The ownership of NNPC Retail, the downstream arm of the Nigerian National Petroleum Company Limited (NNPC), has officially transferred to OVH Energy Marketing Limited.
This follows a court ruling that sanctioned the merger between NNPC Retail, Nueoil Energy Limited, and OVH Energy Marketing.
The court ordered that all assets, liabilities, and business undertakings of NNPC Retail and Nueoil be transferred to OVH, effectively dissolving the former entities without winding them up.
This development comes amid rising petrol prices and scarcity, with NNPC Retail previously responsible for nearly all petrol imports into Nigeria.
The merger has raised concerns among NNPC Retail staff, who feel sidelined by OVH’s takeover despite the acquisition being initially presented as NNPC buying OVH.
The merger process, which was supposed to be effective from January 1, 2024, has sparked controversy and investigations by the Nigerian House of Representatives, with some lawmakers and NNPC Retail staff questioning the legitimacy and transparency of the deal.
Staff members have expressed frustration and concern over the lack of official communication regarding the merger and fear that OVH’s management is gradually taking over the company.