The Nigerian National Petroleum Company Limited (NNPCL) has taken over 380 retail outlets belonging to Oando (OVH Energy).
The Group Chief Executive Officer NNPC Limited, Mele Kyari, revealed this at the unveiling of one of the new NNPC Ltd stations formerly Oando in Abuja on Saturday.
Kyari said the acquisition “will bring over 380 additional filling stations under NNPC Retail brand in Nigeria and Togo, on our journey to attaining 1,500 stations.“
According to him, the acquisition was to strengthen the downstream business portfolio to enhance profitability and guarantee National Energy Security.
He commended the board for the acquisition just as he lauded President Muhammadu Buhari who is also the Minister of Petroleum for laying the foundation for improving energy access.
“NNPC has under an Accelerated Network Expansion (ANEX) Initiative completed the acquisition of OVH downstream assets including reception jetty (ASPM) with 240,000 metric tons monthly capacity, eight Liquefied Petroleum Gas (LPG) plants, three lubes blending plants, three aviation depots, and 12 warehouses.”
“It is absolutely not about assets, we are building relationships. At this moment, we are the largest downstream company in Nigeria and by this merger, we are also likely going to be the largest downstream company in Africa,” he said.
Chairman of the NNPC Ltd Board, Sen. Margery Chuba-Okadigbo, said,
“NNPC retail station is now in Togo and we are on our journey to attain 1,500 retail stations. OVH, you have given us so much and we promise that we will look after the investments.”
The Managing Director and CEO of OVH Energy, Huub Stokman, said the acquisition comes at a time when NNPC Ltd was accelerating energy transition in line with the Petroleum Industry Act 2021 (PIA).
