OVH ACQUISITION: CAC DISSOLVES NNPC RETAIL, NUEOIL
1. Dissolution by CAC:
- The Corporate Affairs Commission (CAC) dissolved NNPC Retail and Nueoil Energy following their acquisition by OVH Energy Marketing Limited. NNPC Retail, incorporated on 21 June 2009, and Nueoil Energy, incorporated on 8 March 2022, are no longer active in the CAC database.
2. Acquisition by OVH Energy:
- OVH Energy Marketing Limited acquired both companies, leading to their dissolution. NNPC Retail officially ceased to exist after requesting the court to transfer its ownership and properties to OVH.
3. Court Ruling:
- The Federal High Court in Lagos granted eight orders requested by the companies, allowing NNPC Retail to be dissolved without being wound up and transferring all assets, liabilities, and business undertakings to OVH Energy Marketing Limited, effective from 1 January.
4. Atiku Abubakar’s Response:
- Former Vice President Atiku Abubakar criticized the NNPC’s operations, claiming that the retail arm's control had been handed to OVH, which he suggested was connected to Wale Tinubu, a relative of President Bola Tinubu. He expressed concerns about a lack of transparency in NNPC’s activities.
5. NNPC’s Clarification:
- NNPC clarified that Wale Tinubu’s Oando divested from OVH in 2019, with Vitol and Helios taking over. The company stressed that the merger process was ongoing and renamed the merged entity NNPC Retails Ltd.
6. Complications in the Acquisition:
- An investigation by Premium Times revealed that OVH Energy did not own as many filling stations as claimed during the merger and highlighted managerial control issues in NNPC Retail. This led to staff dissatisfaction, with concerns over who truly acquired whom.
7. House of Representatives Investigation:
- Following these revelations, the House of Representatives initiated an investigation into the acquisition, raising concerns about the legality and transparency of the process. However, the initial committee’s findings were questioned, leading to a fresh investigation by another committee.
8. Ongoing Issues:
- NNPC Ltd. later announced difficulties in completing the acquisition and planned to apply for operating licenses for OVH facilities.
1. Dissolution by CAC:
- The Corporate Affairs Commission (CAC) dissolved NNPC Retail and Nueoil Energy following their acquisition by OVH Energy Marketing Limited. NNPC Retail, incorporated on 21 June 2009, and Nueoil Energy, incorporated on 8 March 2022, are no longer active in the CAC database.
2. Acquisition by OVH Energy:
- OVH Energy Marketing Limited acquired both companies, leading to their dissolution. NNPC Retail officially ceased to exist after requesting the court to transfer its ownership and properties to OVH.
3. Court Ruling:
- The Federal High Court in Lagos granted eight orders requested by the companies, allowing NNPC Retail to be dissolved without being wound up and transferring all assets, liabilities, and business undertakings to OVH Energy Marketing Limited, effective from 1 January.
4. Atiku Abubakar’s Response:
- Former Vice President Atiku Abubakar criticized the NNPC’s operations, claiming that the retail arm's control had been handed to OVH, which he suggested was connected to Wale Tinubu, a relative of President Bola Tinubu. He expressed concerns about a lack of transparency in NNPC’s activities.
5. NNPC’s Clarification:
- NNPC clarified that Wale Tinubu’s Oando divested from OVH in 2019, with Vitol and Helios taking over. The company stressed that the merger process was ongoing and renamed the merged entity NNPC Retails Ltd.
6. Complications in the Acquisition:
- An investigation by Premium Times revealed that OVH Energy did not own as many filling stations as claimed during the merger and highlighted managerial control issues in NNPC Retail. This led to staff dissatisfaction, with concerns over who truly acquired whom.
7. House of Representatives Investigation:
- Following these revelations, the House of Representatives initiated an investigation into the acquisition, raising concerns about the legality and transparency of the process. However, the initial committee’s findings were questioned, leading to a fresh investigation by another committee.
8. Ongoing Issues:
- NNPC Ltd. later announced difficulties in completing the acquisition and planned to apply for operating licenses for OVH facilities.