Reps direct NNPC Limited to suspend OVH acquisition, probe deal

has asked the Nigerian National Petroleum Company Limited to suspend the acquisition of OVH Energy Marketing, the company behind the Oando Retail brand in West African countries.

But in June, PREMIUM TIMES’ investigation on the acquisition exposed the secret deals and the complicated ownership structure that left managerial control of NNPC Retail in the hands of OVH Energy Marketing. But despite a Freedom Of Information request, NNPCL kept details of the acquisition under wraps, with many alleging shadiness.Moving the motion on Thursday, Ms Onuoha highlighted some of the findings of the report by PREMIUM TIMES, particularly the issues around ownership structure.

Ms Onuoha faulted the opacity in the acquisition deal and called for scrutiny of the assets and liabilities of OVH before the transaction.She stated that OVH marketing overvalued its assets to sweeten the deal with NNPC Limited.

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