the company behind the Oando Retail brand in West African countries, was done in compliance with the CAMA Act which provides the process for merger and acquisition of equity.
In addition, the report highlighted how Huub Stoksman, an expatriate and former chief executive officer of OVH Energy, emerged as the new managing director of NNPC Retail, a development that further compounded the structure of NNPC Retail.to suspend the OVH acquisition pending an investigation by its committee.Response to issues raised
“Five years backwards, the NNPC limited — the highest we did was in 2021, we did N6.5 billion. In the first quarter of 2023, after the acquisition, this acquisition means a profit of N18.4 billion profit in one quarter. It is because we have expanded. He said such inclusion is necessary because NNPC Limited now seeks to operate as an international oil company.
Speaking on the displacement of staff of NNPC Limited following the merger, he said the movement of staff is done based on capacity and deliverables. He added that the days of promotions based on seniority are over, instead, staff will only get responsibility based on capacity to deliver.