Babangidapikin:
Question is who acquired who cos this write up is confusing.

Nigerian State-Owned Oil Company NNPC Retail Surrenders Control To OVH Energy, Operator Of Oando Assets, Which It Acquired

NNPC Retail, the downstream arm of the Nigerian National Petroleum Company Limited, has ceased to exist after a court-approved transfer of its ownership and assets to OVH Energy Marketing Limited, a company it claimed to have acquired.

The court ruling effectively dissolves NNPC Retail, the primary importer of petrol in Nigeria, and transfers its ownership and operations to OVH Energy Marketing Limited, which now assumes full control of the entity.

This development follows a contentious purchase, as reported by PREMIUM TIMES, where OVH Energy effectively took control of NNPC Retail's management, prompting an NNPC insider to describe the deal as 'the most ridiculous business acquisition in the world'.

In October 2022, NNPC announced that it had acquired OVH Energy Marketing, owner and operator of the Oando downstream assets.

Through this acquisition, NNPC Retail Limited will build on the existing success of OVH and operate model service outlets leveraging OVH’s extensive asset base and commercial capabilities, it said.

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

Two months ago, NNPC Retail, OVH, and Nueoil jointly filed a petition at the Federal High Court in Lagos, seeking eight orders, including the dissolution of NNPC Retail and Nueoil without being wound up and the transfer of their assets to OVH Energy Marketing Limited. Justice C.J. Aneke granted all eight orders, making the merger effective from 1 January 2024.

The court ruling was based on a petition filed on 24 June by the three companies, with the affidavit of suit No: FHC/L/CS/921/2024 deposed by Valentina Ine Kodjo-Soroh. The court's decision was published in the official gazette of the Nigerian government and in PUNCH Newspaper on July 18.

The acquisition includes a range of assets from OVH Energy, operator of Oando filling stations, comprising a reception jetty with a monthly capacity of 240,000 metric tonnes, eight liquefied petroleum gas (LPG) plants, three lube blending plants, three aviation depots and 12 warehouses.

The group said, “The NNPC announced in October 2022 that it had acquired OVH Energy Marketing, owner and operator of the Oando downstream assets, but did not disclose the price at which it bought it and the company that sold it.

“The House of Representatives last year set up an Ad-hoc Committee to investigate the alleged fraudulent acquisition of OVH by the National oil coy.

“But Mele Kyari, Group Chief Executive Officer of the NNPCL, appearing before the committee of the House before its dissolution in September, 2023 for an investigative hearing on the allegation, said the acquisition of OVH Energy was properly done, adding that it gave the NNPC over 30 percent control of the downstream sector with a profit of N18.4 billion in the first quarter of 2023, a position which have been disputed by industry players as not backed by any documentary evidence.

“Recently, it was disclosed that the National oil coy paid cash amounting to over $325.09 million (N140.559 billion) for the acquisition of Oando-branded retail stations and a reception jetty in Apapa, among other facilities with allegation trailing the acquisition that some of the acquired assets are alleged not to have belonged fully to OVH or licensed.”

Angelfrost:
Sigh... Another day, another idiotic excuse.

wellmax:
TVC one of the impartial TV stations around.

FreeStuffsNG:
That lady loves vawulence

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Brendaniel:


I explained, if you did not understand it is your problem...

Silver was a member of the resistance for several months and transmitted important operational information to us (the location of forces and equipment, plans, tasks in a specific section of the front, etc.),” the Freedom for Russia Legion said.

Escaping the Storm unit, Silver “activated explosive devices” in the unit’s headquarters, seriously injuring the commander and several senior officers, according to the legion.

Brendaniel:


The statement bye bye to cars is what related the matter, what about yours?

Brendaniel:


How does this question relate with my statement?

Lionessza6:


How many limbs have you chopped today money-ritialist ?

Lionessza6:



😛🙏tribalist and religious bigot 😅

Lionessza6:



Mr white worshipper...that's the root of the mass riots against mass-migration : the liberality imposed on their nations by their WEF selected leaders. That's why they are fuming and right-wing politics are on the rise . If they were happy they wouldn't be crying-out in numbers for immigration laws to be tightened. You're just deluded because you desperately want them to accept you and they are saying NO! .

South Africa is a liberal country slowpoke( again..against the wishes of the citizens)....that's why refugees like Chidimma's parents wanted to take advantage of the situation...they can't try that rubbish in Uganda or the UAE .

And no one politicised a damn thing ....the citizens requested clarity on how the girl was born a citizen
( not naturalised)when both her parents are foreigners. ....and it opened a can of worms ...hence she left the competition. There was nothing honourable about her exit ...she had to , to avoid further humiliating her family ...although it was too late....they are in hot soup now.

Lionessza6:


Fck you world refugees. World's unity beggars . A Nigerian will never have any official position in xenophobic republic . We would rather crown an ape before someone of your bloodline . We are not the West that you used to silence with victimhood and cheap race-baiting antics . And they are coming for you as well...watch the space .

Ttipsy:
No any difference with people from western part of Nigeria

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olabode89:


Apoi and Arogbo people are of the Ijaw tribe and they occupy the Southeastern swamps of Ondo state close to the Edo border.

olabode89:


That is not correct, majority of Ondo state oil is in Ilaje local government and the Ilaje people are Yorubas.

agadez007:
The oil in ondo is in ijaw land,the Yoruba part is barren
The Only resource mined in Yorubaland is dead people remains,you guys don’t allow the dead rest in peace in that region