and satisfy your gullibility, not me...

Ekpa

The guy is talking like he is a party to the discussions

Pay him 30k now and he will defend you with h the last drop of his blood

Hmmm