The Nigerian National Petroleum Company Ltd (NNPC), has acquired the downstream assets of OVH-Oando, effectively making it the biggest downstream company in Africa.
The acquisition was announced on Saturday in Abuja during the unveiling and rebranding of one of the retail stations of Oando to NNPC.
Chairman, NNPC Limited, Margery Okadigbo, while speaking on the development in Abuja, said the acquisition of OVH assets had made the national oil company the largest petroleum products’ retailer in Africa.
She said, “In order to strengthen our downstream business portfolio to enhance profitability and guarantee national energy security, NNPC has under an Accelerated Network Expansion Initiative completed the acquisition of OVH downstream assets.
“This includes the reception jetty (ASPM) with 240,000MT monthly capacity, eight LPG (Liquefied Petroleum Gas) plants, three lubes blending plants, three aviation depots and 12 warehouses.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. We will be the largest petroleum product retail network in Africa.”
Group Chief Executive Officer, NNPC, Mele Kyari, said Oando filling stations would be merged with NNPC Retail Limited.
He noted that through the acquisition, NNPC Retail Limited would build on the existing success of OVH and operate model service outlets leveraging OVH’s extensive asset base and commercial capabilities.
“Our acquisition of OVH.brings more NNPC branded fuel stations under the NNPC Retail Limited umbrella, providing wider access for our customers, an enriched supply chain and product availability across our different locations,” Kyari stated.
Chief Executive Officer, OVH Marketing, Huub Stokman, said the acquisition by NNPC came at a critical time in the Nigerian energy sector given the overhaul of the petroleum laws with the recent enactment of the Petroleum Industry Act 2021.
The rebranding was also attended by 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.
OVH Energy is the company behind the Oando retail brand in Nigeria.It is an indigenous marketer of choice providing trusted petroleum products and services.
