NNPC retail made N18.4 billion in Q1/2023 from OVH Acquisition – Mele Kyari

Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) has said that NNPC Retail made N18.4 billion in the first quarter of 2023, after acquiring OVH Energy in 2022.

Kyari said this while addressing the House of Representatives Ad-Hoc Committee on the OVH Acquisition by the NNPCL on Friday, September 15, in Abuja.

This information was shared by the company via its official Twitter account.

In his opening remarks, the House Majority Leader, Hon. Prof Julius Ihoenvbere, who represented the Speaker, said the NNPCL is not a government agency anymore. But whatever the company does attracts public attention.

Meanwhile, Mele Kyari said:

In October 2022, Nigerian National Petroleum Corporation (NNPC) Limited acquired Oando retail brand, OVH Energy Marketing. OVH Energy is the owner and operator of the Oando branded retail service stations. OVH was merged with NNPC Retail Limited.

NNPC Limited and OVH Energy made the announcement on October 1. OVH Energy said that the strategic move aims to create the leading downstream energy company in Nigeria and West Africa.

The acquisition added 380 filling stations to what the NNPC had, which amounted to almost 1,500 retail stations at the time.

Other assets included a reception jetty with 240,000 metric tons monthly capacity, 8 liquefied petroleum gas plants, 3 lube blending plants, 3 aviation depots, and 12 warehouses.

In July 2023, the House of Representatives said it would probe the acquisition over claims that it was OVH Energy that had acquired NNPC Retail instead of the other way around.