The Nigerian National Petroleum Company Limited (NNPCL) has officially transferred all its retained assets to OVH Energy Marketing Limited, the operator of Oando Petroleum. OVH Energy is owned by Wale Tinubu, a nephew of President Bola Tinubu. This transfer follows a court approval allowing NNPCL to hand over its retail ownership and assets to OVH.

NNPCL Retail, known as Nigeria’s primary importer of petrol, will now fall under the management of OVH Energy Marketing. This move comes after the NNPCL’s acquisition of OVH in October 2022, shortly after Nueoil Energy Limited had taken over OVH. The transaction aimed to leverage OVH’s existing success and expand NNPCL’s retail operations across the country through Oando’s established service outlets.

However, the process has sparked concerns and controversy. On June 24, NNPCL, OVH, and Nueoil jointly petitioned Justice C.J. Aneke of the Federal High Court in Lagos, seeking eight orders. These included the dissolution of NNPC Retail and Nueoil without formal winding up and the transfer of their assets to OVH Energy Marketing. Justice Aneke granted these orders, making the merger effective from January 2024.

Despite the court’s approval, the manner in which the transaction was conducted has drawn criticism. An NNPC Retail employee described the process as “criminal.” Moreover, an investigation by *Premium Times* revealed discrepancies in OVH Energy’s reported number of filling stations during merger discussions. Adding to the controversy, Huub Stokman, OVH Energy’s former CEO, has now been appointed as the Managing Director of NNPC Retail, raising further questions about the transparency of the deal.