The Nigerian National Petroleum Company Limited ‘NNPCL’ has transferred all it’s assets to OVH Energy Marketing Limited, and operator of Oando Petroleum Mr. Wale Tinubu, the nephew to President Bola Ahmed Tinubu.
2 years ago, the NNPCL had announced it’s acquiring of OVH Energy Marketing, owner and operator of Oando downstream assets from Nueoil Energy Limited, just a month after Nueoil Energy acquired OVH.
Via this transaction, the NNPCL was able to capitalize on the already existing accomplishment of OVH and also created opportunities for state owned company to utilize the business model of Oando outlet services worldwide.
Regardless, NNPCL, OVH and NUEOIL filed a joint petition in the presence of Justice C.J Aneke of the Federal High Court on June 24th, requesting that they are granted 8 orders adding the cessation of NNPC retail and Nueoil without wrapping up.
Assets achieved from the company that operates Oando Filling Station, also included a reception jetty with at least 240,000 metric tonnes monthly capacity and 8 liquefied -petroleum gas plants, 12 warehouses and 3 aviation depots.
Indeed, Justice Aneke humbly granted all their petition, placing an order that the merger should take effect from January 1st. Court also gave a mandatory which stated that all necessary consequential and supplemental orders are made, to ensure full and effective implementation of the merger. The court further gave a few more orders to push an effective merger.
The Judge ruled,“An order is there in made, that the 1st and 2nd petition be dissolved without been wind up. That the resultant company from the scheme will be the 3rd petitioner”, amongst other rulings.
These rulings simply states that NNPC retail, that is currently responsible for the importation of all Nigeria’s petrol, is now wholesomely owned by OVH Energy Marketing Limited.
The Chief Corporate Communications Officer of NNPC Limited Mr. Olufemi Soneye, consciously confirmed the court order. He slated that the said mandate of NNPC Retail and its working conditions of its staffs remains the same.
On the other hand, Atiku stated his regrets, lamenting that his initial intention to privatize NNPC and in the process, increase its transparency has been overturned by alleged corporate cabals surrounding the current President of the country.
Atiku moving on, conceded that the NNPC and its body were under Legislative investigation, but still he expressed his lack of conviction towards the process credibility due to the endowed interests of those conducting the investigation.
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