NNPCL Transfers Ownership of Petrol Stations to President Tinubu’s Nephew’s Company Amid Controversy

The Nigerian National Petroleum Company Limited (NNPCL) has transferred ownership of its retail assets, including all petrol stations, to OVH Energy Marketing Limited, a company owned by Wale Tinubu, nephew of President Bola Tinubu. OVH Energy, which operates Oando Petroleum, now controls the vast retail network previously under NNPCL.

This significant transfer followed a court ruling by Justice C.J. Aneke of the Federal High Court in Lagos on June 24, 2024, where NNPCL, OVH, and Nueoil Energy Limited, the former owner of OVH, jointly petitioned for the approval of eight orders. Among these orders was the dissolution of NNPC Retail and Nueoil without the need for winding up, effectively clearing the path for the asset transfer to OVH Energy Marketing. The merger became official in January 2024.

The NNPCL initially acquired OVH Energy Marketing in October 2022, shortly after Nueoil Energy Limited had taken ownership of the company. The acquisition was seen as a strategic move for NNPCL to leverage OVH’s existing success in the downstream sector, particularly its Oando-branded service stations nationwide.

However, the transaction has sparked controversy. Concerns have been raised about the manner in which the deal was conducted, with an NNPC Retail employee describing the process as “criminal.” Further complicating the situation, an investigation by Premium Times revealed discrepancies in the number of filling stations claimed by OVH Energy during merger discussions. Additionally, OVH Energy’s former CEO, Huub Stokman, was appointed as the new Managing Director of NNPC Retail, adding to the complexity of the deal.

The transfer of these assets to a company linked to the President’s family has fueled debates over transparency and fairness in the handling of national resources.