NNPC’s Acquisition Of OVH Will Make Nigeria’s Energy Sector Globally Competitive —Tinubu

The former Group Chief Executive Officer of Oando, Adewale Tinubu, has said that the acquisition of OVH Energy Marketing by the Nigerians National Petroleum Company Ltd will make Nigeria’s energy sector globally competitive.

Oando PLC is an indigenous energy company listed on the Nigerian Stock Exchange and the first African company to have a cross-border inward listing on the Johannesburg Stock Exchange.

The NNPC Ltd unveiled and rebranded one of the retail stations of OVH to NNPC after it announced the acquisition on Saturday, October 1, 2022.

The event was attended by the Chairman of the NNPC Ltd Board, Mrs Margary Okadigbo; the Group Chief Executive Officer of the NNPC, Mele Kyari, the Chief Executive of the Nigeria Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed and the Executive Vice Chairman, Federal Competition and Consumer Protection Commission, Babatunde Irukera among others.

NNPC after the acquisition became the biggest downstream company in Africa.

The assets added to NNPC through the acquisition of OVH are: reception jetty (ASPM) with 240,000MT monthly capacity, 8 LPG Plants, 3 Lubes Blending Plants, 3 Aviation Depots, and 12 warehouses.

Also, OANDO’s 380 fueling stations has been added to NNPC’s existing stations making it the largest.

In a tweet on Sunday, Tinubu said NNPC will leverage on Oando’s coverage across Africa to become a leading energy company.

According to him, the acquisition under the leadership of the GCEO of the NNPC Ltd, Mele Kyari, shows his vision to make NNPC a force in the global energy market.

He said, “Congratulations to the @NNPCLimited team on the recent acquisition of @OVHEnergy, a feat that could not have been accomplished without the visionary leadership of @MKKyari.

“Even after completely divesting from this part of our business, the story of Oando is one that cannot be told without Oando Downstream.

“This truly the end of an era and one that I am proud to have been a part of 1976 – The Nigerian Government takes over American‐owned oil company, Esso Africa and rebrands to Unipetrol 2000 – Ocean and Oil acquires a 30 per cent controlling interest in Unipetrol PLC.

” In 2001, increases stake to 42 per cent. 2002 – Ocean and Oil lead Unipetrol’s bid for a 60 per cent stake in Agip Nigeria PLC. 2003, Unipetrol PLC merges with Agip Nigeria PLC and rebrands to Oando. Oando Downstream evolves to become the country’s leading retailer of petroleum products, fueling one in five cars on Nigerian roads.

“In 2016, Helios and Vitol Group concludes acquisition of majority stake in Oando Downstream, leading to the emergence of a new company,
@OVHEnergy, an Oando licensee.

“In 2019, Oando completes full divestment of its residual interest in OVH Energy (owner and operator of the Oando branded retail stations. 2022 – Nigerian National Petroleum Company Limited (NNPC), acquires OVH Energy’s Downstream assets leading to the evolution of Oando branded retail stations to the NNPC brand.

“Wishing @NNPCLimited success in building the largest downstream company on the continent and making the Nigerian energy sector globally competitive.”