The Nigerian National Petroleum Company Limited, in line with its “acquisition for growth” plan, has acquired OVH Energy Marketing Limited. OVH is the owner and operator of the Oando retail service station and a major downstream player in the oil and gas industry. The acquisition was announced at an unveiling and rebranding event of Oando to NNPC held in Abuja by the Group’s chief executive officer, Mallam Mele Kyari.
Following this acquisition, OVH’s Oando service stations will be rebranded and merged with NNPC retail limited. NNPCL will complete this process by the end of 2023. This acquisition includes eight LPG Plants, a reception jetty (ASPM) with 240,000MT monthly capacity, three Aviation Depots, 12 warehouses, over 380 filling stations and three Lubes blending plants making the NNPCL retail brand one of the largest petroleum product retail in Africa.
The GCEO, Kyari, said that NNPCL brought its 45 years of experience and strong capacity to manage the facilities. He added that accessing petroleum products could aid in the fight against energy poverty while working toward the energy transition. In addition, Mr Farouk Ahmed, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), described the deal as a significant achievement and pledged the support of NMDPRA to the growth of the business. However, he advised that discipline and sound corporate governance should be vital in managing the assets.