The Corporate Affairs Commission (CAC) has dissolved NNPC Retail, the downstream arm of the Nigerian National Petroleum Company Limited (NNPC), following its acquisition by OVH Energy Marketing Limited.
This dissolution, confirmed by a recent check by PREMIUM TIMES, marks the official transfer of ownership from NNPC Retail to OVH Energy, as ordered by a court ruling.
The dissolution includes NNPC Retail, with registration number 826223, and Nueoil Energy, with registration number 1902885.
Both entities have been removed from the CAC database, while OVH Energy Marketing Limited remains active.
The merger has sparked controversy, with former Vice President Atiku Abubakar criticizing the acquisition process and questioning its transparency.
Despite NNPC’s clarification that the merger aligns with its commercial goals, the acquisition has led to managerial control shifting to OVH Energy, raising concerns among NNPC Retail staff and prompting a fresh investigation by the House of Representatives.
The deal’s complexities and the ongoing scrutiny have kept the merger in the public eye, highlighting the broader implications for Nigeria’s oil industry.