Backlash has trailed the news that the Nigerian National Petroleum Company Limited (NNPCL) has transferred all its retained assets to OVH Energy Marketing Limited, the operator of Oando Petroleum and a company owned by President Bola Tinubu’s nephew, Wale Tinubu......See Full Story>>.....See Full Story>>
Chronicle NG reports that the company has now transferred its retail ownership and assets to OVH following a court approval, People’s Gazette reported. The NNPCL Retail is the primary importer of petrol in Nigeria.
According to reports, in October 2022, the NNPCL announced it had acquired OVH Energy Marketing, owner and operator of the Oando downstream assets, from Nueoil Energy Limited a month after Nueoil Energy acquired OVH, which would.
This transaction allowed the NNPCL to capitalise on the already existing success of OVH and create an opportunity for the state-owned company to utilise the business model of Oando service outlets nationwide.
However, NNPCL, OVH, and Nueoil filed a joint petition before Justice C.J. Aneke of the Federal High Court in Lagos on 24 June, asking the court to grant eight orders, including the dissolution of NNPC Retail and Nueoil, without being wound up.
They also sought the approval of the transfer of their assets to OVH Energy Marketing.
Justice Aneke subsequently granted the eight orders, making the merger effective from January 2024.
However, the manner in which the transaction was conducted has raised concerns, with an employee of NNPC Retail describing it as “criminal.”
An investigation by Premium Times also exposed discrepancies in OVH Energy’s claimed number of filling stations during merger talks, with OVH Energy’s former CEO Huub Stokman being uncovered as NNPC Retail’s new managing director, making the deal more complicated.
Reacting to the news, Nigerians berated President Bola TInubu for what many described a calculated attempt to turn state resources to his family business.
With many alleging that he is “worse” than the late Nigerian military ruler Gen. Sani Abacha, they alleged that the president is out to enrich himself and his families.
Below are some of the reactions of Nigerians to the news:
Mikael C. Bernard, “Today, NNPCL has gone to court and asked court to allow NNPCL transfer all those filling stations(both the ones formerly owned by OVH and the ones owned by NNPCL) back to OVH, for free. No refund.
“This means that NNPCL basically dashed the Tinubus $325M of tax payer funds, handed them lucrative jobs in NNPC and gifted them all the NNPCL filling stations, for free.
“If this is not outright fraud and robbery of the national treasury, then I don’t know what is.”
Victor Edeh, “Like a joke, Tinubu now nearly owns NNPCL? Our own Nigerian national petroleum corporation? He is basically in control of upstream, downstream, and every stream. What sort of monopoly is this in just a year in office?”
Timi of Lagos, “They have turned Nigeria into a family business. Citizens do not even know what is happening in their country.”
Auwal Gonga, “If the above news that NNPCL has transferred ownership of all petrol stations to Tinubu’s nephew is true, it will sparked widespread outrage and concerns about corruption.
“This development will raise serious questions about the legitimacy of the transaction, particularly in light of NNPC’s recent acquisition of Oando at an exorbitant price, only to allegedly gift it away at a significantly lower value.
“If true, this deal would constitute one of the most brazen cases of fraud in Nigeria’s history, undermining public trust and perpetuating cronyism. The Nigerian people demand transparency and accountability in the management of national assets.”
Jardani Jornovo: “This man has consolidated every single thing Nigeria into his personal portfolio. How did one man get this powerful in a democracy in less than 2 years?”
Idara Essang, “This is absolutely criminal. The man has to be impeached for nepotism. It can absolutely not be allowed. Besides misappropriation of funds.”
Roland Isiorho, “I guess this sounds familiar: ‘If you vote Atiku, he will sell all your assets to his friends and family.’ So who is selling what to family and friends?”
Patibe Awuchi, “Someone who never believed in one united Nigeria, but some Nigerians, for whatever reason, decided to force him on over 200 million Nigerians against the wishes of the people. It will soon be clear for everyone’s eyes.”
Osemudiameh Lucky, “The real king of monopoly is building a proper kingdom as such. It would appear as if Dangote is still learning the game. If they still haven’t realised this, then time shall reveal.”
Daniel Nwofia, “I said it that by the time Chief Tinubu finishes his stolen tenure, he will rename Nigeria state to his name, and Aso rock will be changed to Seyi or Bola Ahmed rock.”