OVH Energy has sold all 380 Oando retail outlets, aviation and gas brands in Nigeria to the Nigerian National Petroleum Company Limited (NNPCL).
Mele Kyari, Group Chief Executive Officer of NNPC Limited, said at the unveiling of one of the new NNPC Ltd stations formerly Oando in Abuja on Saturday, “The acquisition will bring over 380 additional filling stations under the NNPC Retail brand in Nigeria and Togo, on our journey to 1,500 stations.” We will be Africa’s largest petroleum product retail network.”
Kyari also stated that the acquisition would help to strengthen the downstream business portfolio in order to increase profitability and ensure national energy security.
“NNPC has 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 under an Accelerated Network Expansion (ANEX) Initiative,” he said.
He praised the board for the purchase, as well as President Muhammadu Buhari, who is also the Minister of Petroleum, for laying the groundwork for improved energy access.
“It’s not about assets; we’re building relationships.” We are currently the largest downstream company in Nigeria, and with this merger, we will most likely be the largest downstream company in Africa.”
He also assured the 200 million shareholders and Nigerians that the company will manage the business prudently, saying, “We will make money for NNPC because this is a very profitable business.”
Sen. Margery Chuba-Okadigbo, Chairman of the NNPC Ltd Board, praised the acquisition deal, saying, “NNPC retail station is now in Togo, and we are on our journey to achieve 1,500 retail stations.” OVH, you have given us so much, and we promise to protect your investments.”
Huub Stokman, Managing Director and CEO of OVH Energy, stated that the acquisition comes at a time when NNPC Ltd is accelerating its energy transition in accordance with the Petroleum Industry Act 2021. (PIA).
“With a combined entity, NNPC is well positioned to take opportunities that will positively impact the Nigerian oil and gas downstream sector,” he said. OVH Energy, as a company, is always focused on providing value to customers.
“As a result of this acquisition, we will receive innovative offerings and infrastructure to transform the downstream energy sector not only in Nigeria, but also in West Africa.”
