Summary

The Nigerian National Petroleum Company Limited (NNPC) acquired OVH Energy Marketing Limited in 2022, a deal that has been shrouded in controversy. The acquisition involved the transfer of control from NNPC Retail to OVH Energy, which operates Oando assets. This transfer was sanctioned by a court ruling that dissolved NNPC Retail, raising concerns about the transparency and legitimacy of the deal. Former Vice President Atiku Abubakar accused President Bola Tinubu of using proxies, like OVH, to control significant sectors of the economy. He questioned the timing and the lack of transparency surrounding the acquisition, which occurred shortly before the presidential election. Various media outlets, including Sahara Reporters, This Day Newspaper, and Business Day, have reported on the accusations and controversies surrounding the deal. Despite NNPC’s assertion that the acquisition was based on commercial viability, questions remain regarding the acquisition’s impact on the Nigerian oil sector and the influence of political motives on the decision-making process.

Timeline of Events

2015:

Oando gradually divests its stake in its downstream business, partnering with Helios and Vito to form OVH Energy.

October 2022:

  • NNPC Ltd acquires OVH Energy Marketing Limited for ₦140.559 billion.
  • Atiku Abubakar accuses President Buhari of corruption in the deal.

2023:

  • June: Premium Times publishes an investigative report on the NNPC-OVH deal.
  • July: House of Representatives directs NNPC Ltd to suspend the acquisition.
  • September: Ad-hoc committee begins investigation.
  • October: Investigation report dismissed as “suspicious and shabby.”

2024:

  • January: NNPC Ltd announces inability to complete the acquisition.
  • February: House transfers investigation to Committee on Petroleum Resources.
  • June 24: NNPC Retail, Nueoil, and OVH file a petition to dissolve NNPC Retail.
  • July 18: Court grants orders to dissolve NNPC Retail and transfer assets to OVH.
  • August: Atiku Abubakar renews accusations against President Tinubu.
  • August 20-23: Media reports on NNPC Retail’s dissolution; NNPC Ltd refutes accusations.